Wind mitigation inspection can save hundreds

Did you know that you can potentially save hundreds on your home owner’s insurance policy?  It is as simple as having a wind mitigation inspection. A wind mitigation inspection gives your
insurance provider with certain construction features specific to your home that make it more resistant to damage due to hurricanes.  It is required by the state of Florida that insurance companies offer reduced rates to any qualified home.

What will an inspector look for?

  • An inspector will examine the level of hurricane protection on your
    windows and exterior doors, such as shutters or impact resistant windows
    and garage doors.
  • What type of roof your home has (a hip roof is the most desirable)
  • Roof to wall connections that are a installed with hurricane
    clips/straps. The discount will vary depending on the type of connection
    such as toe nail, clips, single wraps or double wraps.
  • Florida Building Code-approved roof covering.

Wind mitigation inspections are available for all single family homes, townhouses, and condos. Homeowner’s and Condo Associations also qualify for wind mitigation credits.

The “My Safe Home” program was discontinued by the State of Florida in August of 2008, it provided a free inspections to Florida residents.  Only licensed building contractors or architects certified by the state are able conduct these inspections.  The cost to have an inspection is minuscule compared to amount that you will be saving each year on your policy. 

Yours in Success,                                                 

The Florida Future Realty Team


Considering a second home?

What will a second home in SW Florida cost?

As the prices of homes in SW Florida are, can we say, more than affordable, many people across the U.S. and abroad are entertaining the possibility of a second home. The biggest question on everyone’s mind is “What will it cost me?” Obviously it is pretty easy to find the listing prices of homes online but to truly understand what the ‘cost’ will be can take doing some research. In this article I will go over the basic costs you can expect
to pay when investing in a second home here in beautiful Cape Coral or Ft. Myers, Florida.

First to consider: Cost of Money
Are you planning to pay cash or do you plan to get a mortgage for some of
the purchase price? If you plan to pay cash make sure that you are comfortable with the rate of return on your investment. You may wish to consider getting a loan for some of the purchase to keep more capital for other investments (more houses, or?). If you are going to obtain financing make sure you determine which loan is best for you and your needs. Most investment properties will require 20-25% down. If you are Foreign National you must be prepared to put down at least 30% in most cases. You can also attempt to receive a loan from your country as well. The rates will be lower but you may have to put up your current
home as collateral (borrow against your equity). Some second homes may be
purchased with less money down. But your payments will be much lower with
the more money you put down on your purchase.

For comparison purposes here let’s take one of current waterfront listings.

It is located at 1429 Vendome Ct. Cape Coral, Florida 33904. It is a
gulf access home, built in 2007.

The current asking price is $375,000. Let’s assume that you plan to put down 25%. This means that you will be putting adown payment of $93,750.

Here is an estimate of closing costs:

Taxes: $ 6,422.24*

Loan fees: $3,846

Prepaid taxes & insurance: $5,778

Total costs to close: $103,374.

* from current 2008 tax bill – properties are reassessed every year
here so this could change. Currently this home is assessed at $374,230.

If we can help you further your search for a new home or second home, please don’t hesitate to call. We look forward to hearing from you!

Yours in Success,

The Florida Future Realty Team