It’s pretty much an American dream to own your home. It gives you peace of mind to know that you have something that is truly yours and a place that you can raise your family.
Many of us are intimated by the idea of owning their own home. It means more responsibilities that come with owning your home as well as the daunting process of finding the home, getting a mortgage and closing on the home. Owning your own home is an investment on your future and can save you tons of money. Basically if you’re renting then you are paying someone else’s mortgage. You do not get a return on investment when you rent.
Benefits of owning your own home
EQUITY – you are building equity in you home every time you make a mortgage payment.
OWNING YOUR HOME IS AN INVESTMENT – when you purchase your home it increases in value unlike buying a car it decreases in value each year. As you pay off your mortgage the amount you owe goes down but the value of your home increases.
TAX BENEFITS – there are many tax incentives to homeowners, for example you can get a deduction on the interest you pay on your mortgage. There are many others that are available.
FREEDOM – you are no longer a renter but an owner. You no longer have to ask permission to replace or add anything to your home. You can do whatever renovations you want.
STABILITY – owning a home allows you to have stability for you and your family. You are now part of a community .
SECURITY -a home provides you with a nest egg. If you later want to downsize you can sell your home at a profit and move into a smaller home. You may also decide that you wanted to rent your home, this can give you a steady income for years to come.
There are so many other reasons to own your own home. Whatever your reason is, it is worth it to invest in your own home.
For more information on the real estate market in the Tampa Bay Florida area contact your local realtor Arona McGinley – 727-422-9340 or arona.mcginley@gmail.com.
When you are ready to buy your home a lender will basically evaluate your overall financial picture as well as other financial factors to see if you qualify for a mortgage. Here are some tips to help you get your loan.
Do not quit your job while you are in the process of getting a mortgage, nor change jobs or decide that this is a great time to become self employed.
Don’t go out and spend money on huge ticket items like a new car that you would need financing for. If you do this it will increase your debt to income ratio and this then decreases your chances of getting approved for your loan.
Do not go on a shopping spree for new furniture to decorate your new home before you close on your home. You maybe tempted if you found the perfect furniture but please hold off on buying any major purchase until after the closing.
Do not ….do not lie on your loan application. Do not omit any debts, if you do this it is considered to be fraud to lie on your loan application and you will be denied the loan.
Don’t use your credit cards excessively during the process. And please do not forget to pay your bill. Any changes to your spending habits may just prevent you from getting your loan.
Put aside money for your closing costs. You can contact the closing company to find out what your closing costs will be.
Do not go out and co-sign loans for anyone. This means that you are assuming debt, even if it is someone else that is making the payments. This will also increase your debt to income ratio.
Do not make large deposits into your bank account. You may have had an estate sale to get rid of things in your home before you move and made a good chunk of change. Talk to your lender before you deposit that money into your account or any large deposits while you are in the process of getting a loan.
Do not change bank accounts during the process of getting a loan. The lenders are looking at your financial stability.
If you are unsure about anything please discuss it with your loan officer
Why should home buyers have a pre-approval letter before they start searching for homes?
A pre-approval letter is basically a document from a lender that indicates how much the lender would be willing to lend you to buy a home. By having this letter a seller will view you as being more of a serious buyer when you place an offer on their home.
You have made the decision that you are going to buy a home and you are ready to fill out your mortgage application. Here are some things that you will need when filling out your mortgage application
W-2s from the past 2 years.
Personal and Business tax returns for the past 2 years.
Pay stubs from the past 2 months.
Bank account statements from the past 2 months.
Proof of other income, example child support, alimony income if using for qualification.
Proof of other asserts and Income example collectibles, land, real estate.
Other investment statements from the past 2 months
Voted #1 Beach to visit, by TripAdvisor in 2019, this beach is perfect for dolphin watching and sunbathing on the sugar white powdery sand. This is as. perfect as it gets!
Clearwater beach has so many great restaurants and one of my favorite is Frenchy’s Saltwater Cafe. It’s laid back and offers a great atmosphere as well as mouth watering food. My favorites are the conch fritters, fish spread and the Buffalo Grouper sandwich. But this is just one of the many great restaurants that are available at the beach.
There is also the Pier 60 Sand Festival which is held yearly and it features great sand sculptures. You can visit and see the artists in action. There is also a nice area for the kids to play. Check out the Dinner cruises as well as the Pirate cruise. Take the kiddos out for some dolphin watching or just get a nice spot on the beach and relax.
You have these grand ideas about installing a pool in your backyard. But will you get the money back you spent on this extravagance, or will it cost you?
Pools are great and you think that you’ll use it more than you actually do. This is an on going expense for a homeowner who is not handy around the house and needs to hire a pool company to take care of the pool.
When a Pool Makes Financial Sense
If you live in a higher-end neighborhood and most of your neighbors
have pools. In fact, not having a pool might make your home harder to
sell.
If you live in a warm climate, such as Florida or Hawaii.
Your lot is big enough to accommodate a pool and still have some yard left over for play or gardening.
Still, that’s no guarantee you’ll get a return on your investment. At
most, your home’s value might increase 7% if all circumstances are
right when it comes time to sell. Those circumstances include the points
made above, plus:
The style of the pool. Does it fit the neighborhood?
