Panama City Beach & 30A Real Estate For Sale
Enter below to win two General Admission Tickets to Gulf Coast Jam 2020! Directions:
That’s it! This year’s line up is amazing and it should be a fantastic show… we will see you there! We will pick a winner after 4th of July weekend 🙂
By: Jim McKinley – MoneywithJim.org
Purchasing a home together is one of the biggest commitments two people can make. It’s an exciting time where a couple is able to imagine and plan for a future together, and it can be a smart financial decision. Ironically, the process of buying a home can also be a stressful ordeal that results in couples fighting over backsplashes, neighborhoods and crown molding.
When home buying as a couple goes poorly, it can be the start of resentment and lingering unhappiness. But there are things you can do to mitigate your collective stress level and ensure that you don’t spend the first night in your new home in separate rooms because you’ve spent the last few months bickering.
Here are some tips for navigating the home-buying process together.
Learn the art of compromise
Choosing a home is stressful enough as an individual. There are so many decisions to make — which neighborhoods to look in, whether to buy a condominium or a single-family home, pool or no pool, etc. Add a second person’s opinion into the mix and things can turn into a bona fide nightmare.
To avoid this, it’s a good idea for each of you to independently determine what is important to you in a home. Rank them in order of importance. Try to focus on large features and foundational things that you cannot change rather than cosmetic things that you can change. For example, if you want a large backyard, you will have to prioritize this choice now because the opportunity to add land to your property rarely arises. The same goes for the neighborhood and its proximity to community amenities such as quality schools, safe parks or recreational trails. If you want energy-efficiency appliances or you prefer hardwood floors to carpet, you can modify those later.
Once both partners have determined what their priorities are, they can take the two lists and figure out how to reconcile them into one master list that best prioritizes the things that will make you both happy. If there are incompatible desires — say one of you wants to live in the urban core downtown and the other wants to live in the spacious suburbs — you can address those head on and find a compromise.
By thinking independently and gradually working together, a couple can reduce the chances of one partner dominating the conversation and inspiring resentment in the quieter partner. Compromise is a part of any solid relationship, and it’s equally important during the home-buying process because unless you have unlimited resources you are unlikely to get everything you want in a home. Keeping your mind on what is realistic will save you from being disappointed by what’s on the market and what you can afford.
Don’t bite off more mortgage than you can chew
Too often people let emotions make decisions that should be made rationally. It’s easy to get caught up in the idea of your dream home and convince yourself that you can somehow make that bigger, spacious option work even when it’s outside your budget. Or, worse yet, people don’t know their true budget and think they can afford more than they can. Both situations lead to headaches and can put a financial and emotional strain on your relationship down the road.
Avoid these headaches by running the numbers. Determine how much you can afford based off your current income level, the size of your down payment and your current monthly expenses. Don’t forget to factor in some of the hidden costs of home ownership including maintenance, property taxes, or additional utilities bills that you might not be paying currently as a renter. Based on these numbers, set a budget price for your future home. Stick to that budget religiously. Don’t let friends, family or real estate agents talk you into getting more than you can afford. Remember to follow the money. It’s always better to go be conservative with your wallet. You can upgrade to a bigger, better home down the road.
Hope for the best, but be prepared for the worst
Buying and moving into a new home together is the start of a new chapter in any relationship. It can be exciting and romantic and full of promise. While those are wonderful feelings to have, couples should remember that the future might have something vastly different in store. Relationships do sometimes end, and joint homeowners should have a plan for happens in the event of a breakup. This is especially important for unmarried couples because prevailing divorce laws in your state won’t apply, making the process messier. Determine the ownership setup and discuss different scenarios to determine what is fair and representative of how you plan on splitting payments, repairs and other costs of living in the home.
Even if you could guarantee that neither of you will ever want to willingly end your relationship, there is also the possibility that one of you may die. Again, what happens in the event of an unplanned death should be written down in order to avoid any confusion among next of kin. Talk to a lawyer or financial planner to determine what offers the best protection for each of you given your individual circumstances.
