If you have found a place you love, but the rent is too high, or if you need to renew your lease but want to negotiate for a lower rent, don't be afraid to try negotiating with your landlord. 

Negotiating is not against the rules and may help you get a lower rental cost. Here are some tips to help you negotiate:

1. Do your research: Look up the rental costs of similar properties in the area to see how your rent compares. If you find a lower rate elsewhere, use it as a bargaining tool.

2. Offer to exchange services for a lower rate: If you are willing to do some work around the property, such as seasonal maintenance, you may be able to negotiate a lower monthly rent.

3. Change your lease terms: Consider offering to pay a lump sum of rent 3-6 months in advance to lower your monthly rent or discuss moving out during peak seasons to increase vacancy chances.

4. Sell yourself: If you are a great tenant, bring letters of recommendation or remind your landlord of your on-time payments and communication history. This can help you negotiate a lower rent.

Are you finding your rent too expensive? You won't get what you want if you don't ask!

Questions about our rental market? 

Contact us today to learn more about Stuart area rental homes or listing a rental property on the Treasure Coast. Whether renting, buying, or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation. Eric Slifkin, Broker Associate, Keller Williams Realty. Info: 772-678-1600.

What it Means for a House to be Move-in Ready

Maintain Realistic Expectations When Assessing Move-in Ready Homes

You may prefer a move-in-ready property when searching for a home to buy. But what does that term mean exactly? It can vary depending on the person. 

Need help to find a move-in ready home? Join Our Interest List

Some might define it as a house with all appliances in working order, while others might see it as a recently renovated home with trendy features. However, from a technical standpoint, a move-in ready home meets all local codes and can be occupied.

It's essential to remember that move-in ready is a subjective term, and what one person considers move-in ready might differ from someone else's definition. To find a home that meets your needs and wants, provide your agent with detailed information about your preferences.

If you're struggling to find a move-in-ready home, consider new construction. It may be more expensive, but it allows you to customize a home. When deciding, focus on what matters most to you, the neighborhood or the home's condition.

A move-in ready home might require updates or renovations to meet your needs and preferences. Even newly renovated or constructed homes may have minor imperfections. Therefore, it's essential to communicate your intentions to your agent and manage your expectations.

In looking for a move-in ready home, check the electrical, plumbing, roof, windows, siding, heating, and cooling systems. Functionality is vital in the kitchen and bathrooms. Clean and undamaged flooring is preferred. Neutral paint is best.

When house hunting, be open-minded and adjust your search criteria to find a home that meets your needs. Remember, sometimes it's worth living with something less than perfect for a while if it means being in the community you love.

Contact us today to schedule a consultation. Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation.

What You Need to Know Before You Buy or Sell

During the closing process, appraisals play a crucial role as they cover various aspects. The appraiser focuses primarily on the condition and quality of the home and its features.

To determine the house's value, the appraiser compares it to recent sales of similar size and location. If you're selling your home, we can discuss what you should address before the appraiser arrives.

Whether buying or selling a home on the Treasure Coast, we are always happy to meet with you to discuss your wants and needs with no obligation. Contact us today!

Staged Homes Sell Faster Than Homes That Aren't

Have you ever watched HGTV and wondered how every home always looks put together? The answer to this is staging. Home staging goes beyond just cleaning and decorating your home. It is adding decor, arranging furniture, and prepping your home to look perfect for listing photos, showings, and open houses. Home staging lets potential buyers see where furniture should go and how each room lays out. Without staging, prospective buyers only focus on the visible issues the home may have. Are you thinking about selling? Staging your home first could net you a more attractive offer.

Home Staging Essentials

Not only does staging make your home look like an HGTV dream or like it belongs on Pottery Barn's homepage, but it can speed up the sale of your property.

• 83% of buyer's agents said a staged home helped buyers visualize the property as a future home, according to NAR
• 25% of buyer's agents said potential buyers increased their offer between 1 and 5% on a staged home, according to NAR
• 85% of houses surveyed sold for 6-25% more than unstaged homes, according to HSR Certified Professional Home Stagers

A Virtually Staged Home in Monarch

So now that you know the value of staging, what's next? Do you hire a stager? Do you do it yourself? Will your real estate agent help? Do you stage virtually? It depends. Every option has its benefits, and some require more time or money.