The condition of the pool. Is it well-maintained?
Age of the pool. If you put a pool in today and sell in 20 years,
you probably won’t recoup your costs, especially if the pool needs
updating.
You can attract the right buyer. Couples with very young children
may shy away from pools because of safety issues, but an older childless
couple may fall in love with it.
But only you, the homeowner, can determine the true return on
investment. A pool can add value to your quality of life and enhance the
enjoyment of your home. You can’t put a price tag on that.
But we can put a price tag on how much a pool costs to build and maintain.
Pools Aren’t Cheap to Build
The average cost in the U.S. to install, equip, and fill a 600-sq.-ft. concrete pool starts at $30,000.
Add in details like safety fences (most states require them),
waterfalls, lighting, landscaping, and perhaps a spa, and you’re easily
looking at totals approaching $100,000.
Costs also depend on the type of pool you choose.
Gunite is the most popular in-ground pool. Gunite is a mixture of
cement and sand, which can be poured into almost any shape. It has
replaced concrete pools as the sought-after standard.
Fiberglass shells and those with vinyl liners fall on the lower end
of the budget scale, but the liners typically need replacing every 10 or
so years. Changing the liner requires draining the pool and replacing
the edging (called coping), so over time, costs add up. Most homebuyers
will insist that you replace a vinyl liner, even if it’s only a few
years old.
Costs of Filtration and Heating
The filtration pump is the biggest energy hog in a pool system, so you want to get the most efficient pump possible. The good news here is that new, variable-speed pumps use up to 80% less energy than old single-speed pumps, cutting operating expenses dramatically.
At about $500, these cost more up front, but some local utilities
offer rebates through participating pool dealers. You can further cut
energy costs by setting the pump to run at non-peak times, when rates
for electricity are lower.
If you’re planning to heat your pool, gas heaters are the least
expensive to purchase and install, but they typically have the highest
operation and maintenance costs. Many pool owners opt instead for
electric heat pumps, which extract heat from the surrounding air and
transfer it to the water. Heat pumps take longer than gas to warm the
pool, but they’re more energy-efficient, costing $200 to $400 less to
operate per swimming season.
Regardless of heating system, covering the pool with a solar blanket
to trap heat and reduce evaporation will further lower operating costs.
Then There’s the Cost of Upkeep
All pools require that the water be balanced for proper pH,
alkalinity, and calcium levels. They also need sanitizing to control
bacteria and germs, which is where chlorine has traditionally entered
the picture.
These days you have a variety of options, including systems that use
bromine, salt, ozone, ionizers, or other chemical compounds that can be
less irritating to skin. Chlorine remains the most popular because the
upfront costs are reasonable, and you don’t have to be as rigid about
checking the levels on a set schedule. But as far as your wallet is
concerned, they all even out in the end.
In a seasonal swimming climate, budget about $600 annually for
maintenance if you shoulder the chemical balancing and cleaning
yourself; in a year-round climate, it’s more like $15 to $25 per week.
To save yourself the task of once-a-week vacuuming, you can buy a robotic cleaning system for between $500 and $800 that will do the job for you. In locations where the pool must be opened and closed for the season, add another $500 each time for a pro to handle this task
A Pool Can Increase Insurance Costs
A basic homeowners insurance policy typically covers a pool
structure without requiring a separate rider, but you should increase
your liability from the standard amount.
It costs about $30 a year to bump coverage from $100,000 to $500,000.
Many underwriters require you to fence in the pool so children can’t
wander in unsupervised.
In some areas, adding a pool may increase your annual property taxes, but it won’t necessarily add to your home’s selling price. For that reason, try to keep your total building cost between 10% and 15% of what you paid for your house, lest you invest too much in an amenity that won’t pay you back.
The city of St. Petersburg is a great area to raise a family. It is close to great beaches, museums, shopping and restaurants. There are great schools to choose from and great communities to live in.
Explore downtown St. Petersburg where there are locally owned bars and restaurants, choices of great museums, for example the Dali Museum, Museum of Fine Arts and Great Explorations Children’s Museum. Downtown St. Petersburg is a great place to find one of a piece artwork or jewelry. Check out the outdoor weekend markets with various foods stands, vegetable stands and other vendors.
The Rowdies is a professional soccer team based in St. Petersburg, Florida. You can check out this team and attend their games at the AL Lang Stadium in St. Petersburg. If you love soccer this is the place to be on game day. Great place to take the kids for a memorable family experience. The Rowdies is a team that also gives back to it’s community. Want to see what’s happening with the Rowdies, check out Rowdies Soccer.
Heritage Village is a great little historical village of how it use to be in the old days in Florida, it definitely takes you back in time. It’s got a school house, a church and some mansions that have been restored. There is also and antique fire engine and a gift shop. There are special events held where the kids learn to make things like butter from scratch or boat making and so much more. Check out their website for more information
It’s a great place to take the kids. You can take a self guided tour of the houses and church and see how people lived back then. There are also artifacts all from Pinellas County. The staff is great and knowledgeable. from This is totally free and is right next door to the Botanical Gardens.