Real Estate In Tampa Bay Florida
RealEstateBitz is a combination of real estate articles and residential real estate being bought and sold in the Tampa Bay Florida Area.
Buying a home is the Tampa Bay Florida area is one of the smartest decisions you can make. In Tampa we are surrounded by sand and sea. We have the best of both worlds when it comes to stress free living. There is so much to do in Tampa. Looking for a Home in Tampa florida contact Arona a local realtor. Phone 727-422-9340. Click Here
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
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.
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:
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.
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.
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.
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 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.
Article from www.HouseLogic.com
It’s time for you to get out the patio furniture, barbecue grill and spruce up the plants and flowers. Need some help creating as oasis in your back yard? Grilling season is here and there is color all around you, from blooming flowers and trees to vibrant colored rugs and pillows for your new outdoor patio.
To get your patio ready for entertaining we got to get a little money, lots of elbow grease and some of your time.
If you already have perfectly good patio furniture you may just need to replace the cushions or brighten it up with some colorful accent pillows, I have found some great deals at Biglots, Lowes, and Wayfair. If your furniture is a little worn out you can either paint it which is an inexpensive project, especially if it’s made out of wicker, metal or wood. These are great for restoration and can look brand new once they are repainted.
Remember to clean and sandpaper to get rid of dirt on furniture before attempting to paint. You can also look on CraigsList.org for some second hand furniture if you need to replace yours, but don’t want to spend a lot of money. If you want to go all out and splurge then go for it. There so many to choose from.
This is my favorite because I think this is what really gives you the look you’re going for. Here you really want to think about what kind of style you’re going for and add in the pillows to give that pop of color . If you have an old rug just power wash it and clean it up, if not go to either Ikea, Walmart or Biglots for rugs at great prices.
I know sometimes the first things to go are the cushions for the patio furniture and I have found them the cheapest at Walmart and Biglots and at super low prices in all colors, and prints.
Don’t break the bank when it comes to purchasing these because they can add up. Choose wisely and be cost conscious.
If you don’t have a patio roof then you will be looking to invest in some shade to escape that Florida sun. I had found some shade sails and cute umbrellas with stands at Sams Club at reasonable prices. These are not too expensive and can also add some color to your patio. If you want to spend more you can invest in retractable awnings at HomeDepot.
Flowers and plants can add up very quickly and cost alot. Think about what colors you are going for and don’t go overboard with different colors and varieties. Choose a color scheme and pick a few flowering plants and some plants just to add some greenery. The more planters you add the more work you will have to keep them looking good and keeping them watered. Check out Lowes and Home Depot for great plants and flowers.
Keep them manageable and choose different heights to display them.
Add some ambiance to your patio by adding some lighting. There is so much to choose from and they come in all prices. Check out Biglots, for great lighting options at low prices.
Now that you’ve created this fabulous outdoor patio, invite your friends and family to enjoy a lazy brunch or a hot Florida day and even some al fresco dining.
How much house can you afford? Knowing you want to buy a home is one thing; knowing how much of a mortgage payment you can handle is quite another. Too often, dreams and reality collide: You’re yearning for a four-bedroom Colonial, but given your income and debt owed to credit cards and beyond, the best monthly loan payment you can manage is for a two-bedroom bungalow in a sketchy party of town.
So how do you pinpoint a house where the monthly mortgage payment is financially within your reach, and one that won’t drive you deep into debt? Allow us to help you paint your payment profile picture and find that magic number.
Getting a ballpark estimate of how much house you can afford starts with looking at your income, or how much money you’re pulling in.
“The general rule of thumb is that you can purchase a home that costs two or three times your annual income,” says Harrine Freeman, a financial expert and the owner of H.E. Freeman Enterprises.
So if you’re earning $80,000 per year (and you have a reasonable amount of job security and don’t expect wild fluctuations in your income anytime soon), you can afford a house up to three times that, or $240,000.
That said, income isn’t everything, and this is just a ballpark figure to get you started.
“Tripling your income is only an estimate and does not account for your monthly bills,” says Freeman. So let’s dive into more specifics on what makes your payment pass muster.
Your income is only half the picture of what determines the monthly mortgage payment you can afford. The other half is your debt—meaning the debt you owe to credit cards, college loans, and other credit sources. Even if your income is high, having high credit debt means you have less money to put toward a monthly mortgage.
One way to factor your income and credit debt into how much mortgage you can afford is to follow the 28/36 rule, a simple but effective ratio for mortgage affordability.
The “28″ refers to your monthly housing payment—things such as mortgage, home insurance, and property taxes—which shouldn’t be more than 28% of your gross monthly income (ideally this payment should be less). This payment is easy to calculate, because all you need to do is multiply. For example, if your gross (meaning before taxes are taken out) monthly income is $6,000, you would multiply that by 28% (or 0.28), which equals $1,680—this is the maximum amount of your monthly housing payment.