DIY Staging

If you're looking for a more cost-effective option, it may be best to stage your home yourself.

First, you'll want to start with cleaning, decluttering, and depersonalizing, which is also a great excuse to finally get around to that annual cleaning from earlier in the year that you've put off. Each room should only have what is necessary. Throw out anything you don't need or keep things tucked away in a bin during open houses and showings. You'll also want to remove any personal photos or decor around your home, including anything religious or political. The less personal your home is, the more potential buyer will imagine themselves living in your space.

Once everything is clean, you'll want to start staging the essential rooms first. The kitchen, living room, and primary bedroom sell your home. Focus on these rooms and then work through the additional living spaces.

Hiring a Professional Stager

If you have more money to spend or don't know anything about home decor, hiring a professional is probably best. Selling your home is emotional, so viewing your home objectively when staging can be difficult.

As you know, staging can help speed up the sale and potentially get you higher offers. If you weigh the costs vs. benefits, hiring a professional won't be as expensive as you think. The average cost for the initial design consultation with a stager can be between $300 and $600. The average monthly price per staged room can be between $500 and $600. It's important to know that some professionals require a contract of 3 months minimum, even if you sell your home within a few days. You can often work with the decor and artwork you already have, but if your home is empty, this can start to add up quickly.

You can hire them for just the main rooms - the kitchen, living room, and primary bedroom to save money. If your walls need fresh paint, you can keep them by painting them yourself. You can also gather tips and advice during an initial consultation but still decide to conquer some of these tasks yourself.

Virtual Staging

Concerning marketing homes, Virtual Staging makes your home more attractive and gets buyers interested in your property. Home staging can be expensive, but virtual staging services help buyers see what your vacant property might look like online, complete with furnishings and decor. Virtual staging helps get buyers interested and in the door without the expense of physically staging your property.

Virtual staging allows you to rearrange furniture, add decor, and still make your home look attractive to buyers, but everything is online — and cheaper. Because virtual staging is done on the web or with staging software, you don't have to spend funds on new furniture or decor or spend time rearranging everything. Instead, this method saves you time and money while getting the same results as traditional staging. The only required cost is digital software, and most services charge a flat fee per room staged.

What do real estate agents do?

All agents are different. Our focus is on virtual staging, which is cost-effective, and puts your house where buyers begin their search- online. Other agents may offer physical staging services or refer you to a trusted professional or company; some will offer advice, while others don't provide any resources for staging. However, if an experienced real estate agent has your success in mind, they will advise honest home staging.

If you're selling your home soon, you need to consider staging. Get in touch or call us at 772-678-1600 to learn more about how we help home sellers on the Treasure Coast.

Take the Plunge and Go Green

Has your home considered "going green" yet? Not only is it great for the environment, but I'm sure you've heard it can also save you some hard-earned cash! Here are a few tips on how you can make the change and reduce your home's expenses simultaneously.

Switch those bulbs: Switching to a Compact Fluorescent Light Bulb can save you $30 or more in electricity throughout the bulb's lifetime. Though this may not seem like much, think about how much you'd save if you replaced every light bulb in your house!

Upgrade those appliances: Consider upgrading your appliances to ENERGY STAR energy-efficient ones. Doing so will save you a minimum of 10-15 percent on your next utility bills. You also could be eligible for tax credits depending on your state. Spend a little now to save a lot later...it's worth it!

Take control: Control your space by installing a programmable thermostat to set your heating and cooling to turn off and on when you tell it to. These thermostats aren't very expensive ($40-100) but will typically save homeowners 10-15 percent on bills. Those savings are racking up!

Conserve water: Toilets, showers, and faucets account for 60 percent of water usage in the home. Consider switching to low-flow showerheads, and don't forget to fix any water leaks in tubs, showers, or sinks. Doing this will reduce your waste and eventually save even more cash. If you've been considering making your home a green one, make these changes as soon as possible. Your wallet will thank you. 

Active Adult and 55+ Communities in Port Saint Lucie, FL

Find 55+ communities and Active Adult neighborhoods in Port St. Lucie, Florida. Click on the image below to search for homes now.