Being thorough throughout each part of the home-buying process will result in you making better, smarter decisions. That, in turn, leads you and your partner to being less stressed and happier with your new place. Just stay open, honest and realistic, and you two can live happily in your new home.
Photo via Pexels.
What are some things to do in Panama City Beach?
This is a question we locals get this time of year (and all year, really) with regularity. With all of the things there are to do in Panama City Beach and all of the information there is, there are very few places where it’s all together in one place. So we put together a downloadable guide for all the best things to do, places to eat, and things to see from the East End of Panama City Beach to the West End to the awesome 30A towns as well!
Scroll through our Things to Do in Panama City Beach guide below or download it by clicking on the button that looks like a page with the arrow in it on the right hand side!
All Photos by: Laura Jennings Photography
Photo via Pexels
By: Jim McKinley – MoneywithJim.org
More single women are becoming first-time homebuyers every year. Currently, nearly 20 percent of U.S. homebuyers are single women. No matter your gender, purchasing a home on your own can be tricky because you have to rely on a single salary and make major decisions on your own. Though overwhelming at times, becoming a new homeowner will be an exciting and important milestone in your life.
Managing a mutually owned properly after a divorce or breakup can be tricky, especially if both parties have different wishes for the home. The best thing to do is try to sell the home and split the profit. Be careful if your spouse wants to keep the home and make mortgage payments themselves. Your name will still be tied to the mortgage, which can make it difficult to get a second mortgage or even find a place to rent. You will also be held accountable for missed mortgage payments, which can negatively affect your credit score.
Before you start looking for houses, you have to assess your finances. You’ll have more housing options and receive a better mortgage rate if your finances are in good health. According to Discover.com, you’ll need to show lenders that you can make an adequate down payment on your home and that you can meet monthly payments. This means your credit score should be in good standing before you request a loan. You will also need to build up sufficient savings to make a down payment. Don’t forget about other one-time homebuying expenses such as closing costs, real estate agent fees, home inspections and moving costs.
Home ownership can seem impossible if you’re short on funds. But according to MarketWatch, there are plenty of down payment assistance programs that can help you. Some loan companies allow down payments as low as 3 percent or even none at all.
Look into cheaper home options, such as foreclosed homes or fixer-uppers. Fixer-uppers in need of simple cosmetic touch-ups can save you money without requiring too much extra work. Foreclosed homes can be found by talking to banks, mortgage lenders or government agencies. You can also find them through online searches or by scanning your local newspaper. Just be aware that foreclosures involve a lot of waiting and paperwork as you work with the bank to complete the buying process.
Whether you plan on living in your home long-term or treating your property as an investment, look for a few key features before purchasing. You want your home to be in an area where shops, amenities, entertainment and other services are in close proximity. Nearby local schools will help you find interested renters and future homebuyers. Make sure there are nearby employment options as well. Importantly, find out what kind of future development projects are planned for the area and whether they will increase or decrease your property value.
When you finally find your dream home, be sure to explore the neighborhood to make sure it’s safe. Walk around during the day and night so you can make sure you will always feel secure around your home. Consider what kinds of security features are available and talk to neighbors about their own experiences in the neighborhood. You may be more comfortable in an upper-unit condo or a home in a gated community.
Moving into a new home can be a daunting task when you’re alone, so don’t be afraid to enlist the help of your friends and family. It’s cheaper to rent a moving van than hire movers if you have a few people willing to help you out. Come up with a moving checklist so you can remember everything you have to do such as transferring your TV service and updating automatic bill payments with your new address.
Buying a new home as a single woman means you have to take on the full extent of responsibilities and decision-making. However, you also have the freedom to purchase any house you want without making compromises. Although it may mean a bit of extra work, buying a home alone is a rewarding learning experience and one that can even turn profitable in the right market.
