Frequently Asked Questions
Question about selling
Can a home depreciate in value?
The values of assets, such as homes, are a function of supply and demand. Values fall or depreciate when supply outpaces demand, meaning when sellers outnumber buyers. Although economic conditions play a large role in whether a home’s value depreciates, other factors, such as the home’s condition and location, play a role as well.
Is an older home as good a value as a new home?
When thinking about what type of home if right for you, it is important to note that older homes typically sell for significantly less than a newer home would. In fact, according to a recent article in the Wall Street Journal, new construction comes at a 10-20% premium over older homes. Also, a newer home will cost more to purchase, but remember that it can also sell for more later on down the road–that could be a valuable attribute for some. However, to purchase an older home at a significantly lower price per square foot is also a great value, and there is huge potential for increasing value through upgrades.
A real estate broker is a licensed real estate professional in their own right in addition to being a licensed real estate agent. A real estate broker holds expertise that can help people with real estate transactions, and like an agent, a broker can also assist with selling or buying real property. The big difference between a broker and an agent is that it is a broker’s duty – whether working for a brokerage or solely for themselves – to ensure the real estate transactions are lawful, that all paperwork is correct and complete, and that all monies, such as funds in escrow accounts, are recorded and reported properly.
Can I pay my own taxes and insurance?
It’s possible to avoid escrow and pay your own taxes and insurance under certain circumstances. This will make your monthly mortgage payment lower, but you’ll have to make separate payments for property taxes and homeowners insurance.
How long does the loan process take?
The entire process of getting a mortgage loan comprises several processes. These include getting pre-approved and getting the home appraised before you get the loan. Because of the many steps in this process, it is impossible to put a definite time frame. In the usual market, it takes an average of 30 days to get a mortgage.
Question about renting
A damage deposit is the most common requirement of landlords. Before signing a rental agreement, examine the premises and make note of any damaged items (e.g., broken fixtures) and, if possible, take a picture and include a date stamp. Give a copy to the landlord and keep a copy for your files. This may help eliminate or minimize disputes later.
On vacating the premises for termination of the lease:
If the landlord does not intend to impose a claim on the security deposit, they must return your deposit within 15 days or,
Within 30 days, the landlord must give you written notice of how much of the deposit will be kept and why. This must be done by certified mail, to the tenant’s last known mailing address. If this notice is not sent as required within the 30-day period, the landlord forfeits their right to impose a claim on the deposit.
After receiving the landlord’s notice of intention to impose a claim, you will have 15 days to object in writing. If no written objection is received, the landlord may then deduct the amount of their claim and shall remit the balance of the deposit to you within 30 days after the date of the notice of intention to impose a claim for damages.
If you object to the landlord’s claim, you may file a complaint with the Florida Department of Agriculture and Consumer Services (FDACS) or institute an action in court to adjudicate the landlord’s right to the security deposit.
At all times during the tenancy, a tenant shall:
Comply with all building, housing and health codes and keep the dwelling clean and sanitary;
Remove garbage from the dwelling in a clean and sanitary manner;
Keep plumbing fixtures clean and in good repair;
Not destroy, deface, damage, impair or remove any part of the premises or property belonging to the landlord, nor permit any person to do so;
Conduct themselves and require their guests to conduct themselves in a manner that does not unreasonably disturb the tenant’s neighbors or constitute a breach of the peace; and
Use and operate in a reasonable manner all electrical, plumbing, sanitary, heating, ventilating, air-conditioning and other facilities and appliances, including elevators.