Port St Lucie Active Adult and 55+ Communities Homes for Sale

Top Neighborhood Searches in Port Saint Lucie

We service most neighborhoods, communities, and subdivisions throughout the Treasure Coast and Palm Beaches. Our ability to connect you with what's happening in our local markets is something you won't find anywhere else.

The 10 U.S. Cities Where Sellers Are Slashing Home Prices the Most—and the Least

Article By Evan Wyloge, Realtor.com

At the height of the frenzied COVID-19 pandemic-era housing boom, price reductions were the furthest thing from most sellers’ minds. After all, why slash asking prices when overeager homebuyers were queuing up for practically any good home that hit the market—sometimes regardless of price, condition, or even general cleanliness?

Those days are fast fading. Today’s homebuyers don’t have as much cash to spend; they’re grappling with rising rents, punishing inflation, and increasing mortgage interest rates. Those higher rates can tack on hundreds of dollars each month to the typical mortgage payment, pricing many buyers out of the market entirely and forcing others to reduce their homebuying budgets drastically. Read More

Need a home office? An addition is not your only option. Rather than adding costly square footage, you may consider repurposing a rarely used closet or moving interior walls to create more space.

Discover The ‘Cloffice’

Pushing Clothes and Boxes Aside to Transform a Closet into a Small Office

CHICAGO – Pressed for space to work, some remote workers are reimagining closets – the “cloffice.” The latest trend in home design originates from the need to work from home during the pandemic. While dining room tables may have provided temporary space for a month or two, some people seeking more private space decided that a closet was their best alternative for privacy – and for many of them, it was their only alternative.

“For so many of us trying to type and Zoom through the chaos, the closet has become the last bastion for something resembling a dedicated office space,” a realtor.com report says about the trend.

Pinterest calls the cloffice one of the hottest design trends for this year, saying, “Pinners are getting creative with closet doors. In 2021, we’ll all learn what a ‘cloffice’ is. Even when doors aren’t available, people will find new ways to create personal space.”
When occupants decorate a cloffice, Ginger Curtis, owner of Urbanology Designs in Dallas, says good lighting, organization, and comfort are essential. Good overhead lighting is necessary for the absence of natural light. Bring in a desk and use a comfortable desk chair that fits properly.

Also, dress up the closet space with wallpaper or artwork on the walls. Designers also suggest using open shelving above the desk for efficient organization and bookcases on the sides or vertical magazine files to store papers.

“Like many others during the pandemic, I tried to work in transitional spaces – the kitchen, living room, front door area, etc. Unfortunately, it wasn’t working,” says Lahari Rao, who designed a cloffice for her at-home office. “I realized I owed much more importance to my workspace – it wasn’t selfish, but rather a self-care gesture to provide my mind and productivity the respect it deserves.”

Source: “The ‘Cloffice’ Is the New Cubicle: Expert Inspiration to Put That Closet to Work, Beautifully,” realtor.com® (Feb. 1, 2021)

© Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688

Investing in Florida Treasure Coast Real Estate

Investing in Florida real estate on the Treasure Coast is an effective way to accumulate wealth and create a passive income stream. There are many choices to consider when purchasing a Florida investment property, including single-family homes, multi-family residences, condos, townhomes, student housing, and vacation rentals.

In choosing an investment property, weighing the advantages and disadvantages of each type based on your budget, location, and target renters is essential. For example, single-family homes are simpler to manage and appeal to a broader range of tenants. At the same time, multi-family properties can provide a higher return on investment but require more upkeep. To make the right decision, consider your priorities, financial situation, and location before investing.

Florida Treasure Coast Rental Trends

Investing in Florida residential properties is an effective way to accumulate wealth and generate a passive income. Here on Florida's Treasure Coast, the median rental price for a single-family home is over $3,000 per month, with median condo monthly rents exceeding $2,000. Better vacation rentals during the season start in the $4,000 range, with solid demand and low inventory driving prices.

The type of investment property you buy will dictate how much you could receive in monthly rent payments. Location, size, and features will also influence your return on investment (ROI) or how much profit you can make. Here's a look at the most common investment property types and their main pros and cons.

