You’ve probably heard someone invoke the idiom, “A penny saved is a penny earned.” It makes sense to seek the best deal when making any purchase, but looking for the most favorable terms is especially essential when buying a house.

The interest rate you obtain for your mortgage can make a significant difference in the total amount you pay for your home, according to Investopedia. For example, if you have a 30-year fixed-rate mortgage for $200,000, at a prime rate of 4.6 percent, you’ll pay $169,103 in interest over the life of the loan. By contrast, at a subprime rate of 6 percent, your interest will total $231,676 during that time.

While you can’t control some factors affecting mortgage rates (e.g., overall marketplace and economic conditions), you can take steps to increase your odds of receiving a lower interest rate. If you’re wondering how to get the best mortgage rate for your Florida home, here are some expert recommendations to consider.

1. Increase your credit score.

Lenders usually offer the best rates to borrowers with high credit scores, according to NerdWallet. The “good” score range starts at 690, and you’ll need 720 or higher to qualify as “excellent.” To boost your score, you should start by requesting free credit reports from all three credit bureaus (TransUnion, Experian and Equifax). Visit AnnualCreditReport.com to obtain your reports.

After that, you can increase your score by disputing any errors on the reports and paying off any debts that have ended up in collections. Additionally, NerdWallet recommends paying your bills on time, paying down any debts, and keeping your credit card balances low. Ideally, you should pay off your balance in full every month instead of carrying it over and accruing interest.  

2. Make the largest down payment possible.

It helps to save as much as possible for the down payment, according to Investopedia. Paying more upfront will, of course, lead to lower monthly mortgage payments and less interest paid over the life of the loan. Additionally, it could lead to better terms: For example, paying 30 percent instead of the typical 20 percent could potentially lower your interest rate by 0.5 percent or more.

3. Shop around and compare offers from several lenders.

The Consumer Financial Protection Bureau (CFPB) advises obtaining quotes from three or more lenders so that you can compare your options. Additionally, the CFPB warns that the rates might change between when you first speak to the lender and when you officially apply for a mortgage, so you should choose the best option based on official Loan Estimates, which you’ll receive after submitting your applications.

4. Don’t be afraid to negotiate.

After you have quotes from several lenders, the U.S. Department of Housing and Urban Development (HUD) advises negotiating for the best possible deal. The HUD recommends asking the lender to write out all the associated costs and requesting better terms if possible. Additionally, if you favor a specific lender but received an offer with more favorable terms from a competitor, you can show the first lender the better quote and ask them to match it, according to the CFPB.

To create and adjust your budget for buying a home, please take advantage of Avalon Suncoast’s free online mortgage calculator. This easy-to-use tool accounts for purchasing, amortization and financing. Note: Our mortgage calculator provides estimates and is not intended to provide the exact cost of your mortgage or taxes.  

The Avalon Suncoast team of real estate experts can help you find a house, condo, commercial real estate, or land in Southwest Florida. Get started by calling 941-235-7474 or emailing sales@avalonsuncoast.com.

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In a previous blog entry, we covered the pros and cons of buying land and building versus buying a house. If you’ve mulled over the advantages and drawbacks and decided you’d be better off buying vacant land, the next step is exploring your options.

There are plenty of buildable lots and vacant land for sale in Charlotte County, Sarasota County and nearby areas in Florida. However, it’s important to do your research and understand vital aspects of the property before you move forward with a purchase.  

As you consider land for sale, don’t forget to account for these essential factors.

1. Type of land (raw, unimproved or improved).

There are three main types of land, and if you’re financing, your loan options and terms can depend on the category you choose, according to Bankrate.

• Raw land is untouched, without any power, sewage systems or roads. If you obtain a loan for this type of land, you’ll likely need to make a higher down payment and accept higher interest rates because of the risks for lenders.
  
• Unimproved land is missing some vital utilities but has basic amenities. This type of land can come with better financing terms than raw property but will still involve a larger down payment and higher interest rates compared to improved land.
  
• Improved land typically comes with the best interest rates and lower down payments due to its partially developed status, pre-existing utilities and access to roads.

