The monthly existing home sales report for Florida will look very different tomorrow with each of the state’s 63 individual Realtor groups releasing their own information.
Previously, the sales statistics were gathered mostly by county and reported only median sales prices and total sales numbers by single-family homes and condominiums.
It’s unclear exactly how the information will be distributed, however. Two of the three Realtor groups in Palm Beach County seemed unaware this morning that anything would be coming from their offices tomorrow.
The change is apparently so that more detailed information can be gathered for individual cities or pockets of areas. There will also be more detailed information, including days on market until sale, percent of original list price received and average sales price.
“With this new data system, Florida Realtors will be able to offer more comprehensive statewide data, including inventory levels, average prices and time on market,” said Florida Realtors Chief Economist John Tuccillo, who will speak Wednesday in Boynton Beach at a meeting of the Women’s Council of Realtors, Greater Palm Beach Chapter. “As the voice for real estate in Florida, the state association will concentrate solely on the statewide numbers.”
It’s also unclear whether the numbers released will be comparable at all to anything that’s been reported in the past. For example, the new year-end report from the Realtors Association of the Palm Beaches lists the median sales price of $125,000.
A previous version of the 2011 year-end report, which included information from the Palm Beach Board of Realtors and the Jupiter, Tequesta, Hobe Sound Board and released by Florida Realtors last month listed the median price as $193,700.
The data is being gathered by a Minneapolis company called 10K Research and Marketing, which recently contracted with Florida Realtors to compile the reports.
Dear Poliakoffs: I reside in a community governed by a homeowners association. The board of directors conducts its meetings at a location that is not accessible to disabled people. I have requested, in writing and in person, that they change their meeting place, without success. I would appreciate direction on how to proceed. – L.M.
Dear L.M.: If your question was whether meetings of government entities need to be conducted at a location that affords access to a disabled person, that answer would be yes. The problem here is that most courts have held that the conduct of community associations does not rise to the level of “state action,” thereby precluding the necessity of an association having to comply with the laws that govern municipal meetings and actions. Community associations are private organizations governed by private contracts (and by statute).
We’re frankly not sure where to draw the line in the case of shared ownership communities. We have had visually impaired unit owners request ear phones for meetings, and hearing-impaired unit owners have requested a sign-language translator. Some foreign-speaking unit owners have even demanded that the association provide interpreters.
This can be difficult, if not impossible, to do given the diversity of unit owners from many parts of the world. However, a number of older properties do not have handicapped-accessible common areas, and the law hasn’t generally forced them to adapt to the new codes and regulations.
That said, there is one aspect of federal law that might afford you some relief. The Fair Housing Act does provide that a disabled person, at his or her expense, is entitled to make modifications to the common areas to afford disabled individuals full use and enjoyment of the premises.
So if you were so inclined you do have the right to request that the board allow you to modify the location being used for meetings (for example, by building a ramp) so that you may attend. You would have to pay for the modification, and it would need to be reasonable (in one case a woman wanted to build a ramp into a pool that covered half of the pool; that was not considered a reasonable modification).
Dear Poliakoffs: I am on the board of directors of a condominium in Cocoa . We are in the process of accepting bids for annual condo maintenance. The president rents his unit to his stepson and wants the board of directors to hire him for this maintenance contract.
Is this a conflict of interest because the stepson will be paid by condo money that, in turn, would be used to pay rent to the president? Can the president cast a vote, or must he abstain from voting? The president will be signing the contract. – D.B.
Dear D.B.: So long as the president discloses the relationship, nothing in the law would preclude the board from deciding to hire the president’s stepson to work for the association. Regardless of who the association hires, it needs to have a written agreement that complies with the provisions of Florida Statutes 718.3025 and 718.3026. Inclusive in FS 718.3025 is a provision that requires the disclosure of any financial or ownership interest a board member or any party providing maintenance or management services to the association holds with the contracting party.
