5 tips when renting a property

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Here are some tips that can help you when you rent a house or apartment in Florida.

florida-building-residential

  1. Check if the Properties is not in distress.  Although this is difficult to determine, always ask the owner of the property if the property is in danger of foreclosure, look in the public records, if you are working with a Realtor, ask your Realtor and let him find out, also you can check if the owner is current with the condominium fees, or  property taxes. These are signs that can let you know if the property has any risk or not.
  2. Association restrictions. If you have a boat, motorcycle or commercial vehicle or a pet, be careful when renting a property, many condominiums in Florida have vehicle restrictions and even restrictions like the type of pet allow, others have age restrictions and may do not accept children (55+ communities).
  3. Offer in writing. Write your offer or ask your Realtor to write the offer.  In the offer you must specify to the property owner the price you are willing to pay, the length of time for which you intend to rent the property and any other detail you would like, such as painting a particular wall or including a service of fumigation, etc. 
  4. Read your lease agreement.  Once the landlord prepares the lease, take the time to read the lease, check your name, the address of the property, the period of the lease,  the monthly payment and the responsibilities of the owner and yours are well explained. If you have questions, ask your real estate agent or a real estate attorney.
  5. Leave the property as it was received. After receiving the condominium approval (if applicable), you will have to inspect the property before you begin to live in it, take photos and video of the property, if you do not return the property under the conditions it received, you may be at risk of losing the security deposit.

We hope that these recommendations have been useful. Remember that if you need to buy, rent or sell your residential or commercial property we are at your disposal, call us at 954 802 2253

Steps and recommendations when renting a property in Florida

Tropical Townhomes

Tropical Townhomes

If you are looking to rent a home, apartment or townhouse in Florida, you will have to collect some documents, money and follow some steps to rent the property. There is also a procedure to follow when renting a property, which can be complicated but it really is not. Here are some steps you should take once you get the property you want to rent.

  1. The first thing to do once you find the property to which you want to move is to write an offer to the owner, this offer can be verbal or written, once the rental price has been settled, the owner will prepare a lease agreement which both parties must sign. We recommend using the services of a real estate agent to help you write the offer and guide you with the lease procedure. If you have questions or the landlord is demanding some things that you do not understand, ask for help from a real estate attorney who can offer you some advice. Usually, the transactions are carried out using the help of real estate agents and the offers and leases they use are standards prepared by local Realtors associations in the cities of Miami, Ft. Lauderdale or West Palm Beach.
  2. Usually, the owner of the property will request, first month, a month of deposit and the last month. The first month is deposited into an escrow account, if you are working with a real estate agent, the agency is responsible for keeping this money. The rest of the money is delivered on the closing day of the transaction. The owner will ask for a  cashier check or money order for the rest of the money at the closing date. Now if you are renting a property in a rental community, most likely the deposit they ask,  will depend on your credit score, but usually,  the amount of money is much lower than what a private owner requires.
  3. If the property you are renting belongs to a condominium association or a homeowners association, you must apply to these associations, usually, this application has a cost of between $ 100- $ 200 and the money is not refundable. In the application, you will be asked for many details such as the number of persons who are going to live at the property, where they work, place where they are living right now, if they have pets, cars, etc. The association will check your credit and criminal history to verify your status. Condo associations or homeowners can take up to four weeks to respond to the application.  At the end of the process, the association must give you a letter of approval or denial, then you can move to the property no sooner. In some cases, the owners or the association or condominium can request an interview to you and the people who are going to live at the property. The idea is that they want to explain the rules and regulations of the condominium, as well as other pertinent details.
  4. Before moving into the property, you should do an inspection of the property,  write all the details, take pictures or make a video. 
  5. Another important detail is the permission to park your vehicle and cards to access the condominium if the property is a gated community, you will need decals or remote controls to open the gate. If you do not have permission for your vehicle (usually a decal), you run the risk of being towed. If the condo has a clubhouse or pool, check with the owner of the property how you can enjoy these facilities.

We hope these recommendations or list have been useful. Remember that if you need to buy, rent or sell your residential or commercial property we are at your disposal, call us at 954 802 2253

 

 

 

What is an Eviction?

Eviction notice with new lease and keys

An eviction is the legal process in which a landlord removes a tenant from a rental property

Many evictions happen because the tenant has not paid rent, or even because the the tenant is habitually late on the rent, but you can be evicted for other reasons depending on the terms of your lease. For example, your landlord may be able to evict you for damaging the property or for using the property for illegal reasons.

Florida residential landlords must follow the Florida eviction process governed by Chapter 83 of the Florida state landlord-tenant-statutes to legally evict a tenant from leased property. Trying to evict a tenant by extralegal means such as changing locks, turning off utilities, threatening the tenant or engaging in any other act designed to force the tenant to leave, is illegal and may subject the landlord to civil damages to the tenant. So make sure you always follow the proper procedure.