Treasure Coast Single-Family Residences

A mainstay of Treasure Coast suburban areas, single-family homes with backyards and desirable neighborhoods are the first choice compared to multi-family housing. Further, many renters looking to buy are priced out of the market, even after spending years saving for a down payment. As of December 2022, the national average price for a single-family home sat at $372,700, according to the NAR. So if you've got the cash to buy a detached house, chances are high that renters will scoop it up. 

Advantages of Single-Family Homes

For newcomers to investment property ownership, a single-family home may be easier to manage than other options. In addition, because they're in demand, you can expect to attract a vast pool of prospective tenants, giving you options to choose the family you'd like to work with. Furthermore, owning a single home means you won't worry about maintaining multiple units. Also, growing demand and loftier rents suggest that your house could bring in a substantial amount of rental income. You can use this income to pay off your mortgage and other expenses associated with the property while receiving rent payments from your tenants and building equity.

The Downside of Single-Family Homes

At the same time, a single-family home won't earn you as much rental income as other options, such as a duplex, fourplex, or other multi-family residences — unless you manage multiple single-family properties.

The other downside is vacancies. If your tenants move out, you may incur a month or two of vacancies as you procure new renters. You won't receive any rent during that time, even though you'll still be on the hook for all costs, including your mortgage, property insurance, property taxes, and homeowners association fees. Landlords with a single unit must remember this and keep a cushion of savings for these times.

Treasure Coast Multi-Family Residences

Multi-family homes include duplexes, townhouses, condos, or homes with an Accessory Dwelling Unit (ADU), making a single property available to multiple households. Multi-family rentals usually share common areas like a rooftop patio, community swimming pool, and gated entry.

Pros of Multi-family Residences

With a multi-family residence, you can increase your ROI much faster than a single-family home. For example, buying a duplex will yield two monthly rental incomes instead of one. Purchasing a multiple-story townhouse could equal several rental payments to cover your mortgage and expenses and provide revenue. 

If one family moves out of their unit, you don't necessarily need to scramble to find a new tenant to move in immediately. In addition, your rental income won't flatten out to $0 overnight because you'll still have occupied tenants in other parts of the property, making multi-family residences a more stable investment option.

Cons of Multi-family Residences

With more renters comes more responsibility as the landlord. While you may collect more rental income, you'll have to look after multiple units under one roof, staying on top of repairs, maintenance, and renovations. 

Some tenants may want a furnished unit while others don't, and some may opt to buy their utilities while others prefer a lease with all bills included in their rental price. Managing multiple units requires you to be available, flexible, and agile. 

While there aren't concrete rules on whether to furnish multi-family residences, your tenants will look to you to provide furnishings in shared spaces, which entails buying a patio set, a barbecue for the backyard, and gym equipment for a recreational area. Expect to spend more on refrigerators, washer-dryer combos, and dishwashers. You'll invest more time into property management, too. 

While a family living in your single-family home may tend to the garden or maintain the backyard, the tenants of your multi-family residence may count on you to keep the common spaces clean and tidy. You may have to hire a third party to help keep flooring and shared rooms in great shape.

A Word About Tenant Screening

Being selective with your tenants is critical. You'll also need to screen your potential tenants carefully and look for chemistry between the families. If you're renting to an elderly couple, for example, you may not want to accept a rental application from a bunch of university students throwing parties well into the morning. One bad tenant could wreak havoc on others under the roof, even in separate units. 

Condominiums

Young urban professionals, couples, and empty nesters looking to downsize tend to flock to condominiums and apartments, making these investment properties a safe place to park your savings.

In 2022 condominiums rentals saw significant rental price increases due to solid demand, triggering intense competition among renters. That's great news for landlords in this hot rental market.

Condominiums ("Condos") are privately owned units in a larger residential building. Various types of condos are available, ranging from studio to three-bedroom units. Although, the most popular choices among homeowners are two-bed/2-bath residences.

While condo owners have their own living space, including bedrooms, bathrooms, kitchens, and living rooms, they share common areas like hallways, garages, mailrooms, and recreational facilities like gyms, swimming pools, and outdoor patios with other condo units in the building. In addition, a condominium association typically manages landscaping, pool cleaning, and other repairs, from faulty elevators to lobby renovations.

