Traps a Hernando County Real Estate First Time Buyer Should Look For

Looking Out For Common First Time Buyer Missteps

 

No matter how broad your previous life experiences may have been, buying a home is a very big deal. For a first time buyer, whether here in Spring Hill FL or anywhere else, the impact of that life-changing purchase is doubly impactful. It affects different people in different ways, but after the dust clears, there is one emotion I never want my Hernando County first-time buyer clients to feel: remorse.

You might think that the size of the transaction makes it wildly unlikely that even a first time buyer would overlook any major missteps. After all, when you are new to such an important purchase, you are bound to be extra cautious. Yet when you consider the challenging distractions along the way (going through your first mortgage approval process; scraping together a down payment; learning how inspections proceed, etc.) it’s easy to see how they can trip up a first time buyer. Getting any one of them dealt with can become a main preoccupation…so much so, that seemingly minor issues get overlooked. It’s part of my job to do my best to see that my Hernando County first time buyer clients stay vigilant on all fronts.

Common concerns to watch for:

Foundation Problems Related To SinkHole Activity – The true frustration of dealing with a home with foundation problems is something a first time buyer may not fully appreciate. They aren’t for the faint of heart (or the faint of pocket book).  Foundation problems can cost $50,000 for even a simple fix — but a first time home buyer usually doesn’t have that expectation. If an inspection reveals any sort of foundation issue, it’s an absolute ‘must’ to call in the experts to assess the severity of the problem – no matter what the time pressures may be. A search through public record and permiting records can help quickly identify any previous settlement issues which may have been recorded in the county. Keep in mind however, if a home has been remediated, the seller must be able to provide a full engineering completion report. In those cases, assuming the documentation is proper, its a pretty safe bet that the issue has been resolved and there will not be a future worry. Expert advise and reviews are also the proper course of action, the Team at Agent Trust has extensive knowledge in this area so dont hesitate to ask any questions you may be thinking.

Faulty Siding –  Expensive to fix and ugly to look at, improperly-installed siding was a big problem in the 1980s and 1990s. While many of those issues have been addressed by now, bad siding can still plague a new homeowner.  Believe it or not, it can cost as much as $25,000 to $150,000 to replace. Anyone considering a home built in the 80’s or 90’s should be sure to pay extra attention to the siding during inspections.

Special Assessments – Real Estate Agents in Hernando County and all areas for that matter dread seeing the words “special assessment” on a listing: these are additional costs to a homeowner in a condo or homeowners association that any project, repair or unexpected cost can trigger.  The cost to re-side a condominium complex, for example, can easily run into the $100,000 range, typically divided among the homeowners.

Rental Homes In Hernando County- Hot Market After Foreclosure Uptick

 

Rental Homes Uptick Follows Foreclosure Glut

Foreclosures Draw Hernando County Real Estate Investors’ Attention

The housing market’s new signs of recovery are accompanied by continued life in the rental homes investment market. Alert investors picked up on the earlier foreclosure epidemic – especially this year’s income stream-producing variety. ‘Buy low, sell high’ had largely become ‘buy low, rent high’ as rising rental rates met swooning residential prices. Although housing’s bottom appears to have been reached and newly reversed, Hernando County Real Estate rental homes rates are still subject to the general uptick. In short, opportunities for investors remain.

We’ve talked about the topic earlier, but for those who missed it, here’s a thumbnail review:

The foreclosure market draws attention.

This spring, newspapers like the L.A. Times widely trumpeted the investment rush that was underway due to the raft of nationwide foreclosures. Data tracker CoreLogic predicted a market that could be “worth $100 billion in terms of rental investments” for 2012. The idea was to “get your hands on a great foreclosure deal” with the long term in mind. Many investors did take them up on it, usually realizing the intended results. For most investors who continue to keep tabs on Spring Hill Florida rental homes market, the most common strategy remains buying low, then making the repairs necessary to rent high.

Rental home rental rates climb.

Although you’d usually expect an inverse relationship between home prices and rental rates, the signs of an apparent turnaround in the Hernando County Real Estate homes market doesn’t seem to have had much of an impact on the rate of rental increases. If that holds, it means that buying rental homes in Spring Hill FL as an investment could continue to produce for the foreseeable future – depending, of course, on keeping them occupied by quality tenants. Which finally leads us to….

Increase in renters

As part of the fallout from the financial crisis and maddeningly slow recovery we are still experiencing, a continuing stream of those forced to default on their mortgage payments have joined the ranks of renters – many of them high quality tenants. That’s an added incentive to Hernando County rental homes investors, allowing them to feel more comfortable spending on the repairs often needed to turn foreclosures into a desirable rental homes.  

Buying A Hud Home? Extension Fees Will Kill You

Thinking about Buying a HUD Foreclosed Home? Here is what you should know before taking the plunge. Those nasty little extension fees will kill ya! For more information about HUD properties and HUD financing options please call us at: 352-688-7949.

Dont Forget: Check out Our Home Buyer Work Shops, It’s Free!

 
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