A few years ago, board members were not allowed to abstain from voting unless there was a financial conflict of interest. Under the current law, the president may abstain from this vote if he feels it’s appropriate. However, an abstention is still not required, though probably prudent.
If the president does hold a financial interest in the company contracting with the association (though simply collecting rent from his stepson is not a financial interest), the contract must be approved by an affirmative vote of two-thirds of the directors present at a meeting at which a quorum is present.
Gary A. Poliakoff and Ryan Poliakoff are co-authors of “New Neighborhoods: The Consumer’s Guide to Condominium, Co-Op and HOA Living.” Gary Poliakoff is a founding principal of Becker & Poliakoff, P.A., and Ryan Poliakoff is the vice president of management at AKAM On-Site. Email questions to firstname.lastname@example.org. Please include your hometown.
Florida’s share of the nation’s foreclosure crisis increased during the fourth quarter of last year compared with the same time in 2010 as other hard-hit states, such as California, shed some of their housing burden.
According to a report Thursday by the Mortgage Bankers Association, Florida carried 24.2 percent of the foreclosures nationwide, up a percentage point from the end of 2010, while California’s foreclosure share dropped nearly 3 percentage points to 10.2 percent.
Economists from the Washington-based group attribute Florida’s stubbornly high foreclosure inventory to its judicial foreclosure procedure, which requires a judge’s approval for all cases. California is one of 29 states where repossessing a person’s home does not have to go through the courts.
“The housing situation in California is turning around much more quickly, and we attribute that to the nonjudicial regime,” said Michael Frantantoni, vice president of research for the Mortgage Bankers Association. “A small minority of states is keeping the foreclosure rate much higher than it would be otherwise.”
About 14 percent of Florida home loans are in foreclosure, by far the highest in the nation. New Jersey comes in second at 8.2 percent. Of the 16 states with the highest percentages of foreclosures, all but Nevada require a judicial proceeding.
The fight to streamline Florida’s foreclosure system and more quickly clear its backlog of an estimated 368,000 cases is raging in Tallahassee, where homeowner advocates rallied Thursday against a bill they fear will reduce homeowner rights.
The proposal (HB 213), which would reduce the bank’s deadline to seek a deficiency judgment from five years to two years, has passed through two House committees. It is scheduled to be heard next in the House Judiciary Committee before going to the full floor for a vote.
Rep. Kathleen Passidomo, R-Naples, is co-sponsoring the bill with Rep. Greg Steube, R-Sarasota.
A similar Senate bill (SB 1890) has not been voted on in committee but is scheduled to be heard Monday by the Senate Judiciary Committee.
Passidomo has said the proposal keeps the judicial process but allows uncontested foreclosures or those on abandoned homes to move more quickly through the system.
Opponents say it is more harmful than that because it allows process servers to determine whether a home is abandoned and puts the burden of proof on the homeowner as to why the foreclosure should not go through.
“The Passidomo bill does not guarantee the rights of citizens,” said Boca Raton foreclosure defense attorney Margery Golant. “On the contrary, it allows the mortgage servicers more latitude to trample on the rights of citizens.”
The Mortgage Bankers Association report did have some good news for Florida. The percentage of homeowners who had missed at least one mortgage payment but were not yet in foreclosure was at 8.63 at the end of the fourth quarter, down slightly from 8.97 during the previous quarter.
Florida’s peak delinquency rate was 12.66 percent in 2009.
Nationally, the mortgage delinquency rate is 7.6 percent. That’s down from 8.2 percent from the same time last year and from a peak of 10 percent in early 2010. The long-term pre-recession average delinquency rate was about 5 percent.
“The improvements we’ve seen are clearly tied to the improvements in the economy,” said Jay Brinkman, chief economist for the association. “If anything, the delinquencies are improving faster than we are seeing the job market improve.”
A quickie foreclosure bill that would require a homeowner to present a sound defense or face an immediate judgment in some cases moved closer to a full legislative hearing Monday with the blessing of the Senate Judiciary Committee.
