Beware: Five Renovations that don't Increase Home Appraisal Value
KEY WEST, Fla. - Jan. 26, 2017 - PRLog -- Per Fred Mullins, Top Producing Member of Team Mullins at Coldwell Banker Schmitt in Key West and owner of www.lowerkeys-homes.com,"Before getting to the five renovations that don't increase home appraisal value, let's look at the biggest home improvements with substantial return on investment. Coming in at number five is new vinyl siding, snagging an 83 percent return.
Install a new garage door and receive 87 percent back. Put down new hardwood floors for a 91 percent ROI. Upgrade the insulation and enjoy a return of 95 percent. Install a new roof and you'll love its huge return of 105 percent.
But, there are five renovations that don't increase home appraisal value and you obviously should avoid them completely. These make it more difficult to sell a house, as well as wasting money.
Here are the five renovations that don't increase home appraisal value:
1. A swimming pool. Sure, a swimming pool is a welcome amenity; or is it? The truth of the matter is, swimming pools introduce a number of factors. For instance, buyers with small children might see it as a safety issue, as well as elderly buyers. Insurance costs will increase, also. At the very least, there are maintenance concerns.
2. Luxurious landscaping. While elaborate landscaping definitely improves a property's curb appeal, it's usually just seen as a giant maintenance headache for buyers. Instead of going all out, upgrade with a modest but beautiful landscape. This will help to bolster a property's value.
3. Over-improving for the neighborhood. If you want more space, you might consider adding on a second story. But, if the majority of other houses in the neighborhood don't aren't two story, it's going to have a negative impact on the home's value.
4. Upscale home upgrades. Big time, high end upgrades will improve the style and even the function of a home, but these will also lower its value or just not return very much on investment. It's best not to go all out in practically every home improvement aspect.
5. Unseen home improvements. While a house might need new plumbing or electrical wiring, these are unseen improvements and do not increase home appraisal value.
Another renovation that does not increase home appraisal value is a master bedroom addition or remodel. Although it's a wonderful creature comfort, don't expect it to have much impact on your home's value.
Fred Mullins, P.A. holds an MBA, B.S., real estate license United States Coast Guard Master Captain's license and commercial pilot's license. With over 20years of cross functional experience in real estate, international asset management and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys.For help with buying or selling Real Estate in the Lower Florida Keys,see http://www.lowerkeys-homes.com
Contact
The Mullins Team
***@bellsouth.net
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Thursday, January 26, 2017
Monday, November 14, 2016
Key West, The American Caribbean
Among the Florida Keys, the island and city of Key West are considered a sort of paradise on earth, and the American city closer to Havana, Cuba, and major seaport destination for many Caribbean passenger cruise ships.
Key West is the southernmost East Coast Greenway, an urban path linking the major Atlantic coast cities from Maine to Florida with non-motorized human transportation. Although this is also the southernmost city in the Continental United States, the southernmost tip of the Florida Keys, the southern end of State Road A1, U.S. Route 1.
Enjoying some of the finest saltwater fishing and deep-sea fishing are activities attracting many anglers each year. However, anyone can enjoy a range of entertaining activities for all, including dolphin encounters, sightseeing, waters sports, and many others.
The Key West International Airport is a convenient way to arrive. Even though, you can visit the city by sea or land through the U.S. Highway 1 (U.S. Route 1) that runs through 2,390 miles (3,846 km) from Key West, to Fort Kent in Maine, bordering in the north with Canada.
Crystal blue skies, turquoise water, and balmy weather are the perfect scenery to enjoy relaxing beach holidays under the sun, or practicing your skills at the Key West Golf Club, an 18-hole course designed by golf legend Rees Jones.
Beautiful foliage and wildlife are available through the many eco-tours available at most Key West Marines, from where you can rent boats and water sports gear, or join one of the kayaking, diving or scuba diving expeditions.
Sightseeing, island tours, and sunset cruises are just around the corner wherever you go in Key West. Otherwise, join the Sunset Celebration held at the Mallory Square, where musicians, mimes, jugglers, and other street artists join in jamboree.