3 Reasons Why Purchasing and Maintaining a Florida Vacation Home Is Affordable
By: Jim McKinley – Money with Jim
Photos: Laura Jennings Photography
Florida is a popular destination for retirees and other small-time real estate investors. If you’re thinking about purchasing a Florida vacation home but aren’t sure you can afford it, think again. There are several ways to make your dream vacation home a reality.
Do not purchase a vacation home as your sole investment. You will make more money working with an advisor to invest wisely in other areas. But, you can supplement your income by using your vacation home as a rental property. You also can use the rental income you expect to make to help qualify for your loan to purchase the property.
Your rental income will help cover mortgage payments and maintenance costs. In fact, the Boston Globe reports that the average vacation rental owner “grossed $28,000 in income last year—and three-quarters of them earned enough to cover more than half of their mortgage.” Keep in mind that you will need to figure in the total cost of the home to determine how much the rent will supplement your income. You will also have to put money into the home to get money out of it.
As with any home, a Florida vacation home will require regular maintenance to keep it in peak condition, especially if you plan to rent it. Regular maintenance is the way to go to keep your costs low because it is one way to avoid unexpected costly repairs. For example, the hot sun and saltwater can cause damage to homes in Florida quickly. You would be wise to hire someone to pressure wash the home and keep its exterior in good repair rather than suddenly discovering issues with your siding after failing to maintain it.
Of course, the more time you spend in your vacation home, the easier it is to stay on top of maintenance. An affordable alternative to hiring a professional property manager to oversee your vacation home is to get to know your neighbors so they can alert you when something is potentially wrong with your property.
One of the best ways to save on repair costs is to ensure you have made disaster preparations for the home during hurricane season. You should have plywood cut to fit windows and doors and have emergency supplies on hand for yourself or your renters. You also should ensure that your HVAC system is ready for hurricane season because it is one of the most expensive systems in your home.
Having a preventive HVAC maintenance check is one way to make sure your system is ready to survive the storm. If a storm does hit, be sure that you, a renter, or a neighbor is prepared to shut off the breaker to your HVAC unit to decrease the possibility of damage and resulting costly repairs.
You don’t have to splurge on an extravagant vacation home for it to appreciate in value and increase your assets. Real estate is an investment, and if you purchase a quality home in a desirable location, you can expect to see your vacation home value increase, according to the Chicago Tribune. You’ll also be eligible for some tax benefits when you purchase a second home, including the ability to deduct your mortgage interest and real estate taxes.
In fact, some people who purchase a vacation home choose not to rent it because of the income tax implications. Typically, if you rent the house for more than 14 days, you have to report your rental receipts as part of your taxable income. Your maintenance fees also will be lower if you are the primary occupant of the property.
If you dream of owning a vacation home in Florida, you should consider how to make your dream become a reality in an affordable way. Consider renting the home when you aren’t vacationing as a way to supplement your income. Also, prioritize regular home maintenance for the property. The better care you take of the home, the more it will appreciate in value.
When you’re ready to purchase your dream home on the beautiful beaches of Panama City Beach or if you would just like some information, it would be my honor to assist you in your search! Click here to learn more about me!
With the amount of condo buildings and HOA’s in the Panama City Beach area, this is a relevant article for owners and potential owners. Read below and if you have questions, please feel free to contact me!
STUART, Fla. – Dec. 5, 2017 – Question: My neighbor painted his house and claims the association approved the request. I can’t imagine the HOA would approve this color. How can I confirm and/or challenge this? –T.R., Treasure Coast
Answer: As an owner, you are permitted to request access to the association’s official records. You could provide a written request to the association requesting access to all architectural review applications and approvals in recent months, including this specific request.
If you find the application, you can confirm the requested paint color. If the neighbor actually used a different paint color than the color included in the application, the association could pursue the owner for a violation of the covenants.
If the association approved the proposed paint color and the owner has a written approval from the association, you will be hard pressed to do anything about it because the neighbor relied on the association’s approval and expended funds and effort to paint the home and it would be inequitable to force the owner to do anything different after the fact.