Monday’s vote marked the farthest a proposal to streamline Florida’s strained foreclosure process has advanced in the Legislature since the housing collapse, but it’s in no way a done deal, lawmakers and lobbyists say.
The 5-2 approval of Senate Bill 1890 came with hesitation from some committee members and firm opposition from homeowners and foreclosure defense attorneys. One man, who called the sponsors of the bill a “disgrace” during public comment, brought blown-up images of his own foreclosure documents that he said show evidence of fraud.
The plan, which contains some consumer protection language, such as reducing the time a bank could pursue a homeowner for unpaid mortgage debt from five years to one year, has earned support from the Real Property Probate and Trust Law section of the Florida Bar.
But the Florida Bankers Association has yet to take a position, and it is flatly opposed by the Florida Consumer Action Network.
“We cannot support this bill because it places too much of the burden of repairing the foreclosure problem on the backs of homeowners and (community) associations,” said Alice Vickers, a network attorney.
House sponsor Rep. Kathleen Passidomo, R-Naples, and Senate sponsor Jack Latvala, R-St. Petersburg, said Monday that they will work through constituent concerns this week to get matching bills. They are seeking approval in the plan’s two remaining Senate committee stops. The House version of the bill (HB 213) has one committee stop left.
“This bill won’t solve everything overnight,” Passidomo said. “It will take a while for these things to sort themselves through, but if we do nothing, how many years will we be in this situation?”
The House and Senate foreclosure proposals aim to streamline foreclosures by allowing any lienholder to hasten a foreclosure case if a property is abandoned or the homeowner does not respond with a defense within 20 days of being served.
Currently, only the bank that owns the primary lien can file for what is called a “show cause” order in which a homeowner must show why the bank doesn’t have a foolproof case. If a judge sides with the bank, a final foreclosure judgment can be issued immediately.
In most cases, even a weak defense is enough to have a judge stop the show cause proceeding and force the traditional foreclosure process to occur, said Pete Dunbar, legislative counsel for the Real Property, Probate and Trust Law section of the Florida Bar.
That’s why most properties affected by the proposals would be abandoned or ones where the homeowner doesn’t respond to the foreclosure, Dunbar said.
“We’re dealing with a statute that was written decades ago and that never contemplated the situation we face today,” Dunbar said about current foreclosure law.
Consumer advocates, however, have several concerns with the bill, including a restriction that would allow a homeowner only monetary restitution if property was taken fraudulently. Passidomo said the provision is to protect future owners of the home from having to defend their claim to title.
Also, the bill requires the lender to prove on the front end their right to file for foreclosure – a rule already on the books, but not enforced, lawyers said Monday.
Lynn Drysdale, an attorney with the Jacksonville-based Legal Aid Society, said the banks also already have the power to foreclose more quickly, but choose not to.
Sen. David Simmons, R-Altamonte Springs, said he’s heard similar concerns.
“The judges are saying that they can easily move these cases along but when they come in the attorneys aren’t prepared,” said Simmons, a member of the Senate Judiciary Committee who voted to approve the bill. “It’s the attorneys the banks hired that aren’t doing the jobs they need to do to move the cases along.”
Proposed language in Senate Bill 1890 would:
Reduce the time a lender can file for unpaid mortgage debt from a homeowner from five years to one year.
Restrict a homeowner to seeking only monetary damages if the home was taken fraudulently.
Allow any lienholder to request a quick foreclosure judgment, called a “show cause” order. Under the order a homeowner would have to present a meritorious defense as to why the home shouldn’t be taken or face an immediate judgment of foreclosure.
Florida forelcosures by the numbers
Days from initial foreclosure filing to bank repossession: 806 (more than two years) The national average is 348 days.
Number of backlogged court cases: 368,000 statewide.
Share of nationwide foreclosure cases: 24 percent.
Percent of state home loans in foreclosure: 14 percent, highest in the nation.
Sources: RealtyTrac, Florida Courts Administrator, Mortgage Bankers Association
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Tens of thousands of Floridians will benefit from $8.4 billion in cash and mortgage relief slated for the state as the nation’s five largest banks atone for years of foreclosure-related offenses.