Different types of evictions: 

  1. Nonpayment of Rent. A landlord who evicts a tenant for not paying rent in Florida must give the tenant a three-day notice to vacate for failure to pay rent, or a notice similarly named. This notice gives the tenant three days to either pay the rent or leave the rental unit. 
  2. Evictions for Lease Violation. If the tenant is being evicted for violating a portion of the lease agreement, such as having pets when none are allowed, then the landlord must give the tenant a seven-day notice to vacate, or a notice similarly named. In this case, the tenant then has seven days to move out of the rental units, also under Chapter 83 or Florida statutes covering terminations.

How can I terminate a month to month tenancy? 

A 15-day notice in Florida is only required for month-to-month tenancies. It must be served 15 days before the date rent is due. For example, the notice must be served on June 15 if the landlord wants the tenant to vacate by July 1.

Landlord Does Not Have the Legal Justification to Evict (Lease Violation)

If a tenant is violating a portion of the lease or rental agreement, the landlord must give the tenant an opportunity to fix the violation, if possible, before proceeding with an eviction lawsuit. Some examples of violations that the landlord must give the tenant the opportunity to fix include having unauthorized pets, guests, etc.  or failing to keep the rental unit clean and sanitary. The tenant must be given up to seven days to fix the violation. If the tenant fixes the violation within the seven days, the landlord must not proceed with the eviction.

 

Does It Make Sense to Fight an Eviction?

Fighting an eviction can cost a tenant time and money and is only worth it if the tenant has a solid defense. A tenant who loses an eviction case could end up paying the landlord’s court costs and attorneys’ fees and receive a negative credit rating. 

 

Landlord Evicts the Tenant Based on Discrimination

Both the federal Fair Housing Act and the Florida Fair Housing Act make it illegal for a landlord to discriminate against a tenant based on race, religion, gender, national origin, familial status (including children under the age of 18 and pregnant women), and disability. A landlord cannot evict a tenant based on any of these characteristics.

If you’re a Landlord facing issues with a tenant or if you are a tenant and you think an unjustified eviction process has been initiated by a landlord, always is good to seek advice with a Florida Attorney.

 

 

Should I rent or should I buy?

comprar o rentar - rent or buy

comprar o rentar - rent or buyThe common wisdom for decades was to buy a house as soon as you can, because it’s a great investment. That “wisdom” turned lots of people upside down in the past decade so that’s the reason that he answer isn’t so easy. Let’s take a look of some facts: 


Buying a Property: 

  1. Equity, your equity in your home is the amount of money you can sell it for minus what you still owe on it. Every month you make a mortgage payment, and every month a portion of what you pay reduces the amount you owe.  That reduction of your mortgage every month increases your equity. Also over the time the house market value can increase so your equity. 
  2. Tax Deductions,  interests paid on your mortgage loan, real estate property taxes and the interest you pay on a home equity loan  (or line of credit) on your primary residence are full deductible. Also  if you buy a home to live in as your primary residence for more than two years then you will qualify. When you sell, you can keep profits up to $250,000 if you are single, or $500,000 if you are married, and not owe any capital gains taxes.
  3. Flexibility, one of the benefits of owning a house is the ability to do with with your property whatever  you want (subject to neighborhood rules, of course). When your daughter wants her bedroom walls purple or you want a gazebo for your back yard, you can do it. 
  4. Long Term, Buying is Cheaper, in the first few years, it may be cheaper to rent. But over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, you are not throwing away all that money on rent. You gotta live someplace, so instead of paying off your landlord’s home or building, pay off your own!

Renting a property: 

  1. Short Term, Renting is cheaper, if you don’t have 20%  down payment you will probably have to pay Private Mortgage Insurance, which is 1% of the loan amount, plus property taxes, condominium and maintenance, if you rent a property, you don’t have to pay these expenses, the landlord is responsible. 
  2. Flexibility, If you are new to your career, just arrived to town, still going or just finished college, or if you have a complicated financial circumstance, renting may be the better solution for you.  The reason is because your future may change in an instant, and it is a lot harder to move from an owned home than it is from a rental.
  3. No risk in economic recession, If  economy goes into a recession, homeowners initially suffer more than renters.  During a recession the market slows down, house prices fall, and many homeowners are stuck paying for mortgages on homes that no longer have any equity.
  4. No Debt, Many financial advisors don’t see a mortgage as bad debt, but it is debt nonetheless.  If you really wanted to stay out of debt and avoid the mortgage altogether, renting is your alternative. 

There are too many emotional factors for the question should I buy or should I rent?. I recommend step away from the emotions and run your numbers as best as you can, also ask help to a non-profit housing counseling agency. 

So, at this point maybe you should have the answer to the question Should I buy or Should I Rent?