buy a house, townhome or condo in florida

House, Townhouse, or Condo – Which is Best for You?

For some, a single family home is the only thing that pops in their mind when they think of home ownership and this makes perfect sense BUT there are other options. Depending on your situation a Condo or townhome may be the best option for you. In fact I bet there are a number of people that like the idea of not having to deal with regular maintenance and mow the yard every week!

There is no right or wrong answer when you are choosing the type of home you are looking to purchase but rather what works best for you in your individual situation. We will go over just some of the advantages and disadvantages of each type of home.

To start off, the single family home besides being the flagship of the American Dream has many advantages but also has just as many disadvantages:

Advantages

  • You will have access to your own yard
  • Single family homes are typically larger
  • Single family homes have more storage, including a basement, attic, and garage
  • It is easier to obtain financing compared to a condo
  • Less rules such as animal sizes, parking situations, and exterior requirements

Disadvantages

  • Any maintenance issues including repairs, landscaping, and snow removal is your responsibility
  • Single family homes are typically more expensive than condos and townhouses
  • Utility bills are usually considerably higher due to the larger size
  • Homes may still have an Home Owners Association as aggressive as one of its townhouse or Condo counterparts

The townhouse is referred to the type of construction for a building that is 100% owned to include the property it sits on while sharing one or more walls with the adjacent building. By owning the land the building sits on, no ownership can happen above or below unlike a condo. The advantages and disadvantages to living in a townhouse are as follows:

Advantages

  • Lower utilities
  • Much of the exterior maintenance including yard, landscaping and exterior paint is included
  • Typically has common areas such as parks and even pools with club houses that can be utilized with no up keep of your own
  • Enter Directly into the unit from the outside with a garage and patio with back yard
  • Lower home owners insurance due to the HOA being responsible for the exterior

Disadvantages

  • Typically higher HOA fees
  • Sometimes difficult to qualify for financing depending on additional fees which are included during the qualifying process
  • A lot of restrictions including pets such as animal breed and size
  • May have more renters in the community
  • Could have sound issues

Last but not least would be a condo, the “simplest” of living. The condo is somewhat very beneficial to some but may not be for everyone.

Advantages

  • Little to no maintenance
  • Usually secure with both cameras or an onsite security guard
  • Typically attached parking garage with assigned spots
  • Fees can include water, sewer, garbage and outside maintenance
  • Most have conference rooms, gyms, pools and even tennis courts

Disadvantages

  • Privacy at times seems difficult with many units in one building sharing hallways, elevators and other common areas
  • Could have sound issues
  • No attached garage
  • Less storage
  • Typically if the building hasn’t been managed properly it takes many years of good management to turn around which can greatly affect your resale value
  • Also may have high HOA fees

Any of these types of homes have pros and cons to consider but shouldn’t be too difficult of a decision based on what you are looking for and the lifestyle you enjoy. The condo is the most worry free option that enables you to pack a bag and travel with the ease of locking the door behind you, no lawn to take care of and little up keep is necessary. The single family home is the epitome of upkeep and cost but for some they wouldn’t have it any other way.

We hope this has helped you determine the best type of home for you. If you are looking to buy or rent in Florida make sure to check out www.MoversAtlas.com to research valuable information about your potential new home and the surrounding neighborhood and community.

should I move to cocoa beach fl

Why Cocoa Beach FL is a Great Place to Live

Cocoa Beach is a hidden jewel right in the heart of Brevard County Florida. Some may think there are other great beach cities in Florida but this place has a lot of reasons why it is a fantastic place to live with even greater amount of growth coming its way.

The population size is around 17,000 people and the people that call Cocoa Beach their home range from the typicalcocoa beach fl real estate tanned beach bum 20-somethings all the way to the white-haired snowbirds. The median house cost in Cocoa is right at $94,000, which is very affordable for most, and the cost of living is 12.70% lower than the rest of the US. Oh and that isn’t all, the unemployment rate is 6.30% and still falling.

Just to scratch the surface of Brevard county, it has a lot of large companies paired with a low cost of living. Many professionals live here and work at companies like Harris Corp, Brown and Brown insurance and Halifax Media group. There has also been a recent addition of a lot of aerospace and engineering jobs thanks to the privatized space flight industry.

This town at one point was voted as one of the worst places for employment and the very best place to retire in America, however, those tables seem to be turning. Considering this recent growth in employment opportunities with a very low cost of living and reasonably priced housing you may be getting in on the ground floor of a big upswing if you decide to buy a home in Cocoa Beach, FL.

Cocoa’s best qualities aren’t all about economic growth; there is also plenty to do and it is an awesome place to raise a family.