It wouldn’t be the first time an owner used a different color than what was included in the application, so that may be a good starting point.
I should also note that Florida law requires a homeowners association to maintain objective requirements for paint colors, and thus it is possible the association was forced to approve the request because it had no specific requirements to deny the request. If this is the case, I would strongly urge the Board to adopt objective written specifications for exterior colors.
Question: My condominium board is approving the 2018 budget and it is much higher than the 2017 budget. The Board is arguing that it had to increase reserve contributions. I was told that the membership had to approve big budget increases. Is this true? – GH, Stuart
Answer: Not necessarily. Florida law provides that the Board has broad jurisdiction over the operation and amounts included in the budget. There is a provision that provides the membership with an opportunity to present a substitute budget where the Board’s proposed budget exceeds 115 percent of assessments for the previous fiscal year, and if so, the membership has a voice in the process. Specifically, if the budget exceeds this threshold, 10 percent of the voting interest may petition the Board for a special meeting of the unit owners to consider a substitute budget presented to the Board. At the meeting, if a majority of all voting interests approve the substitute budget, the substitute budget is adopted.
That being said, the statute also excludes reasonable reserve contributions from the calculation in determining the percentage increase in the budget. So, if almost all of the 2018 increase is the result of greater reserve funding, there is likely no mechanism for the membership to veto or vote towards a substitute budget.
Of course, however unlikely, your particular bylaws could contain a specific membership vote in this context so I would recommend having the governing documents reviewed by a licensed Florida attorney for the appropriate conclusion.
Steven J. Adamczyk Esq., is a shareholder of the law firm Goede, Adamczyk, DeBoest & Cross, PLLC. Visit www.gadclaw.com or ask questions about your issues for future columns, send your inquiry to: question@gadclaw.com. The information provided herein is for informational purposes only and should not be construed as legal advice.
Editor’s note: Attorneys at Goede, Adamczyk, DeBoest & Cross, PLLC, respond to questions about Florida community association law. The firm represents community associations throughout Florida and focuses on condominium and homeowner association law, real estate law, litigation, estate planning and business law.
© 2017 Journal Media Group, Steven J. Adamczyk
Panama City Beach is a great place to spend the holidays! Instead of snow, we have sand… that’s almost just as white! I’ve put together a short list below of some holiday events that will be going on throughout the month in the Panama City Beach area. Happy Holidays!
MOSCOW BALLET’S GREAT RUSSIAN NUTCRACKER
LOCATION:
Marina Civic Center
8 Harrison Ave
Panama City, FL
EVENT INFORMATION:
December 1, 2017
Time: 7:00 PM to 9:00 PM
Price: Tickets start at $28.00
(800) 320-1733
BREAKFAST WITH SANTA!
LOCATION:
Dave & Buster’s
15701 LC Hilton Jr Drive
Pier Park
Panama City Beach, FL
EVENT INFORMATION:
December 2, 2017
Time: 8:30 AM to 11:00 AM
Price: $12.49; $19.99; $35.99
(850) 238-3501
PANAMA CITY BEACH MARATHON
LOCATION:
Jimmy Buffet’s Margaritaville
EVENT INFORMATION:
December 2, 2017
Time: 7:00 AM
AN EMERALD COAST CHRISTMAS
LOCATION:
Aaron Bessant Park
600 S Pier Park Drive
Panama City Beach, FL
EVENT INFORMATION:
December 8, 2017 – December 10, 2017
Recurring daily
OPTIMIST CLUB CHRISTMAS PARADE
LOCATION:
Pier Park
600 Pier Park Dr
Panama City Beach, FL
EVENT INFORMATION:
December 9, 2017
THE 12TH DAY OF CHRISTMAS
LOCATION:
Marina Civic Center
8 Harrison Ave
Panama City, FL
EVENT INFORMATION:
December 12, 2017
Time: 7:00 PM to 8:30 PM
Price: FREE
(850) 785-8596
LUNCH WITH SANTA
LOCATION:
Jimmy Buffett’s Margaritaville
16230 Front Beach Rd
Panama City Beach, FL
EVENT INFORMATION:
December 16, 2017
Time: 12:00 PM to 3:00 PM
850-235-7870
NEW YEAR’S EVE BEACH BALL DROP
LOCATION:
Pier Park
600 Pier Park Dr
Panama City Beach, FL
EVENT INFORMATION:
December 31, 2017
Time: 5:30 PM to 12:00 AM
CHARLOTTE, N.C. – Oct. 31, 2017 – LendingTree, an online loan marketplace, released the findings of its study on where residents in each state want to move. In the latest study, LendingTree says it discovered a southern tilt in preferences for those people looking outside their own state.