2. Size.

The value of land can vary considerably depending on its size, according to the National Association of Realtors (NAR). Smaller plots frequently possess a greater unit value than comparable larger areas of land because of economies of scale. Subsequently, a 100-acre plot might be worth $10,000 per acre, while a 10-acre parcel of land in the same region is valued at $20,000 per acre. Other characteristics that affect land valuation include demand for property in the area and whether the area is rural or urban, according to NAR.

3. Zoning.  

You don’t want to purchase property with the intent of building your dream home only to find out that it’s zoned for agricultural use rather than residential. Bankrate advises researching regulations in the area, visiting the town or city hall, or going to the local zoning authority’s website to check for land use restrictions.

4. Access.

Check whether the property is accessible from public roads. If it isn’t, you might need to establish an easement to access it, as suggested by Bankrate. In real estate, an easement refers to a property right that enables an individual, business or other entity to enter property they don’t legally own for a particular purpose or within specific guidelines, according to Rocket Mortgage. In this case, the easement would allow you to travel across someone else’s property to access your land.   

5. Flood plain status.

If you’re planning on constructing a house, it’s vital to identify flood-prone areas and consider how that will affect your usage of the land, according to the REALTORS Land Institute (RLI). For example, flood plains aren’t usually suitable for conventional septic systems. 

6. Neighboring properties.

Before you decide that a plot of land is perfect and move forward with a purchase, you should visit the tax assessor’s website or otherwise source information on who your neighbors would be and their use of adjacent properties, according to the RLI.

7. Property taxes.

Look up property tax rates before making an offer on land for sale. Bankrate cautions that high taxes might make the lot unaffordable.

8. Property line location.

Prior to purchase, it’s vital to walk the property lines so you know where they are and if any neighbors encroach on the land, according to RLI. You should also have the property professionally surveyed.

9. Utility hook-ups.

Bankrate recommends checking the parcel of land for sewer, electricity and water hook-ups. If there aren’t any, you could end up paying a significant amount for installation.

10. The opinion of a professional appraiser.

It never hurts to get a professional opinion. Talk to your real estate agent to see if they can recommend a professional appraiser to determine the land’s value.

The Avalon Suncoast team can help you find your ideal house, condo, commercial real estate, or land in Southwest Florida. Start today by calling 941-235-7474 or emailing sales@avalonsuncoast.com.

The post Evaluating Land for Sale in Florida: 10 Key Factors to Consider appeared first on Southwest FL Real Estate.

If you’re starting the search for your ideal home or have struggled to find a pre-existing house that meets your needs and matches your vision, you might find yourself wondering if you should start from scratch. Is it better to buy land and build a house or just buy a house?

The answer is complex and depends on numerous factors, including your location, budget, the current cost of materials, and desired architectural design. Still, there are general advantages and disadvantages to each choice in the build versus buy debate.

Buying Land and Building: Pros and Cons

Before you purchase land and build a house, you should be aware of the potential pros and cons of doing so. Here are some notable advantages of buying land and constructing a new home, according to Bankrate, Investopedia, and the Realtors’ Land Institute (RLI).

• Greater control over architecture and design
• All new infrastructure
• Modern materials and environmental standards (e.g., no lead paint)
• No competing buyers compared to existing homes
• No concerns about repairs after moving in

However, it’s also vital to mull over the possible pitfalls of purchasing land and building a new house:

• More decisions to make in terms of design
• Potential complications in dealing with contractors
• Longer wait to move in  
• Unexpected expenses and possibly going over budget

Buying a House: Pros and Cons

Like buying land and building, purchasing an existing house has potential benefits and drawbacks. Bankrate and Investopedia highlight the following as notable pros of buying a home that’s already built.

• Faster moving timeline
• Greater ability to bargain on price
• More options for location
• Mature landscaping
• Potential lower cost compared to building a home

You can also experience disadvantages if you buy an existing home instead of building one.

• Less opportunity for customization
• Maintenance/renovation costs (such as old wiring and appliances, inefficient windows, plumbing problems, roof issues, construction that doesn’t comply with modern building codes, and more)   
• More competition from other prospective buyers
• No builder’s warranty

As you consider building versus buying a pre-existing house, experienced real estate professionals can offer valuable guidance and assist you in exploring your options. The Avalon Suncoast team can help you assess homes for sale and land for sale in Southwest Florida.

Start your search for your ideal buildable lot or house today by calling 941-235-7474 or emailing sales@avalonsuncoast.com.