First and foremost would be the benefits of the beach, between fishing and surfing along with boating and kayaking. There are many other activities ranging from casino cruises to the Brevard zoo…There are always a ton of fun things going on. Also the distance from Cocoa to Orlando is only about 45 minutes so if you are fan of the the thrill rides and roller coasters or if your family wants to go visit Mickey Mouse at Disney it is only a quick drive inland for a day trip to one of Orlando’s many theme parks.

The other aspect would be the tourist industry; the Port of Canaveral is a cruise, cargo and naval authority and one of the biggest cruise ports in the world. There are nearly 2.8 million multi-day cruise passengers per year and other larger ships destined to be added.

Besides the higher education school “Eastern Florida States College” formerly known as Brevard Community College, there are other great grade schools local to Cocoa Florida. There are 4 primary and secondary schools with one of the elementary schools “Freedom 7 Elementary School of International Studies,” having a rating of 10/10. The following junior/senior school grades 7-12 are also scoring high with a rating of 9/10.

In summary you can understand why Cocoa Beach has many great reasons to live here. I didn’t even get into the weather or the year around flip-flop and bathing suit attire. There are many other great reasons but you have to find what works for your situation, whether it’s the kids, living the single life or even wanting to drive the convertible year round, Cocoa Florida may be perfect for you. To help you make your decision on where to move in Florida take a look at the www.moversatlas.com MoveMap to research cities, communities, and neighborhoods in FL.

Buying a Home After Bankruptcy

Sometimes no matter how hard you work and how careful you are in the financial aspect of your life you can still have issues and problems comecan you buy a house after filing for bankruptcy up.  The American dream can sometimes seem to be at an impossible distance in certain situations whether it was a divorce, job loss or the market tanked.  Bankruptcy is not fun for anyone but there is some light at the end of the tunnel.  There is a good probability that you will be able to pick up the pieces and recapture what has been lost so quickly.  Buying a house after filing bankruptcy is possible and sometimes can be a viable option much sooner than you think.

The biggest change happened when a new policy was approved from the Federal Housing Administration announced (August 15th 2013) that some could get approved with an FHA backed mortgage as soon as one year after the bankruptcy.  This is of course the best-case scenario but there are other possibilities to get approved for a mortgage in a timely manner.  Other things to keep in mind are the different situations as some may have just a bankruptcy and others could have had short sales or other foreclosures on their plate as well.

When you are interested in getting back to the world of homeownership it is important to understand a minimal timeframe of one year is required from the date of bankruptcy discharge OR if you had a short sale it would be from that closing date, same goes for a foreclosure. Other rules for this particular situation would be that your bankruptcy and the loss of your home has to fall under what FHA calls an “economic event”.  Some of these rules include loosing your income for at least six months, 20% job loss or a major pay reduction.  This may nix you out of this avenue but even without this loophole a traditional turnaround time to purchase a home could be as soon as 2 years.

After going through such a big financial ordeal like bankruptcy two years may be just enough time for you to get back on your feet.  At one point I have heard roomers that it can take up to seven years before you could qualify for a mortgage, but in more recent days it has taken some much less time.  The key things to keep in mind are as follows

  • Try and rebuild your credit or just have no credit (as opposed to bad credit). This would include making your payments on time, set up automatic payments and regulate your credit report.  This would be similar with no credit score except you will have to pay cash for everything and have no credit cards or credit lines of any kind.

  • Save up for a down payment. Believe it or not this really is being required for almost everyone, not just the people with a foreclosure on his or her record.  The idea is at least 20% should be saved for a down payment but when in doubt, the more you save the better chance you have of the lender qualifying you for the house.  Showing the lender that you are serious on doing right by the house note and have a good financial means to back it makes the chances much higher when being reviewed by the underwriter.

  • Eliminate debt and keep it away.  When going about these steps don’t acquire more debt, no additional car loans or other credit lines to your favorite clothing store.  None of this will look good when applying for a home loan.

  • Keep your income stable.  If you are one that jumps around from job to job it really can look negative on your mortgage application.  Ideally you will want to have a good stable income for around two years to show reliable income.

There are other items you may come across such as higher interest rates or even having to look at a less expensive home than you thought you could afford.  It would be wise to find a place that could be easily paid off with a 15-year mortgage this way hopefully you wont run into this situation again.  The moral of the story is that buying a home after bankruptcy is possible and in some instances sooner than you think and each situation is different, do your own research and don’t lose faith!

If you are ready to buy a home check out www.moversatlas.com to research the neighborhoods and communities that you are interested in buying real estate. We provide everything you need to know to make an informed decision on buying your new home!