Florida was the No. 1 new destination for 18 of the 50 states. Of all purchase mortgage requests during the study’s time period, 9.14% were for consumers looking to move to Florida. The Sunshine State has a history of bringing in visitors and new residents, particularly retirees.
The results reveal the most popular new destination for each state along with the percentage of out-of-state requests for that location.
States that love Fla. – % looking out-of-state– % of those looking at Fla.
Texas had the highest percentage of residents looking to move within the state versus outside of the state. 92.54% of purchase mortgage requests from individuals in Texas were for properties within the state. The second location with the highest percentage of residents looking to move within the state was Michigan.
In contrast to Texas, Vermont had the lowest percentage of residents looking to stay in state. 75.93% of requests in Vermont were for properties within the state.
If individuals are looking to move outside of state, most don’t want to go far.
More than half of the most popular new destination states border the current state. Of the states that the residents’ most popular new location does not border their current state, 16 were Florida.
However, in a related but separate Moving Popularity Score Index, South Carolina edged out Florida, even if more people actually seem to be looking at the Sunshine State. In South Carolina, mortgage loan requests from out-of-state movers were 56 percent greater than suggested by its share of the national population.
Florida ranked second, however, followed by Delaware, North Carolina and Georgia, revealing a southern tilt in the preferences of out-of-state home buyers.
At the other end of the spectrum, home buyers were least attracted to South Dakota, which received just 71 percent of the loan requests its population would suggest. California, Minnesota, North Dakota and Hawaii complete the bottom five.
The popularity score for each state was created by dividing the percentage of all out-of-state mortgage requests for the state by the percentage total population each state represents. A score of 100 means a state receives loan requests proportional to its population, above 100 means a state is more popular than its share of the national population and below 100 means a state is less popular than its share of the national population.
Moving popularity score: Top 10
Moving popularity score: Bottom 10
© 2017 Florida Realtors
WASHINGTON (AP) – Oct. 25, 2017 – Sales of new U.S. homes jumped last month to the highest level since October 2007, a sign that Americans – unable to find existing homes – are turning to new construction. Damage from last month’s hurricanes may have also inflated the data.
New home sales leapt 18.9 percent in September to a seasonally adjusted annual rate of 667,000, the most in a decade, the Commerce Department said Tuesday. Sales rose in all regions including the South, where they increased nearly 26 percent.
The government said it couldn’t estimate what impact, if any, last month’s hurricanes had on the data. But the measure of new home sales is based on contract signings, so the number was likely lifted by those looking to replace homes destroyed or damaged by Hurricanes Harvey and Irma.
“This is yet another sign that, as we first saw with the initial jobless claims data, the recovery from Harvey was very fast and the disruption from Irma in Florida was far less than initially feared,” said Stephen Stanley, chief economist at Amherst Pierpont Securities.
Still, sales of new homes also jumped outside hurricane-affected areas, including in the Northeast, where they rose 33 percent, and the Midwest, where they rose nearly 11 percent. Sales in the West ticked up 3 percent.
A supply crunch of existing homes has frustrated many would-be buyers and hobbled the housing market this year. September’s figures suggest that Americans are increasingly looking to new homes instead, which could encourage more construction.
Yet developers have struggled to keep up with demand. Many construction firms say they have difficulty finding the workers they need to start new projects.