The “36″ refers to your debt-to-income ratio. This ratio compares your debt, or how much money you owe (to credit cards, colleges, car loans, and—hopefully soon—a home loan) to your income. This ratio should be “no more than 36%,” says Freeman; ideally, this ratio should be much lower.
Think about this ratio in terms of your monthly expenses: If you have a monthly income of $6,000 but also spend $500 paying off credit cards or other debt, you would divide $500 by $6,000 to get a debt-to-income ratio of 8.3%. This ratio is great, but adding $1,680 in monthly mortgage payments would push up your debt load to $2,180 and your debt-to-income ratio to 36%. This ratio is exactly the maximum experts say you can afford. Going past this threshold is a risky move. Ignore this ratio, and you could end up with a house that, over time, could drive you even deeper into debt.
Last but not least, the amount you have for a down payment matters, too. Ideally, to get the best mortgage rates and terms, you’ll want a down payment amounting to 20% of the price of the house. But if you don’t have that much, rest assured you can put down less. FHA loans, for instance, need a down payment of only 3.5%.
Once you know both the down payment you plan to contribute as well as your monthly income and debt, you can easily work out the maximum monthly mortgage payment you can afford—and by extension, the priciest house you should buy.
According to realtor.com®’s Home Affordability Calculator, if you earn $6,000 monthly, pay $500 monthly in debts (pre-house), and can make a down payment of $40,000, if you get a 30-year fixed mortgage at 4% interest you can afford a house worth $277,800. Plug in your own numbers and see what happens!
Another easy way to get a sense of how much you can comfortably pay in monthly mortgage payments is to approach a mortgage lender and apply for mortgage pre-approval. That’s where the lender will take a look at your income, debt, credit score, credit report, and other factors of your financial past to determine how much money it’s willing to loan you to buy a home.
Note: If you’re not sure what your credit score is or why it matters, here’s a quick crash course: A credit score is your track record paying off past debt you’ve had on credit cards or college loans. The better your credit score, the better your odds of landing a great mortgage. (You can check your credit score for free at CreditKarma.com.) If your payment to debt sources has had some rough patches via late or missing payments, this could stand against you. The good news? If you take care of past debt and make your monthly payments on time, you can improve your credit score over time.
Mortgage pre-approval doesn’t just tell you exactly how big your monthly mortgage payment can be. As a bonus, pre-approval also makes you a more attractive buyer to home sellers, since they know you have financing to back up your offer.
In addition to your down payment and monthly mortgage payments, you’ll want to budget for some other costs. The big one is closing costs, which are fees related to processing your loan that can range from 2% to 7% of your home’s price. Closing costs aren’t paid monthly; rather they are due at closing, when you get your keys. So make sure to set aside enough money to cover this sizable expense!
The other big ongoing expense to factor into your monthly budget is property taxes. Property taxes are often folded into the monthly payments you’ll find in a mortgage calculator, but they’re worth examining as a distinct factor since they vary greatly by area. So, you’ll want to check property taxes carefully. You can typically find the exact amount (or an estimate) of the property taxes you’ll pay on real estate listings, or by entering your address into an online home value estimator.
One final housing expense to keep in mind is homeowners insurance. This is also factored into payment estimates made by realtor.com’s mortgage calculator. One ballpark payment to keep in mind is that the average annual premium costs just shy of $1,000. This payment will vary by area and home, too. You can often break up this payment into small monthly installments so you won’t feel the pinch quite so much.
Once you’ve determined how much you can afford as a monthly mortgage payment, you can confidently embark on your house hunt!
Having a certain mortgage payment ceiling in mind, based on concrete numbers like your monthly income and debt, means you won’t end up busting your budget. You can choose a house that fits comfortably in your payment profile, so you know you can handle the monthly bills with ease.
If you find your monthly income and mortgage budget aren’t enough to snag the type of home you want, you’ll have to start weighing what you absolutely must have in your home—and what you’re willing to sacrifice if necessary.
Use the “pick 2″ rule: payment, quality, location. Typically you can prioritize two of those categories, but not all three. Your best bet is to stick to an amazing neighborhood for an amazingly low monthly loan payment, and know that your home might not have that pool, wine cellar, or other amenities you’d hoped for.
These trade-offs are just the reality of scrounging together enough of a payment to manage a mortgage and a house without getting sucked deep into debt—so don’t be disheartened.
If your monthly payments are falling short of your dream house, try widening your search to different neighborhoods or knocking a few items off your must-have list until you find the location and amenities that best fit your budget. Weigh what really matters for your dream home, then start performing preliminary searches online using sites such as realtor.com. And try to stay optimistic!
With enough searching and some luck, you can find a dream house that not only has all the features you want, but also meets your payment profile—from your income to debt to credit score and more.
Article from Realtor.com
The whole home buying process is filled with head-scratching questions, but most particularly when it’s time to choose a home loan. To help clear up the confusion, here are some of the most common mortgage questions home buyers ask—and experts’ answers.
Are you curious about the value of your home in today’s market.
We can tell you what your home would sell for in today’s market.
