This Saturday, June 17, 2017 is the Stonewall Pride Festival and Parade on Wilton Drive. This annual street party brings out thousands of people, gay and straight, to celebrate and enjoy live music and performances plus the parade that starts at 4PM. For those in the gay community, this annual event is a time to reflect on how far we’ve come in achieving equal rights and how much work there is yet to do. But it’s also time to enjoy and celebrate all the diversity that makes up out modern gay community. If you’re gay, or just one of our gay-friendly friends, come out this weekend and celebrate with us. Jeremy and I will be at our NEW RE/MAX Experience office at 1103 NE 26 ST Wilton Manors 33305 from 9 – noon on Saturday and then will be at the RE/MAX Experience booth on Wilton Drive near 21st Court from 2-4 pm. We will have some fun promotional items and “rainbow treats” for everybody who stops by, plus we’ll have a drawing for some $50 Rosies gift cards for all who enter. Don’t let it rain on your parade, we’ll be there rain or shine. See you Saturday!
About half a million Americans buy a second home each year. If you are like many of these fortunate second homeowners, you may be considering renting your second property this summer to generate extra income. Before you jump into the rental market, be sure to take these steps:
Where to list your rental property
Before you list your unit for renters, you should do research on where renters are finding properties to rent in your region and how much to charge. You’ll want to make sure that it’s legal to rent out your property and understand what steps and payments are required (check with your city and county for regulations). Condominiums and HOAs may limit vacation rentals as well.
It’s important to know how involved you want to be in coordinating with your renters. You can consider listing your property on multiple marketplace platforms or just stick to one. Some second home owners choose to delegate the renting process to a third party property manager. The property manager takes a portion of your income in exchange for finding renters and making sure the home is cleaned and maintained after each use. If you don’t hire a property manager, you’ll have to get the keys to and from renters–consider adding a keycode combination lock to your door, which will make things much easier for everyone.
Seasonal and Vacation Home Property Insurance
Even if you choose to use a third-party marketplace like Airbnb or VRBO, you could still be liable for any injuries or damage to your second home caused by a visitor or renter, and your standard homeowners’ insurance may not apply. You will want to make sure your current insurance covers rental properties (landlord insurance). The policies are often available from most insurance carriers and can be purchased as add-on policies.
You may want to consider installing burglar and fire alarms in your second home if there will be times that the property is unoccupied. While law often requires smoke alarms, an alarm system will notify the fire department and/or police while you are gone. You may also get a discount on your insurance for having these two systems in place.
If you have a pool, make sure that it is secured by either a fence or a safety cover. Small children and animals can quickly drown, and renters may not be aware of the dangers. Before renting out your property, make sure all hazards are mitigated or at least marked. For example, you may want to make sure that any household cleaners or chemicals are stored appropriately.
A good tip is to be overly communicative with signage about how to operate machines like washer dryers, dishwashers, or fireplaces.
Even the most conscientious renter has been known to accidentally damage property. While it is important that your rental property not be bare and empty, too much clutter and tchotchkes can be distracting, prone to loss, and hard to clean.
Tax Tips for Rental Income
If you rent out your home for 14 or fewer days a year, then you do not need to report the rental income because the income is tax-free.
If you rent for more than 14 days, you must report all of your Rental Income, but you can deduct many of your expenses. To deduct your rental property expenses, you must determine which expenses were personal and which expenses are related to the rental property.
If you decide to rent out your property this summer, you should contact an insurance broker and a tax advisor to understand how the rental property will impact your taxes and overall liability.
Of course you do! And it’s with a little common sense, preparation and the help of a good Realtor you can do just that! The formula for getting the highest selling price for your property is Proper Pricing, Preparation and Presentation. That’s a lot of alliteration. But it will serve you well at the closing table! The buyers don’t care about what you want or need to get for your home. And what other homes in the neighborhood are listed for is also a poor guide for what you should list your home for. Those home haven’t found buyer either. And don’t look at Zillow for “Zestimates” or you may be leaving thousands of dollars on the table. If you want to sell you home for top dollar, call me for a complete market analysis comparing what other homes in your neighborhood have actually sold for in similar condition with similar features to make sure we are priced right from the beginning so we can sell fast and for top dollar. If you’re ready to talk about selling your home, Ken Can Help!
If you’d like to read more about pricing follow this link. http://www.inman.com/2015/03/20/the-one-item-needed-to-sell-a-home-for-top-dollar/?utm_source=20150320&utm_medium=email&utm_campaign=dailyheadlinesam
It’s hard to find a completely remodeled unit within walking distance to Wilton Drive at this price! Totally remodeled from top to bottom and shows like a model in Manor Grove Village Four. From the granite and stainless kitchen with dark wood cabinetry, to the sophisticated master bathroom you’ll fall in love from the moment you walk in the door. Handsome tile floors in the living areas and beautiful carpeting in the bedroom. This corner unit has impact windows and gets lots of light. You can bring your small dog to this pet friendly building. Don’t miss this really special place to call home. Listed at $115,000.
Like to get a better look? Ken Can Help! Call me at 954-567-2222 or email me at firstname.lastname@example.org to arrange a showing.
Located just 2 blocks from Broward General Medical Center and less than one mile from the Broward Courthouse, this truly unique freestanding building is perfect for a lawyer, doctor, dentist or insurance office. Comprised of 3 offices, a conference room, large administration office, file/storage room plus a charming waiting room with fireplace. The entrance is wheelchair accessible. A lushly landscaped exterior is illuminated with commercial lighting for high viability. There’s ample parking for 5 in front with expansion potential in the rear. Near the new WAVE light rail scheduled for 2014.
This totally remodeled 4 bedroom/2 bathroom home is ready for you to be the first to call home. Beautiful new kitchen with stone counters an new appliances. There’s even a wine cooler. Brand new central air too. Two on-demand tankless hot water heaters, skylights, restored terrazzo floors, screened porch and carport. Minutes to Wilton Drive, the beach or downtown Fort Lauderdale. Pet friendly too. Fenced yard on a corner lot. All for $1900/month.
If you’re still holding out to get that foreclosure bargain, you’re out of luck. Not only is the supply drying up but the locations are less desirable. Many foreclosure listings are now offered at higher list prices than the most recent sold comps in the area since FannieMae Home Path will finance properties without appraisal for as little as 3% down for owner occupied properties. So the foreclosure bargains are gone. For now.
If you need help navigating this complicated market, Ken Can Help! Give me a call or email me and put me to work for you!
For more details on the most recent Florida Foreclosure stats visit:http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=296937