Florida beach visitors and owners

Ever enjoy that cozy little beach spot behind a hotel you’re not staying at? That might be a thing of the past under a new Florida law… 16 more words

via New law makes it easier for Florida property owners to kick people off the beach — Orlando Weekly

Own a “piece of the pie” with fractional ownership

If you’re anything like me one of my favorite reading materials poolside is a local real estate magazine. Surrounded by beautiful properties and scenery I like to flip the pages looking for a dream deal. Then it appears,
“4 bedroom 3 bath ocean front view, newly remodeled, $2250000 for 25% ownership”….What’s that all about?
Unlike time shares that offer ownership with many others , fractional ownership usually has less owners per property
25% ownership allows 13 weeks of use

Other advantages may be:

Accommodations are guaranteed at a favorite vacation destination
Terms of the purchase are easier to negotiate with fewer owners
You will have more input into the management of the property
Selling may not be difficult
Wear and tear on the property will be less with fewer owners
Shared expenses are easy to manage
You have an opportunity to invest in a property that may be out of your budget as a whole owner
Properties are usually spacious high quality homes or in smaller resort complexes
This is an option to consider when purchasing a second home if a fixed usage period is offered or a rotation that fits perfectly into your schedule.
If you’re looking to feel more at home with each visit you will want to look at a property that is unit specific for each use.
Find a great vacation home and purchase with family and friends

Since this type of ownership can be complicated and loaded up with stipulations the agreement to purchase or sell should be drafted by a Real Estate Professional or an attorney. With limited financing options a method of payment should be stated before executing an agreement.

Happy home buying and selling….

The high and low tides of owning a beach rental

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Like many vacationers you probably have visited one of the beautiful coastlines in the USA. It’s so hard to leave when the week is over, so here are some tips to get you on the path to owning your own little piece of paradise.

To begin you have to decide where to buy. I like to suggest somewhere that is easily accessible to your home since you will want to enjoy it as much as possible for yourself.
Decide on a price point within your budget and prepare for cost that you would not consider when purchasing a primary home. After those decisions are made determine your short and long term goals especially if this will eventually be a retirement home. There are many vacation rental sites that can offer assistance to determine market value of seasonal rates for selected areas.
Owner expenses to consider:
Mortgage fees may be higher and a larger down payment may be required for a second home and real estate investments.
State and Local property taxes
Resort taxes
Tourism taxes
Parking permit fees
Homeowners association or Owners Regime membership dues
Property Insurance that may include flood and wind
Special assessments for compliance of exterior maintenance and architecturally approved appearance
Utility cost
Mandatory utility charges such as a community wifi and or cable company
Recreation use fees for yourself or your visitors
Permit fees for repair or remodeling contractors
Business license fees if you are going to use your property for short term rentals
Local taxes on the rental income you receive
Advertising cost for your rental
Cleaning and laundry fees