There are many other events, festivals, and venues throughout the year, including musical, drama, comedy, and art exhibits. At night, Key West beat turns out to the streets, where open-air bars and sidewalk cafes are the beginning of a magic experience under the starry sky.
Food and wine have their own space and time in a city where everything leads to happiness. Some of the finest restaurants offer the best of the island in gourmet specialties, while legendary pubs come alive by night providing you with entertaining that you cannot find at any nightclub, but in Key West paradise.
Key West is also a synonym of freedom and respect, where a vibrant Gay and Lesbian Community contribute to making the stay of locals and visitors as pleasant as possible. Understanding and comprehension of human values make of Key West a warm-heart city.
Touring around deserves you take a ride aboard the Conch Tour Train, seeing Hemingway Home and other points of interest within the city. However, if you really like sightseeing, take the Old Trolley Tour and enjoy more than 100 different points of interest, filled with history, facts, and fun.
Traveling with kids is not a problem when visiting Key West. Pay a visit to the Key West Nature Preserve, the Key West Marine Park, or the Fort Zachary Taylor State Park and Beach for an unforgettable time together in communion with nature.
The Historic Seaport District is another point of interest that you must not miss. This public walkway was originally used as a commercial-fishing harbor today featuring restaurants and charter services, as well as the free Turtle Kraals Museum.
Key West nature trails offer the contemplation of endangered species of flora and fauna, including Pelicans, Ospreys, Bald Eagles, Herons, Terns, and other birds and animals.
Although there are countless attractions and things to do around the island and city of Key West, fans of the most haunted places in America will find a sui-generis attraction right here, in the gateway to the Caribbean.
Ghost Tours of Key West approach visitors to the haunted side of the city since 1996, discovering the legends, ghouls, and ghosts. Being more than a tourist attraction, this service was founded by David L. Sloan, author of the book "Ghosts of Key West," featured in the History Channel.For help relocating and finding Affirdable REal EState for sale in the Key West area, please see Tommy Gomez at http://www.floridakeyslivethedream.com
Tuesday, October 25, 2016
Investment Benefits of Owning a Rental in Key West
● You build more wealth. When you have real property in your investment portfolio, you have a real asset. It's not about speculation, like commodities such as gold, silver, oil, and others. In other words, real estate is much more steady and its historical trend clearly demonstrates it gains significant value over time.
● Tax deductions are available. When you own a rental property, you are able to take advantage of certain and helpful, federal tax deductions. These include things such as mortgage insurance, business related travel expenses, operating expenses, utilities, insurance, and other write offs.
● Property values will only rise. Because there's a finite amount of land in Key West, your rental home will only continue to rise in value. Add to it the fact it is in a destination location, and, that valuation phenomenon is more substantial than the average landlocked home.
● You create an income stream. A Key West rental will generate a passive income source for you and your family. As the mortgage amortized, your fixed costs shrink in relation to market dynamic rental rates. That means a larger margin, which means more money in your pocket.
● It provides a dedicated vacation spot. Another benefit of owning a rental in Key West is that you don't have to rent it out every day of the year. You can personally enjoy a dedicated home away from home, and give the same experience to vacationing family and friends.
Yet another benefit is that you can retire and move into the home full time, continue to rent it with an amortized mortgage, or, sell it for a big return on investment. It's really up to you what you'd like to do with the property in the future. But, one thing is for certain, owning a rental in Key West is a worthwhile investment. For help with Lower Keys Real Estate please see http://www.lowerkeys-
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All About Living in Old Town Key West
The central business district is located here along with many visitor destinations. If you're considering moving or relocating to the area, you should know a few things about living in Old Town Key West:
● Life is laid-back and quite easygoing. As you would probably guess, life here is laid-back, with easygoing people everywhere. The pace is slow and the locals and visitors really like it that way. It's the opposite of the busy big cities, without nerve racking street noise, loud, screeching sirens, and traffic congestion.