The post Buying Land and Building a House vs. Buying a House: Which Is Better? appeared first on Southwest FL Real Estate.

If you’re considering relocating to a new city, you’re in good company. Roughly a quarter (25.5 percent) of Redfin.com users nationwide looked to move to a new metro area in Q2 2023, according to a news article published on the site.

In Chicago, 17 percent of Redfin users wanted to flee the Windy City in the second quarter. Their top out-of-state destination? Cape Coral, Florida.

We’ve previously covered why South Florida has the hottest housing markets in the U.S., so it’s no surprise that additional studies confirm that the area is a highly desirable destination for Chicagoans ready for a change of scenery.

While NBC Chicago reports that it’s unclear why so many of the city’s residents have fled to Cape Coral, there are plenty of potential explanations for the trend. Here are some of the top reasons why so many Midwesterners might be moving to Southwest Florida.

1. Southwest Florida’s balmy weather.

Anyone who has spent a winter in Chicago knows how brutal and prolonged the season can be. One look at the average monthly minimum temperature map for January from Climate.gov for 1991 to 2020 will show you that Florida is the warmest place you could flee to in order to escape rough winters.

2. Lower median home prices.

Redfin notes that most of the popular destinations for site users looking to move offer lower sale prices than the prospective buyers’ metro areas of origin. The Federal Reserve Bank of St. Louis confirms that houses in the Southern U.S. are more affordable compared to other regions: The median sale price for a new one-family home was $416,100 for the country overall in Q2 2023 but just $371,200 in the South.

3. Lack of state income tax.

Florida is one of nine states that currently don’t have an income tax, according to NerdWallet. The prospect of holding onto more of their paycheck certainly might hold some appeal for Chicagoans eager to establish themselves in a new city.

4. Proximity to the ocean.

While Chicago has Lake Michigan, residents might want to trade the lakeshore for the serene tropical scenery of the Gulf Coast.

5. Plentiful employment prospects.

There’s no lack of work in Southwest Florida for Midwesterners contemplating a move to the Sunshine State. FloridaCommerce reports that the state’s private sector employment grew by 2.9 percent in August 2023, compared to the national rate of 2.0 percent. As of August, the state had experienced greater over-the-year private sector job growth than the nation overall for 29 consecutive months.       

These are just some of the reasons why Chicagoans might be moving to Southwest Florida. If you’re a resident of any region contemplating a move to the area, the Avalon Suncoast team would be happy to help you find your ideal home. Start your search today by calling 941-235-7474 or emailing sales@avalonsuncoast.com.

The post Why Are Chicagoans Moving to Southwest Florida? appeared first on Southwest FL Real Estate.

Enjoy your new home at Talon Preserve today. No need to wait for your dream home to be built. The popular Hallmark model with several upgrades awaits you. The lot itself, offers abundance of privacy with views of water and preserve. Three bedrooms, two bath home has tile floor throughout, 8′ doors, custom crown molding and baseboards. Garage has 4′ extension, epoxy flooring. Utility room has finished cabinets, sink and pocket door at kitchen entry. Kitchen has shaker style wooden cabinets, 42″ uppers, double rollout drawers, quartz countertops, fish scale marble back splash with slide in gas range. Main suite has tray ceiling, stall shower with built in bench, frameless glass shower with dual handheld and shower head. Sliding pocket door going out to the lanai, custom heated saltwater pool with waterfall and custom pavers. Exterior flat panel TV jack. Smart home.

County: Sarasota Status: Active
On Market Date: 12/31/2022
Subdiv: TALON PRESERVE AT PALMER RANCH List Price: $695,000
Beds: 3 Year Built: 2022
Baths: 2/0 Special Sale: None
Pool: Private, Community ADOM: 13
Property Style: Single Family Residence CDOM: 13
Lot Features: In County, Landscaped, Level/Flat, Sidewalks, Street Dead-End, Street Paved
Total Acreage: 0 to less than 1/4 Pets: Number Limit
Minimum Lease Period: 3 Months Max Times per Yr: 2
Garage: Yes Attch: Yes Spcs: 2 Carport: No Spcs:
Garage/Parking Features:
LP/SqFt: $419.94 Heated Area:1,655 SqFt / 154 SqM
Total Area: 2,005 SqFt / 186 SqM
Home Warranty Y/N:Yes
New Construction: Yes
Total Annual Assoc Fees: $4,439.68
Average Monthly Fees: $369.97
Flood Zone Code:X
Builder Name: Pulte Homes