Advantages of Condominiums

The beauty of condominiums — aside from the universal demand from singletons, couples, young families, and seniors alike — is the convenience that comes from property maintenance. As a landlord paying condominium fees, you don't have to worry about mowing the lawn, tending to the swimming pool, or keeping the mailroom clean. You will, however, have to respond to queries from your tenants regarding the condominium unit itself. If you're buying a brand-new condominium with warranties and new appliances for your tenants, you should expect fewer maintenance issues or costs. 

Cons of Condominiums

Convenience comes at a hefty price for landlords in the form of monthly condo fees that could go as high as $800 to $1,200, depending on your location and the amenities building residents receive. However, you can transfer this expense to your tenants by working it into their monthly rent.

With condominiums, you also need more control over how well the building is maintained. As a result, you may need to join the condominium's board to ensure the building stays in excellent condition for the sake of your current and future tenants and to safeguard your investment. 

Vacation Rentals

The likes of websites like Airbnb and VRBO have made it incredibly easy to market vacation rentals to tourists visiting your city.

If you're in a major tourist hotspot, like New York City, Miami, Los Angeles, or Orlando, purchasing an investment property ideally situated for visitors may be a worthy choice. (A caveat: Several cities have instituted regulations around short-term rentals, so be sure you know the requirements in places where you are looking to acquire property.) 

A 2020 Airbnb report suggests the average Airbnb host in the United States makes about $24,886 annually. You could yield between $500 and $800 per night, depending on where your vacation rental is located and its size and features. 

For example, a sprawling vacation property on South Beach in Florida could easily command prices of $800 per night during peak season. Families may consider this price tag a steal compared to renting several hotel rooms in the same area, and they'll have added perks like a kitchen to prepare kids' meals and a private patio to host dinners.

Pros of Vacation Rentals

Unlocking unlimited cash flow, depending on your property's popularity, is the defining perk of owning a vacation rental. Instead of receiving one rental income each month, you may have Florida-bound visitors throughout the seasonal Winter months and during the off-season, earning a massive ROI for your short-term and vacation rentals. The other perk? You — and your family and friends — can use the vacation rental while it's sitting empty or when you need to take a break.

Cons of Vacation Rentals

Unless you have a property manager taking care of your investment property, owning a vacation rental can become a full-time job. You'll need to vet potential visitors applying to stay at your vacation home, arrange their check-in and check-out times, schedule cleaning and laundry, prepare the property for the next set of visitors, and maintain a five-star rating to keep your calendar full of bookings. If you outsource this work to a management company, that's another expense on top of your mortgage payments, insurance, and property taxes.

Because vacation rentals must be like a hotel room, you'll need a steady supply of clean bedding, towels, pillows and blankets, toiletries, and kitchen staples like coffee and tea. Yes, your temporary tenants will look for wine glasses and welcome snacks! Make sure those are available to keep the good reviews coming. Providing these household essentials will be an ongoing expense in your budget, but they're mandatory to keep your business going.

Concerns about vacancy rates are highest for this kind of investment property. If you're in the low season or your city offers many vacation rental options, you may not receive any rental property income during some weeks or months.

Bottom Line

Investment properties offer great benefits for landlords regardless of the route they take. You can enjoy tax breaks, collect rental income to cover expenses and watch your investment grow in value over time.

The type of property you choose, location, and its capacity will determine how much you can charge. Therefore, it's essential to do some budgeting, select a desired location, and assess the demand for housing in that area, which will help you find the perfect investment property for your ideal tenants.

Investing in real estate by purchasing an investment property can generate wealth and provide a source of passive income. That said, there are different investment properties to consider, such as single-family homes, multi-family residences, condos, student housing, and others.

Contact Eric Slifkin 

The Top Ten Active Adult Communities in Port St. Lucie, Florida

See our picks below for the best Active Adult Communities in Port St. Lucie and Saint Lucie West, Florida. Click on the image below to search for homes in Active Adult communities.

Top PSL Active Adult and 55+ Communities & Homes for Sale