Q: I want more space in my house. Will a garage conversion increase my property value?

A: Taking advantage of existing space is an economical way to increase the square footage of your house. On the one hand, done correctly, a garage conversion will increase your property value. On the other hand, there are some cons to consider.

Get a permit – Have a licensed professional make the garage conversion and BE SURE TO GET  IT ALL PERMITED. Shoddy work will show when it comes time to sell the house.  Also, buyers tend to shy away from homes with unpermitted, poor quality work done. In the event of a disaster, insurance companies could use the lack of permitting to deny any claims for the space.

Make sure A/C ducts are run to the space.

A home’s “under air” square footage, which includes the parts of the home that are air conditioned, is the biggest driver of value. If you’re going to close in your garage bay, have a qualified contractor run an air duct to the space. Otherwise, it will do nothing for your property value.

Property Tax and Insurance Implications –  Once the square footage of the house increases, so too will the property taxes, most likely. Your insurance premiums may change also. Be sure that the additional space justifies the additional expenses.

What Buyers Want – In my experience, most buyers want a garage. The Florida heat and rain necessitate coverage and protection for their vehicles. Others want it for storage space, a workshop or a home gym. In an age of multi-generational living, some buyers will appreciate the extra space for their elderly parents or unlaunched adult “kids”, but they also need room for the cars that accumulate as more adults start living together. Understand that this change will affect the marketability of the house when you decide to sell. You’ll want a qualified Realtor® to navigate those waters when the time comes. You know the one!

If you’re considering enclosing your garage, or expanding your home’s square footage I can help you get started! Call me today for help finding qualified local contractors.

Got a real estate question you’d like to have answered? Send me your question using this link!

Two new real estate laws aimed at alleviating the effects of “harmful” regulations by city and local governments have been signed by Governor Ron Desantis. Both bills directly benefit real estate developers and landlords with the intent of encouraging development of, and investment in, more affordable housing. Both real estate laws effectively take authority away from local and city governments to impose rules that harm local businesses’ bottom lines.

HB 1417 gives the state sole regulation of residential tenancies (aka Landlord/Tenant Laws). Eventually, only one set of rules will apply to rentals throughout the state, instead of the “patchwork of local regulations” that drive builders away. Stricter regulations often lead to lower profits for landlords. Currently, when a city imposes tougher regulations on real estate rental, developers opt to leave those areas in favor of less regulated ones. With fewer rentals developed, competition grows and rents become higher, defeating the original purpose of the local regulations.

HB1417 complements another law that became effective on July 1, 2023 – the “Live Local Act”. This bill reserves a part of the state tax revenue for affordable housing over the next 10 years which should encourage development of affordable projects. It also takes control of some projects away from local governments and prohibits establishing any rent-control ordinances.

Another bill, HB170 gives businesses (such as vacation rental companies) the ability to challenge local ordinances that they deem harmful to their profits. While the ordinances are being challenged in court, local government may not enforce them.

Sources: https://www.orlandosentinel.com/2023/03/29/desantis-signs-711m-affordable-housing-bill-advocates-say-it-doesnt-go-far-enough/

https://www.floridarealtors.org/news-media/news-articles/2023/06/desantis-signs-two-re-bills-law

https://www.orlandosentinel.com/2023/06/29/desantis-signs-controversial-radioactive-roads-local-ordinance-bills/

Whole-Home Generators are game changers when it comes to weathering power-outages in Central Florida

One of the trade-offs for living in Central Florida is the inevitability of severe weather. If your area is prone to power outages, you’ll need a backup plan; a generator can help. Here’s a bonus: not only can you get a tax credit in some areas when you install a whole-home generator, but a permanent generator can increase your home’s value. Things to know:

Source: https://app.homekeepr.com/sherell-joseph-wolford/blog

Q: Are all REALTOR commissions the same or can I negotiate to sell my house?

A: Realtor® commissions are NOT all the same. In fact, it would be illegal for us to collude to set commission rates. Different agents charge different commissions for different types of sales situations. Just remember, like everything else, you get what you pay for. Here are some factors to consider:

Experienced Realtors® command higher commissions

Selling real estate requires market knowledge, marketing prowess, strong negotiation skills,  effective communication and a network of resources. It takes time for agents to develop these attributes and relationships. The fact is, better agents earn better commissions because they can sell your house for more money.

Newer agents may take your listing for a slightly lower commission

Newer agents hungry for experience may accept a lower REALTOR commission. Don’t write those agents off too soon! If they have access to a great broker or a team of experienced agents, they will have support throughout your transaction. Find out how much support and training they’re getting. Find out who their broker is and what type of reputation that broker has. Great brokers develop great agents and they stand behind them.

Cut Rate Agents

There are agents, experienced or not, who will take your listing for a low commission. Consider these factors when an agent is willing to accept a very low commission. 1) If they can’t negotiate for their commission, how well will they negotiate for you when the time comes. 2) Will they do what it takes to sell your property for the best possible price?

The higher the price the lower the commission

Realtors® will often take a lower commission for sales in higher price points. Luxury homes and commercial real estate tend to fall into this category. A Realtor® may charge a higher commission for properties in lower price points. The work can be the same, or sometimes even more challenging, taking more of an agent’s time.

Like anything else, commissions change in different economic climates and markets. When choosing an agent, it’s best to shop around to find the balance between price and services. Just make sure I’m on your list of potential agents!

Contact me today to see how much more you could net by selling your property with a top professional!