The unprecedented agreement, the final terms of which were settled just hours before Thursday’s announcement, will reduce loan amounts, help underwater homeowners refinance into lower interest rates and give small cash payouts to people who lost their homes in flawed foreclosures.
Nationally, the $25 billion deal could provide up to $40 billion in cash, refinances and principal write-downs to homeowners. An additional $1 billion settlement was reached with Bank of America and Countrywide for fraudulent loan practices.
The banks included in the settlement are JPMorgan Chase, Wells Fargo, Citigroup, Bank of America and Ally Financial. Loans held by federal mortgage backers Fannie Mae and Freddie Mac are not included.
Florida Attorney General Pam Bondi, a lead negotiator on the deal, was a holdout in finalizing what is considered the largest joint state and federal settlement in U.S. history. Every state except Oklahoma signed the agreement.
Florida’s share of the settlement is second only to California.
Bondi was mostly mum during the more than yearlong investigation into the mortgage servicing industry and subsequent settlement. And while several federal officials, including President Obama, upbraided bank wrongdoing on Thursday, she remained reserved in her statement.
“This settlement will provide substantial relief to struggling Florida homeowners, and ensures that our state gets its fair share of the relief being provided nationally,” she said.
Florida’s share of the deal includes an estimated $7.6 billion in benefits to homeowners in the form of loan modifications, principal reductions, short sales, and moving assistance for people who can’t stay in their homes.
About $170 million will be cash payments to Florida borrowers who lost their home to foreclosure between 2008 and 2011 and suffered servicer abuse. Nationally, those checks are expected to total between $1,500 and $2,000 each.
Refinanced loans to Florida’s underwater borrowers who are current on their loans would be worth an estimated $309 million.
The state also will receive a payment of $350 million.
Banks are supposed to notify borrowers if they are eligible for a piece of the settlement. Homeowners also can contact their servicer for information.
“In many cases, (servicers) didn’t even verify that these foreclosures were actually legitimate,” Obama said Thursday. “Some of the people they hired to process foreclosures used faked signatures on fake documents to speed up the foreclosure process.”
Delray Beach homeowner James Hirschfeld, 50, says that he is a victim of notary fraud, that his loan modification was canceled because of a bank error and that he was mistreated in a foreclosure handled by the defunct Law Offices of David J. Stern.
Hirschfeld knows he’s partly to blame for his predicament. He took equity out of his home during the boom to pay for repairs and improvements and is now tens of thousands of dollars underwater.
“But the bank is making mistakes and committing notary fraud, and I want someone in jail,” he said Thursday. “I kept trying to pay my bill. I want to stay in my home.”
The settlement does not grant criminal immunity to banks.
Mike Heid, president of Wells Fargo Home Mortgage, said the agreement “represents a very important step toward restoring confidence in mortgage servicing and stability in the housing market.”
Still, in hard-hit Florida, where 12 percent of the mortgages are in foreclosure, the deal is receiving a lukewarm welcome from some.
Roy Oppenheim, a foreclosure defense attorney with Oppenheim Law in Weston, said the banks are taking only a $5 billion hit nationally with the cash payment owed to the states and federal government.
The other parts of the agreement – principal reductions, short sales and loan modifications – are things they would have had to do anyway to avoid having more foreclosures on their books, he said.
“This is a $5 billion settlement being called a $26 billion settlement,” he said. “They were going to lose that money no matter what.”
The settlement needs approval from a federal judge. Within days of that approval, servicers will be required to cut checks to the states for the $5 billion.
Overall, the settlement will span three years, but there are incentives for servicers to provide relief quickly. Those that don’t reach 75 percent of their targets within the first two years will be fined.
“Obviously, the banks recognize that they have to be accountable for a lot of this mess,” said Fort Lauderdale-based attorney Alan Kipnis, who represents banks in foreclosure cases. “Clearly, this does not absolve the bank of criminal wrongdoing, but it starts the ball rolling for people to start getting their lives back together.”