● Come as you are causal is typical attire. Another common conception about Old Town Key West is there's no need to dress up and people go about their day in come as you are causal attire. It's true because there's no one to impress and it fits well with the slow pace of life. It's not just part of a lifestyle, it's also reflective of the state of mind.
● The weather is warm and wonderful. It's certainly no secret the Florida Keys enjoy some of the best weather in the nation and even worldwide. Though Old Town Key West is located at the southernmost tip of the Sunshine State, the weather is remarkably consistent. While warm, there's always a breeze gently gliding through, making it very comfortable.
● There is plenty to see and do here. Fishing, boating, sailing, snorkeling, diving, beach strolling, sunbathing, and so much more are all here, on-demand.
Last but not least, getting around is very simple to do. Most locals ride bikes because the island is small and easy to navigate. It's just part of the easygoing lifestyle that is Old Town Key West.
Fred Mullins, P.A. holds an MBA, B.S., real estate license United States Coast Guard Master Captain's license and commercial pilot's license. With over 20years of cross functional experience in real estate, international asset management and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys.For help with Lower Keys Real Estate seehttp://www.lowerkeys-
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How Access to Cuba will Help Real Estate in Key West
How Access to Cuba will Help Real Estate in Key West
Though new, the lifting of the embargo is already showing positive signs. American businesses are planning ahead for potential market share in Cuba and once this begins to happen, Key West will play a central role. As everyone knows, the tiny island nation is just 90 miles away from Key West, a few hours by boat and a very short flight. With practically no barrier in-place, trade will flourish and that bodes well for Key West real estate. Property values will rise and homeowners will enjoy increased real prices from which to profit.
Here are some ways how access to Cuba will help real estate in Key West:
● Attracting more Europeans and other foreign property investors and buyers. For Europeans and other foreign nationals, Cuba isn't off limits and it's a vacation destination. It's also a very short distance from Key West, and as the island nation becomes infused with more trade money, infrastructure improvements will help to modernize Cuba. During the long transition, Key West will be even more of a destination location, increasing tourism and the real estate market will continue to enjoy the positive benefits.
● New cruise ship ports of call going to a from Key West. As relations normalize, cruise ship companies are already planning to include Cuba in their travel itineraries. That also increases trade and puts a positive spotlight on Key West.
● Increased commerce and trade with the island of Cuba. Trade and commerce are remarkable in what can be accomplished. As the two countries trade through goods, services, and tourism, more travel dollars will flow into Key West, bringing more jobs and opportunities, effectively helping the real estate market thrive.
● Few comparable residential real estate properties. Wealthy Europeans already visit Cuba but the residential real estate is quite inadequate and dated, there are no real comparable properties. Since Key West is such a short distance and has a vibrant real estate market, it will become all the more attractive to foreigners wanting a vacation property or even primary residence in the United States.
Fred Mullins, P.A. holds an MBA, B.S., real estate license United States Coast Guard Master Captain's license and commercial pilot's license. With over 20years of cross functional experience in real estate, international asset management and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys.For help with Lower Keys Real Estate seehttp://www.lowerkeys-
Saturday, May 17, 2014
The Florida Keys
Underwater, aerial and land based video shot over the 2010 Memorial Day Weekend in the Florida Keys.
Florida Keys Aerial Tour
Florida Keys A Bird's Eye View of Paradise (Aerial View) Call Team Mullins 305-304-5341
http://www.lowerkeys-homes.com Florida Keys A Bird's Eye View of Paradise from an aerial view in the sky. Let us take you to new heights as we explore the is...
Key West Watersports
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Key West Tourism Guide
Key West, Florida - Destination Video - Travel Guide
Visit the Florida Keys Travel Guide - http://www.resortsandlodges.com/destinations/florida-keys-florida-united-states/
Saturday, March 15, 2014
Tuesday, February 04, 2014
Tuesday, January 07, 2014
How to Set Up a Florida Vacation Home as a Rental
One of the best real estate deals nowadays is to own rental property. Is that really possible? Yes, however, it must be a certain type of property. The property should be a vacation property able to support short term
rentals throughout the year. In order to be effective at turning a second home into a vacation home, there are a series of considerations and steps that you will need to be aware of and undertake. These will be described in more detail below.
