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Having the right real estate agent means having an agent who is committed to helping you buy or sell your real estate investment with the highest level of expertise in your local market. This means also to help you in understanding each step of the buying or selling process. This commitment level has helped us build a remarkable track record of delivering results. Whether you are an experienced real estate investor or a first time homebuyer, we can help you in finding the property of your dreams. Please feel free to browse our website or let us guide you every step of the way by calling or e-mailing us to set up an appointment today.
3 DAY DISCOVERY TOUR PACKAGE!
A 3-day Discovery Tour Package is an excellent way to become familiar with your future retirement community of choice and 3rd night stay is at no cost!!!
If you are presently planning your future retirement, now is a great time to experience a Discovery Tour and everything our featured new retirement communities have to offer. We encourage your visit and will be happy to make the necessary arrangements for a tour of our featured retirement communities vacation package and accommodations at existing new communities in Naples, Jacksonville, Ponte Vedra, Orlando, Ocala and Tampa. Please contact our office for current prices and availability by sending your specific request to email@example.com
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The City of Jacksonville Beach is where you will find 20-miles of shoreline with three magnificent beaches; Atlantic Beach, Neptune Beach and Jacksonville Beach featuring the quarter mile long Jacksonville Fishing Pier and the best surfing waves in the region. Jacksonville Beach is a business, resort, and residential community offering oceanfront hotels, great dining, shopping from antiques to art galleries, an eighteen hole municipal golf course, family entertainment, festivals, concerts and much more. Atlantic Beach and Neptune Beach provide the ideal place for seaside biking and wonderful strolling. The two beaches meet at Beaches Town Center, surrounded by historic upscale galleries, shops, outdoor restaurants sandy beaches, and popular pubs. Enjoy many city parks recreational activities, nature trails, canoe, kayak, late night skates, art walks, outdoor concerts, and great campout under the stars.
St. Augustine is located approximate 45 minutes south of Jacksonville, the nations oldest city with narrow brick streets, historic sites, antique shops along San Marco avenue, museums, restaurants and pubs, walking tours and much more.
Ponte Vedra is a golfer’s paradise home to the PGA Tour and The Players Championship, the region offers some of the most prestigious and scenic golf courses in the world.
Jacksonville Area Homes For Sale * St. Augustine Area Homes For Sale * Orange Park & Flemming Island Area Homes For Sale * Ponte Vedra Beach Area Homes For Sale * Atlantic, Neptune & Jacksonville Beach Area Homes For Sale * St Johns Area Homes For Sale * Riverside, San Marco, Mandarin & Southside Area Homes For Sale
There are key differences between investment property and a second home. Many assume that buying another house for investment purposes is just like purchasing a vacation property for the family. This can lead to a lot of frustration as the process will not meet their expectations. Understanding the differences helps to make the process of moving from personal to investment purchases a bit easier.
A major area of difference is home financing. Each type of property has distinct qualification standards. You may qualify for a second home but not for an investment property. This is caused by the higher risks involved in rentals and investment value. Market conditions, unknown tenants, and other factors cause lenders to see a greater chance of financial problems. Understanding the distinction between lending criteria and why differences exist will help you get through the investment process with less stress.
Investment Properties and Personal Use Homes
A larger down payment and/or more collateral are required to finance a second home, compared to your primary house. While a loan for your first home may only require a 5 to 10 percent down payment, additional properties may need as much as 25% down. Lenders will usually require more collateral, larger down payment or shorter loan period for investment properties. Remember, the lender is attempting to balance the risks with the potential income from interest.
Interest rates usually rise for second and third properties. This is also true for leased and rental properties. Statistically, homeowners with additional property are more likely to default on at least one loan. In addition, properties which are leased or rented out can be subject to a lot of wear, tear, and damage from the temporary residents. The higher interest rate ensures a faster return on the loan for the lender, insulating them from these risks.
Homeowner’s insurance almost always rises for secondary properties, whether for personal use or investment purposes. With personal use, such as vacation homes, the properties are left unattended and vacant for periods of time. This raises the risk of theft, unnoticed problems, and insufficient property maintenance. For investment properties, there are liability risks and a higher chance of property damage.
There are a few other things unique to rental and investment property that you should keep in mind:
1.A common requirement is the escrow of three months of financial obligations. This includes insurance premiums, loan payments, and taxes.
2.Only 50% to 75% of the expected lease or rental income will be taken into account when applying for a loan. You need to be able to show that you can cover a quarter to one-half of the expected payment without rental income. Documentation supporting the projected income is expected. The best way to get it is to ask the seller about their rental income from the property.
3.If there are no current occupants, the lender may require that you have a qualified lessee or renter lined up for the property. This helps reduce the risk of a loss on vacant property.
There may be other factors considered by the bank or lender for investment properties. However, a good credit rating, reliable income, and substantial down payment are universally required
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St. Augustine Homes, Florida newest community features a luxurious 2 story home with 4 bedrooms, 3.5 bathrooms, 3 car garage, grand entry, with master suite downstairs, separate closets and large bathroom. Spacious dining room defined by archways, cozy living room, and large family room open to the beautiful gourmet kitchen including stainless steel appliances, beveled Corian countertops, upgraded 42” maple cabinets, and tile flooring. From the family room you open to the covered patio and peaceful preserve view backyard. Upstairs you will find 2 bedrooms with a double vanity bath in between and the 4th bedroom with its own full bath, along with a Loft. ENERGY STAR CERTIFIED HOME!
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About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to email@example.com
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