The Associated Press contributed to this story.
Q&A: The mortgage settlement deal
Q: Who stands to benefit?
A: Most of the money will go to ?homeowners who are “underwater.” That means they owe more on their loan than their home is worth. Many are struggling to make their payments and are at risk of foreclosure. Yet because they have no home equity, they’ve been unable to refinance into a lower-rate loan. About 1 million underwater homeowners will see their loan principal reduced by an average of $20,000. But more than 90 percent of underwater homeowners won’t be helped. Some, however, might be eligible to refinance at 5.25 percent.
Q: How might the settlement help people avoid foreclosures?
A: It requires that banks make foreclosure a last resort. And it bars lenders from foreclosing on a homeowner who is being considered for a loan modification.
Q: How will the deal help those who unfairly lost their home to foreclosure due to robo-signing?
A: Roughly 750,000 households could get checks for $2,000 if they lost their homes between 2008 and 2011.
Q: Who’s eligible for relief?
A: Those whose loans are owned or guaranteed by private lenders. Roughly half the mortgages in the United States — about 30 million loans — are owned by private lenders. The other half are owned by government-controlled mortgage giants Fannie Mae and Freddie Mac. Homeowners with these mortgages aren’t eligible.
Q: Which lenders are affected?
* Ally/GMAC: (800) 766-4622
* Bank of America: (877) 488-7814
* Citi: (866) 272-4749
* JPMorgan Chase: (866) 372-6901
* Wells Fargo: (800) 288-3212
Q: How will I know whether this settlement affects me?
A: Borrowers will not immediately know if they are eligible.
Borrowers who are eligible for loan modifications and refinancing may be contacted directly by one of the five mortgage servicers.
Eligible borrowers who lost their home to foreclosure between 2008 and 2011 can expect to receive a claim form in the mail.
Even if you are not contacted, if your loan is serviced by one of the five settling banks, you are encouraged to contact your servicer to see if you are eligible.
Q: What is the payment breakdown?
A: Of the five major lenders, Bank of America will pay the most to borrowers: nearly $8.6 billion. Wells Fargo will pay about $4.3 billion, JPMorgan Chase roughly $4.2 billion, Citigroup about $1.8 billion and Ally Financial $200 million. The banks also will pay state and federal governments about $5.5 billion.
Q: Will homeowners and states still be able to take action against lenders?
A: Homeowners who get checks will not lose their rights to sue lenders in court. And states will still be able to criminally charge lenders and servicers that engaged in deceptive or illegal foreclosure practices.
Q: Could the settlement help repair the troubled housing market?
A: Possibly, but only in the long run. Banks will likely process foreclosures faster now that a deal has been finalized. Foreclosure filings have slowed because of backlogged courts, judges skeptical of foreclosure documents and lenders awaiting a final government-backed deal. “If it helps 1 million homeowners over the next few years, it should help housing prices stabilize and start rising again,” said Mark Zandi, economist at Moody’s Analytics.
Q: Is the settlement fair?
A: The deal forces the five largest mortgage lenders to reduce loans or send checks to nearly 2 million American households. But considering the range and depth of the U.S. housing crisis, the payout amounts to small change for the banks. And only a fraction of people who likely need help will get it.
Q: Why not sue the banks and try to get even more money?
A: Government officials said that litigation takes time, it carries risks, and it expends resources. And a money judgment would not include principal reduction or refinancing for underwater borrowers, they say.
Q: Who will enforce the terms of the deal?
A: North Carolina’s banking commissioner, Joseph A. Smith Jr., will monitor enforcement. Lenders that violate the deal could face $1 million penalties per violation and up to $5 million for repeat violators.
Sales of existing single-family homes in Palm Beach County increased 26 percent in the third quarter of this year compared to the same time in 2010 as 3,009 homes traded hands.