Legal Considerations
Most of what is stated below will deal with Florida and local laws. However, most vacation homes in other states will have similar rules that are applicable. The author's previous experience has been with short term rentals, for the most part.
Florida basically permits an individual or corporation to rent a dwelling, whether a condominium or home. In some cases, the local county where the property is located, will insist on an inspection of the property, however for the most part, this isn't the case. In the case of condominiums, often the condo association will handle some of those issues.
The major interest the state and county has is whether or not the owner of the property is collecting and paying sales tax on the rentals and remitting it on a regular basis. One other consideration: before trying to rent your property out, make sure that the local ordinances support short term rentals. One further consideration is that it might be advisable to set the property up as a corporation for both tax and legal protections. Consult an accountant or attorney for advice in this regard.
Sales Tax
Sales tax on short term rentals are applicable to hotel rooms, rental homes and condominiums for stays of less than 180 days. With declining local tax revenues throughout the country, states like Florida, are now more vigilant in their efforts to collect sales occupancy taxes. In Florida, sales taxes on short term stays are especially important because the "occupancy" sales tax is typically double the regular sales tax rate.
If a county has a sales tax rate of 6 % or so, one expects that the occupancy sales tax would be approximately 12 %. Obviously on a week long stay with rentals of $900 or so, the sales tax collected for the state would be approximately $90.
Licensing-- Any type of business activity must be licensed in the county where the business activity occurs. This is an occupational license. The fee for one may be anywhere from $75 and up. Sometimes in the case of a condominium, the condo association's license is all that is required. Second, you may have to apply for a state license for your rental property. This will of course, entail another fee. This is renewable every year. In certain case, the state may insist upon an inspection of the property before granting a license.
Rental contracts-- In line with the above, it's important to have a well written, short term rental contract that protects you as the property owner. It is worth one's time, expense and avoidance of future problems to have an attorney craft such a document
Safety Considerations - Most of the safety precaution are common sense, but it's important that the property conform to the letter of the law. Additionally, there are some safety considerations that will be applicable. A short term rental home must have a fire extinguisher and a working dead bolt lock for all entry doors. Typically, the home must also have a fire alarm and an emergency light that automatically illuminates, if power is lost. The home must be easily accessible or easy to exit in cases of an emergency. If the home is a condominium on an upper floor and there is a balcony attached to the property, there must also be a restraining fence to prevent someone from accidentally falling.
Billing/Payment-- Renting out a vacation property is a bit different from most other types of rental arrangements and business activities.
� It is such a short term transaction that it is important for the owner to obtain all payments well in advance of the rental period. If someone decides to rent your property and fails to pay in a timely manner and then cancels right before they were due to arrive, you'll not usually be able to replace the rental.
� If they pay by check and the check doesn't clear and the renter has already left, you might have a difficult time forcing him to make good on the rental and is certainly not worth the hassle. Insist on payment either by check (long in advance of the rental) or Paypal.
Insurance-- It is always vital to carry good insurance to protect against damage, weather disasters and liability in the case of accident.
Rental Season Profitability - In most case, if a vacation rental can accommodate virtually all seasons, such as the Keys, Tampa Bay area or South Florida, the total yearly rentals generated will be significantly greater on average, than properties that may only be rentable within a single season, such as a ski area or more northern lake properties. Typically, properties that have a year round rental attraction can usually show a profit within the first few years of ownership. This may be a major consideration when you are planning to purchase such a property.
Rentals Policy-- When you are setting up a rental property, you will need to decide if you are interested in longer term seasonal versus shorter term vacation rentals. Longer term rentals, one to three months, tend to be less profitable because rents will always be lower than a short term weekly rental.
Furniture, Equipment & Flooring-- In order to make a vacation property attractive, the furniture should be of a reasonably high quality to accommodate years of rental abuse. In the case of sofas, the material should be treated with a stain resistance compound. Instead, install a good ceramic or porcelain tile which is worth the expense to avoid future headaches.