Construction of single-family homes slipped nearly 5 percent last month. Still, thanks to large increases over the summer, single-family homebuilding remains 5.9 percent higher than a year ago. Builders also obtained more permits for new building last month. That suggests home building could accelerate in the coming months.
Developers are feeling optimistic. A survey by the National Association of Home Builders and Wells Fargo found that their outlook is the brightest it has been since May.
Homebuilders are increasingly focused on higher-priced housing, potentially freezing out potential buyers of more modest incomes. The average price of a new home rose to $385,200 in September, the highest on records dating back to 1963.
Last month, 19,000 homes were sold for $500,000 or higher, more than the 13,000 that were sold for $200,000 or less.
Copyright © 2017 The Associated Press, Christopher Rugaber, AP economics writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Hurricanes have the potential to damage or destroy hundreds of thousands of homes and put countless families into a financial tailspin. If you’re affected by a natural disaster, what does it mean for your mortgage? Here are frequently asked Real Estate questions and answers and if you’re looking for some tips and tricks to make weathering the storm a little easier – CLICK HERE!
What should I do first?
Get in touch with the following entities:
I can’t pay my mortgage. What are my options?
If the disaster makes it impossible to make your monthly house payments, ask your servicer for mortgage forbearance. A forbearance ‘allows you to stop making your payments for an agreed-upon time,’ says Lisa Tibbitts, director of public relations for Freddie Mac.
To talk with a Department of Housing and Urban Development-approved housing counselor before agreeing to forbearance, call 800-569-4287.
What aid is available?
FEMA offers grants to fill in gaps between insurance payouts and other loans. The maximum grant is $33,300 per household for disasters that happen in the fiscal year that ends Sept. 30, 2017. Grants can be used for expenses such as basic home repairs that aren’t covered by insurance, temporary rent and disaster-caused medical and child care.
The Federal Housing Administration has a program that’s designed to help disaster survivors rebuild or buy replacement homes. Under the Section 203(h) program, the FHA insures mortgages for people whose homes were destroyed or damaged in disasters. Borrowers don’t have to make a downpayment.
My house was destroyed. Should I keep paying the mortgage?
You should do your best to maintain your credit score. That means paying the home loan if you can afford it until you have talked with the servicer and have reached a settlement with the insurance company.
What happens if I stop mortgage payments without telling my servicer?
If you stop making payments without permission from your mortgage servicer, you could be charged late fees and your credit score could fall.
Homeowners “should call their lender,” says Brian Sullivan, supervisory public affairs specialist for HUD. “Don’t stop answering the phone. Don’t stop opening your mail.”
What if I can’t contact my mortgage servicer?
Whether your loan is guaranteed by Fannie Mae or Freddie Mac, insured by the FHA or guaranteed by the Department of Veterans Affairs, the servicer is expected to reach out to you.
In response to Hurricane Harvey, Freddie Mac is allowing servicers to “verbally grant” 90-day forbearances, and Fannie Mae is letting servicers grant 90-day forbearances ‘even if they cannot contact the impacted homeowner immediately.’
What happens if I’m in foreclosure?
Mortgage servicers receive foreclosure guidance from federal agencies, and the recommendations vary depending on the disaster.
Fannie Mae, Freddie Mac, the VA and the FHA will sometimes suspend foreclosures for 90 days in a Hurricane disaster area.
The house I was buying was destroyed or damaged. What happens now?
If a disaster happens between appraisal and closing, “the lender is expected to take prudent and reasonable actions to determine whether the condition of the property may have materially changed since the effective date of the appraisal report,” according to Fannie Mae’s guide to lenders.
If the damage is relatively minor and covered by insurance, the mortgage can be closed. But if the damage is uninsured, or if it’s major, then the house must be repaired before the mortgage can go through.
———————————————–
As the saying goes, This Too Shall Pass, and when you’re ready to start looking for Panama City Beach property again, I will be here to serve you!