Statewide, sales of existing single-family homes were also up, jumping 12 percent compared to last year with 46,759 purchases, according to third quarter numbers released Wednesday by the Florida Realtors.
But while the median sales price statewide showed no significant change _ increasing to $136,000 from $135,900 last year _ Palm Beach County’s median sales price sunk 17 percent to $187,700.
John Tuccillo, chief economist for the Florida Realtors, said a “general improvement” in the housing market isn’t getting the attention it should because people’s expectations are too high.
“When you come out of a recession, people expect the real estate market to take a huge jump forward, and when it doesn’t, they perceive that the market is ‘bad’ or still down,” he said.
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The average time for a Florida foreclosure to wend its way through the system is 749 days _ a little more than two years _ according to the latest data from analysts at RealtyTrac.
The foreclosure timeline for the third quarter of 2011 is a 10 percent increase from the second quarter of the year but keeps Florida in its third place spot nationwide for the length of time it takes to repossess a home.
New York is in the top spot at 986 days with New Jersey following at 974 days. The national average is 336 days.
At the same time, both RealtyTrac and the Palm Beach County Clerk of Courts reported this week that new foreclosure filings increased during the month of October.
The clerk’s office said Thursday that initial filings increased nearly 7 percent last month compared with the same time last year. October was also the third straight month that filings increased after a slow down early in the year that was likely caused in part by last fall’s robo-signing scandal.
Palm Beach County Clerk of Court Sharon Bock said the increases her office is seeing could be an indicator of a “new wave of foreclosures that experts have speculated about for much of this year.”
RealtyTrac spokesman Daren Blomquist agrees.
“We’re continuing to climb out of this artificial low we’ve seen,” he said.
Last month, 955 Palm Beach County homeowners lost their property during the county’s online foreclosure auction, according to clerk records. Of those sold, 825 went back to the plaintiff in the proceeding _ typically a bank or mortgage company _ while 130 were sold to a third party.
Auction cancellations are also nearly back to normal with about 30 percent being called off before the sale. In October 2010, as banks froze foreclosure proceedings and halted sales, 52 percent of auctions were called off.
People selling their homes in Palm Beach County lost money nearly 46 percent of the time during the third quarter of this year, according to a new report from real estate analysis firm Zillow.
The percentage of homes, including single-family, condominiums and townhomes, that sold for a loss between July and the end of September, was a 3.4 percent increase from the previous quarter and at an elevated rate predicted to continue through at least next year.
Nationally, 34 percent of homes sold for a loss in September, an increase from 31 percent during the same time in 2010.
Stan Humphries, chief economist for Seattle-based Zillow, said he expects home prices to decline another 3 percent to 5 percent before reaching a bottom nationwide.
“Unemployment and negative equity, paired with fragile consumer confidence, remain the key factors preventing the housing market from stabilizing,” he said in an analysis of the third-quarter report.
In Palm Beach, Broward and Miami-Dade counties, 46.7 percent of homeowners with mortgages owed more on their loan than their home was worth during the third quarter. That’s up slightly from 45.8 percent in the second quarter. RENT A BEDROOM
Negative home equity, sometimes referred to as being underwater, also was up nationally, increasing from 26.8 percent in the second quarter to 28.6 percent in the third.
Jeff Shanley, president of Pembroke Pines-based Ambire Group Holdings, said it’s optimistic to think South Florida home values will hit bottom in 2012.
Shanley’s company manages foreclosures for banks. He’s concerned about the growing shadow inventory of distressed homes that are either in foreclosure or already repossessed but not on the market.
“We’re going to see this continued market dive for another five years,” he said Monday as he waited for Habitat for Humanity to take unwanted furniture from a foreclosed condominium on Riviera Beach’s Singer Island. “Next year, you’ll start seeing the banks unloading these homes left and right.”
The Zillow report included one small bright spot: The pace of home-value declines is slowing.
The national Zillow Home Value Index is $171,500, only a 0.2 percent decline from the second quarter, but down 4.4 percent from the same time last year.