Maintenance and Repairs-- Typically, the short term renter pays for the exit cleaning. Therefore, it will be of paramount importance to locate cleaning people to come in and change the linens and perform the basic cleaning after guests have departed. In line with the above, a potential vacation home owner will need to have a working relationship with local maintenance people that can unblock a sink, repair damage or fix any appliances, when necessary.
Economic Advantages of Living in a Warmer Climate
There are a number of health benefits to living in a warmer climate, according to research conducted by prestigious Standford University. What's more, there's more opportunity for people of all ages in places like southeast Florida.
WARM CLIMATE HEALTH ADVANTAGES
First and foremost, there's practically no risk of slipping and falling on ice. For seniors and those with limited mobility, that's a huge benefit. It's also advantageous to motorists because southeast Florida doesn't have freezing winters. So accidents from black ice help to keep insurance rates down. Then there's the matter of exercise and activity. In warmer climates, temperatures are moderate even during the winter months. And that means more months of being able to participate in a myriad of outdoor activities. What's more, warm climates are better for those who have arthritis.
Economic Advantages of Warm Climate Living
The health benefits of living in a warmer climate, there's also financial advantages. Southeast Florida, and the whole state is very business friendly.
Cold climates take their toll on a home. From damage caused by freezing pipes to frozen septic systems to wood rot, winter months are hard on homes.
Automobiles last longer in warmer climates. They also bring out the salt to keep roads safe.
In Florida, there's only a nominal sales tax. And corporations have many exemptions as well as other financial benefits.
Because so many people relocate to southeast Florida, new construction is ever-present. It also means not having to rehabilitate older homes to make them comfortable and energy efficient.
Not only are does living in southeast Florida have these benefits, it's also less expensive during the winter months. There's no need to buy snow tires and residents practically live for months with their windows open, letting mother nature provide coolair to the house.
What you need to know about Relocating from Great Britain to the Keys
Relocating to the Florida Keys from the United Kingdom is a dream of many. Enjoying the wonderfully warm climate and escaping those ever disappointing English summers that lead to long, cold winters is a beautiful thing.
Lower taxes, and more outdoor activities in the tropical island paradise certain sounds great, and is, for many expats living in the area. Going from British subject to U.S. citizen, however, doesn't come overnight. There are some things you'll have to do before and after you come across the pond.
What's great is there'll be new opportunities, and a plethora of things to see and do. Many Brits holiday in the Florida Keys and find it all too irresistible. Calling the Keys home will take more than a plane trip over the Atlantic, here's what you need to know.
Becoming a Permanent Resident of the Florida Keys
Most expats start with their passport, then move on to obtain a green card. This requires a valid employment opportunity or an immediate family member already residing in the USA. You'll be able to go through the naturalization process after living in the Keys for five years.
Banking Arrangements and Credit
Moving to the US means having to take your finances with you. This can be somewhat a difficult task, but with a little patience, it can be done. You'll have no credit history after you move to the Florida Keys, so you'll have to start building your credit file.
You'll also need to get a Social Security number, which can be obtained through the Social Security Administration. Apply for a retail store credit card, or an unsecured credit card to get the process going so you can build your credit history. This will be beneficial in a few years, allowing you to get better rates.
Removals
The best bet you'll have is to leave your household goods behind. These items are less expensive across the pond, and, it just adds to the stress and cost of relocating to the USA. For irreplaceables, hire a reputable removal organization.
Transportation
Of course, once you get to the Keys, you'll need to get around, and that will require you to purchase a car. You'll need to haggle with car salesman, and get your Florida driver's license, along with auto insurance. To get your Florida driver's license, you'll need to take an exam, and insurance can be found at a reasonable rate if you shop around.
Getting a Mortgage
Buying a home in the Florida Keys is best left in the hands of an experienced real estate agent who's familiar with helping expats relocate from the UK to the USA.
An internet connection is all you'll need to get started. From there, you'll have to speak with a mortgage broker or a US banking institution to get idea of what your budget will be.
You'll enjoy a less expensive cost of living, lower income taxes, and some of the finest weather anywhere in the Florida Keys.
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