Palm Beach Real Estate News

Want to experience higher levels of happiness and satisfaction in your life? The answer could lie in real estate.

According to the 2019 Fall Homebuyer Insights Report from Bank of America, the vast majority of homeowners—a whopping 93 percent—are happier owning their home than they were when renting.

And the benefits of owning a home don’t end there. Homeowners also report higher levels of life satisfaction in all areas, including how much time they spend pursuing hobbies (82 percent of current homeowners vs. 63 percent of prospective buyers), the quality of their social life (78 percent of current homeowners vs. 58 percent of prospective buyers), their financial well-being (77 percent of current homeowners vs. 42 percent of prospective buyers), and their life overall (88 percent of current homeowners vs. 70 percent of prospective buyers).

The Takeaway:

So, what does that mean for you? Happiness, fulfillment, and life satisfaction aren’t things you can purchase. But you can purchase a home—and, in many ways, that’s the next best thing.

Posted by Heather Smith on October 22nd, 2019 1:50 PM

One of the reasons many people continue renting is because they believe it’s the easier option. But according to a recent survey, the vast majority of homeowners would disagree.

According to a recent survey from LendingTree, a whopping 67% of homeowners—more than two-thirds—say owning a home is easier than renting. And the best part? It seems as though the longer you own a home, the more likely it is you’ll find it easier than renting (72% of people who have spent seven to nine years in their homes say it’s easier than renting)—and the less likely you’ll ever want to go back to renting (only 7% of people who have owned their home for a decade or more said they wished they could return to renting).

The Takeaway:

If you’re renting a place because you think it’s the easier option, it might be time to look at the data and buy a home of your own—which, as it turns out, may be the easier option after all.

Posted by Heather Smith on September 12th, 2019 12:54 PM

Vacation Rental Ownership – Is It For You?

Investment properties used to be homes and multi-family properties used for full time rentals. Over the past decade, we’ve seen a new crop of investment properties emerge, the short term rentals. But what’s involved in owning a vacation rental? Is it worth the work?

A short term rental is a great investment for a number of reasons. In addition to creating annual income for the investor, the property could also appreciate in value during the time of ownership. Although the short term rental is still a rental property, it often pencils out to much higher income than a traditional long term lease does.

Vacation Rentals might seem like a great deal of work, and they can be. The first choice a vacation rental owner will need to make is whether they would like to self-manage or hire a property management company. Many short term rentals are managed by a professional property manager that specializes in the short term market. These managers have people on call to help with arrival, departure, cleaning, repairs and rent collections. While they do charge for their services, a professionally managed vacation rental can provide a nice income stream by building positive reviews.

Of course there are downsides to owning this kind of investment. It’s important to choose the right location to ensure a steady stream of renters. Additionally, one must budget for unexpected repairs or damage. With the deposit being made with a credit card, it can be difficult to collect for damage done to the home.

The Internet has been instrumental in the new vacation economy as peer-to-peer platforms like Airbnb, VRBO and HomeAway offer visitors the ability to interact directly with the owner. By reducing the advertising costs, investor-owners, can negotiate directly with potential renters and screen them to prevent possible problems.

Posted by Heather Smith on August 8th, 2019 1:28 PM

A lot of potential home buyers think that in order to successfully buy property they need to save up a sizeable down payment of 20% of the purchase price—and that until they have that down payment in the bank they can’t transition to homeownership.

But the “20% down payment myth” just isn’t true. Thanks to a variety of lending options, there are plenty of buyers out there purchasing property with far less than 20% down.

According to recent research from Zillow, 24.2% of buyers put down 5% or less when purchasing their homes. That’s nearly one in four buyers on the market!

The Takeaway

According to this data, it’s not only possible to purchase a home with a down payment of 5% or less, it’s also extremely common. So if you’ve been putting off buying a home until you have a 20% down payment in the bank, it might be time to rethink your strategy—and finally make your dream of homeownership a reality in 2019.

Posted in:homeownerPosted in:buying a homePosted in:home buyer and tagged: buying a homehomeownerhome buyer
Posted by Heather Smith on June 26th, 2019 1:02 PM

For years, most people followed a similar path. Go to school. Get married. Buy a house. But for many millennials, that path no longer makes sense—and purchasing a home has moved up the priority list.

According to a recent survey from LendingTree, 24% of millennials want to purchase a home before they get married, and another 27% are putting off starting a family until after homeownership. In fact, 43% of all first-time homebuyers in the US are single!

The Takeaway

If you’re a millennial and homeownership is your top priority, you’re not alone. There are plenty of other millennials who are buying homes before getting married or starting a family. So if that’s your plan, don’t wait. Now is a great time to make a move and turn your dream of homeownership into a reality.

Posted by Heather Smith on May 29th, 2019 12:53 PM

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