Palm Beach County’s home value index was $137,500 last quarter, a 2.7 percent decline from the second quarter of the year and 6 percent down from the third quarter of 2010.
“Overall, this quarter could have looked a lot worse, considering all of the economic headwinds and turbulence that materialized over the summer,” Humphries said.
Percentage of homes selling
at a loss July through Sept.
Boynton Beach 44 percent
Greenacres 48 percent
Jupiter 45 percent
Lake Worth 44 percent
Palm Beach Gardens 53 percent
Royal Palm Beach 66 percent
Wellington 46 percent
West Palm Beach 55 percent
Palm Beach County 46 percent
Source: Zillow *Includes single-family, townhomes and condominiums. Percentages rounded.
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Why you should Rent a Bedroom?
Who doesn’t want to make some extra money? Yes, everyone likes it. You can earn money by renting out your extra bedrooms. It’s a good idea to make proper use of your available resources. Renting unused room means using these which is useful from the technical side also because; continuous consumption keeps such assets well.
You should consider some facts while taking the decision before you rent a bedroom. The person to whom you are going to rent a bedroom must be selected wisely. Take a point seriously that, you are going to be under the same roof. So if you select a wrong client then you may fail to adjust with the coming environment. It is really disappointing situation. Be careful before making the deal.
Why you should Rent a Bedroom?
Looking for a reasonably priced rental for you and your family? Depending on where you live, you’ll typically have a choice between apartment rentals and single family home rentals, rent a bedroom. If given the choice, most families would opt to rent a single family home. But, is it the best decision for you?
Price: Often a Con – Rent a Bedroom
When you consider nothing more than upfront costs Rent a bedroom, the cost of renting a single home is much higher than a Rent 1 bedroom or Rent 2 bedroom unit in an apartment complex or multi-family home. Those on a limited budget may be unable to afford the larger rent a bedroom and higher utility costs. Keep in mind though that the rent is higher for a reason – more space. This means more storage, more bedrooms for larger families, and often a yard!
Privacy: Often a Pro – Rent a Bedroom
It is important to remember that the level of privacy will vary from rental to rental. Personally, in my community I have homes in town that are 10 feet from each other and others that have a distance apart of at least 50 feet. While you may end up with a “close” next door neighbor, you are able to rent the entire single family home yourself. This boasts a number of great benefits.
There is no need to worry about coming in too late. Rent a bedroom is open There is no need to worry about noisy and rowdy neighbors coming in too late. There is no need to share the community yard space with others. There tends to be more freedom in terms of yard space, which is great for families (most single-home rent a bedroom landlords do allow the setup of a swing set or sandbox).
Outdoor Maintenance/Upkeep: Often a Con – Rent a bedroom
Typically, when you Rent a bedroom a unit in an apartment complex or a multi-unit home, your landlord or the property manager handles all outdoor maintenance and upkeep. This includes lawn mowing and snow removal in the winter. In terms of full single family homes for Rent a bedroom, the game often changes. It is not uncommon for a rental agreement to state the tenant (you) is responsible for all landscaping and snow removal.
If you can find a cheap lawn mower and snow Rent a bedroom blower (or shovel for short driveways), this may not be a deal breaker. However, the ongoing cost of hiring outside help can reach into the thousands yearly.
Relationship to Landlord: Often a Pro Rent a bedroom
Rent a bedroom It is common for apartment complexes to be owned and managed by rental corporations. You’ll rarely get a chance to meet your landlord. And, that landlord is often composed of multiple people – not just one. Of course, you are likely to find a variance with family homes for rent. With that said, most often you are dealing with an individual person or couple, as opposed to a giant corporation.
In the event the single home you do decide to rent is individually owned and leased out, you’ll likely enjoy the professional relationship with your landlord. You’ll be able to speak to the property owner when seeking maintenance assistance. You’ll have a real live person to speak with in the event of a billing issue. And so forth. Basically, you’re less likely to get the “run around” or “let me get back to you after speaking with my supervisor.”
Rent a bedroom