Why does my FICO score matter when buying a house?
A picture is worth 1000 words on this one but basically if you have a FICO under 600 don’t bother. If you have a FICO score less than 640 then you have a 1 in 10 shot of getting a loan.
394 Golfview Road E, Royale Harbour, North Palm Beach
Just previewed 394 Golfview Road E, in Royale Harbour in North Palm Beach, Florida. This unit is beautifully renovated. These units are unique with a covered carport in front of the unit, you enter and ascend a few steps to arrive at the kitchen and living/dining room. A few more steps you up to a bedroom and bathroom and some more steps once more take you up to an additional bedroom and a master bedroom with en-suite bathroom and large walk in closet. The intracoastal waterway is across the street from this unit and the community pool is behind it. The unit has a newly renovated kitchen and two newly renovated bathrooms. The association permits 1 rental a year, but not until a year of ownership. This development is conveniently located directly behind Crystal Tree Plaza. Walk to shop and restaurants, have dinner with some drinks, no need for driving, just stroll home.
2401 Marina Isle Way, unit 404, Marina at the Bluffs
Just previewed 2401 Marine Isle Way, unit 404 in the Marina at the Bluffs in Jupiter. This 4th floor condo is gorgeous. It has been totally renovated with new flooring, a light and bright modern kitchen and clean, fresh modern bathrooms and plantation shutters. The unit has two bedrooms, two bathrooms, a bonus room off the laundry room and a balcony and marina views. The Bluffs has tennis courts, a community pool, bocce court and is a short walk to the beach, restaurants and Publix. 1 small pet under 20lbs is permitted.
When does roof age matter in Real Estate – South Florida?
When does roof age matter in South Florida Real Estate? This comes up all the time. People want to know how old is the roof? And for good reason.
Why does it matter how old the roof is? First, this is a big ticket item that has a life span so it does affect the value. You may be able to ‘live with’ the old kitchen but if the roof no longer keeps the rain out then NG. Second, if a roof is too old then one can not get insurance on the property. No insurance then no loan, no loan then no sale. Unless one is a cash buyer but they will ALWAYS want a discount. How old can the roof be and still be insurable? THIS VARIES FROM ONE COMPANY TO ANOTHER and can change at any time. For Citizens Insurance, the answer is:
“Roofs older than 25 years (shingle or other type) or 50 years (tile, slate, clay, concrete, or metal) require documentation showing at least five years remaining useful life. A Florida-licensed inspector must conduct an inspection of the roof to check for any visible signs of damage or deterioration. When a roof has less than three years of remaining useful life, the homeowner must provide proof of a full-roof replacement to the inspector before any policy is written on the home.”
Now Citizens underwriting is subject to our Sunshine in Government laws so we know what the times are. What about other insurance carriers? They are free to establish any underwriting criteria they wish but GENERALLY SPEAKING ROOFS OLDER THAN ABOUT 20 YEARS ARE DIFFICULT TO INSURE THROUGH ANYONE BUT CITIZENS.
And, if one can not get insurance on the property then one can not finance it.
So, if you are selling a property with an old roof (20+) it is probably worth putting a new roof on it.
If you are buying a home with a roof that’s 15 years old you should be saving for a new roof to be installed.
If you are financially able you may be able to get a good deal on a house because it needs a new roof. You will add the cost of the new roof into your permanent financing but these are non conforming loans so the rates are about 1/2% higher than the typical Fannie/Freddie loans.
Jupiter and Palm Beach Gardens Homes Sales 2017
The RAPB GFLR housing sales numbers were just release for December 2017 with the monthly but also the year to date sales numbers.
Jupiter
Median sales price for the months of Dec 2016 to Dec 2017 increased 7.5% with 17.3 % fewer properties available for sale.
Median sales price for the year to date thru December of 2016 compared to thru Dec 2017 increased by 5.8%
Palm Beach Gardens
Median sales price for the months of Dec 2016 to Dec 2017 increased 6.1% with 20.4 % fewer properties available for sale.
Median sales price for the year to date thru December of 2016 compared to thru Dec 2017 increased by 8.6%
So last year prices went up by 5.8% in Jupiter and 8.6% in Palm Beach Gardens.
2342 Holly Lane, Palm Beach Gardens
Previewed 2342 Holly Lane, in Palm Beach Gardens yesterday. This home is a short sale. This house is a gorgeous private oasis and move in ready. The home is a 2 story, single family courtyard home has it all. The main house has the master bedroom with 2 large walk in closets and a stunning master bathroom on the first floor. 3 additional bedrooms are upstairs all with full bathrooms and also a loft. There is also a separate pool house/guesthouse with a full bathroom. The courtyard has a swimming pool, hot tub and outdoor kitchen. The home has so many bonuses, including a 3 car garage, central vacuum system, hurricane impact glass, summer kitchen, and no HOA fees. Centrally located in Palm Beach Gardens off Prosperity Farms Road between PGA Blvd and Donald Ross Road, close to the beach, mall, golf, tennis, restaurants and shops.
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