Land, Site, and Tax Information
Legal Desc: LOT 577, TALON PRESERVE PHASE 4, PB 55 PG 185-198
SE/TP/RG: — Zoning: RSF1
Subdivision #: Future Land Use: Block/Parcel: 1
Tax ID: 0357010577 Zoning Comp: Front Exposure: South
Taxes: $1,329 Tax Year: 2022 Lot #: 577
Homestead: No AG Exemption YN: Other Exemptions:
CDD: No Annual CDD Fee:
Ownership: Fee Simple Complex/Comm Name:
SW Subd Condo#: SW Subd Name: Talon Preserve on Palmer Ranch
Flood Zone: X Flood Zone Date: 11/04/2016 Flood Zone Panel: 12115C0237F
Floors in Unit/Home: One Floor #: Planned Unit Dev:
Book/Page: 55-185-198 Census Block: Census Tract: 22.05
Total # of Floors: Bldg Name/#:
Land Lease Fee: Total Units:
Lot Dimensions: Lot Size Acres: 0.13 Lot Size: 5,637 SqFt / 524 SqM

Interior Information
A/C: Central Air
Heat/Fuel: Central, Electric, Heat Pump, Natural Gas
Utilities: Cable Connected, Electricity Connected, Fire Hydrant, Natural Gas Connected, Phone Available, Propane, Public
Sewer: Public Sewer
Water: Public
Fireplace: No
Heated Area Source: Builder
Appliances Incl: Dishwasher, Disposal, Dryer, Gas Water Heater, Ice Maker, Microwave, Range, Refrigerator, Washer
Flooring Covering: Ceramic Tile
Interior Feat: Crown Molding, Eating Space In Kitchen, High Ceiling(s), Living Room/Dining Room Combo, Master Bedroom Main Floor, Open Floorplan, Solid Surface Counters, Solid Wood Cabinets
Room Type Level Approx Dim Flooring Features
Great Room First 14×15 Ceramic Tile
Master Bedroom First 14×14 Ceramic Tile
Bathroom 2 First 11×11 Ceramic Tile
Bathroom 3 First 10×10 Ceramic Tile
Kitchen First 14×8 Ceramic Tile

Exterior Information
Ext Construction: Block, Stucco
Roof: Tile Garage Dim:
Property Description: Architectural Style:Florida
Ext Features: Hurricane Shutters, Irrigation System, Lighting, Rain Gutters, Sidewalk, Sliding Doors, Tennis Court(s)
Pool: Private, Community Pool Dimensions: Spa:
Pool Features: Heated, In Ground, Salt Water
Patio And Porch Features: Covered, Screened
Foundation: Slab
Garage/Parking Features:
Road Surface Type: Asphalt

Community Information
Community Features: Clubhouse, Deed Restrictions, Fitness Center, Gated Community, Irrigation-Reclaimed Water, Pool, Restaurant, Sidewalk, Tennis Courts
Fee Includes: 24-Hour Guard, Cable TV, Common Area Taxes, Community Pool, Escrow Reserves Fund, Fidelity Bond, Maintenance Grounds, Manager, Recreational Facilities, Security, Trash
HOA / Comm Assn: Yes HOA Fee: $959.92 / Required
HOA Pmt Sched: Quarterly Mo Maint$(add HOA):
Master Assn/Name: No Master Assn Fee: Master Assn Ph:
Condo Fee: Other Fee: $600 / Annual Housing for Older Per: No
Pet Size: Extra Large (101+ Lbs.) # of Pets: 3
Elementary School: Laurel Nokomis Elementary Middle School: Laurel Nokomis Middle High School: Venice Senior High
Association Approval Required: Yes
Lease Restrictions: Yes

Realtor Information
List Agent: Jeff Sincoski
401-640-4819
JeffSincoski@gmail.com
SUNCOASTEAM REALTY LLC
Driving Directions: From US 41, north on 681 to right on Honore Ave to security gate at Talon Preserve. Guard will tell you turns.

For more information or to schedule a viewing, please call Jeff at 401-640-4819

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