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4 | May 2020 | Southwest Orlando Home & Real EstateRULESOFMODERNTMINVESTING#1#2ASK YOUR BROKER QUESTIONS.ASK YOUR BROKER MORE QUESTIONS. CONTINUED FROM PAGE 3firm. “They don’t want to be spendingtheir weekends picking out faucets orremodeling their home.”Kyle Wallace, CEO of WallaceGroup/Keller Williams Realty inFranklin, Tennessee, finds this lattertrend troubling.or be looking for luxurious amenitiesand features. And they needto keep timelines in perspective —no purchase is worth being ‘housepoor.’”For these and other reasons,Thomas recommends considering acondominium, townhome, duplex orother residences within a new/newer#3IF YOU DON’T LIKE THEIR ANSWERS,ASK MICHAEL.Visit Schwab.com/Questions to learn moreMichael Wytiaz, CFP ® , Financial ConsultantWindermere Independent Branch4848 S. Apopka Vineland Rd, #204407-909-0485schwab.com/windermereThe Charles Schwab Corporation provides a full range of brokerage, banking and financialadvisory services through its operating subsidiaries. Its broker-dealer subsidiary, CharlesSchwab & Co., Inc. (Schwab), Member SIPC, offers investment services and products, includingSchwab brokerage accounts. Its banking subsidiary, Charles Schwab Bank (member FDIC andan Equal Housing Lender), provides deposit and lending services and products.©2020 Charles Schwab & Co., Inc. All rights reserved. Member SIPC.(0917-739) SCH1484-7 (2/20) When buying your first house, a wish list can help you decide what you need in the homeand what you’re willing to compromise on.“Many first-time buyers aren’t willingto put in the sweat equity likeprevious generations, often due to amix of demanding jobs and lack ofknow-how with fixer-upper projects,”he says.Consider that, on average, mosthomeowners remain in their propertiesfor only about seven years,“and that number is even lower forfirst-time buyers,” Wallace says.“So first-timers should not expectsubdivision as a starter home, if youcan afford it.“Being in a building or subdivisioncan offer a good start for first-time owners,and builders often have attractivebuying options that buyers may not getwith an existing older home,” Thomassays. “This also allows you to live in acommunity that is required to be wellkept,which will aid in selling quicklywhen it’s time to move.”©CTW Features ªPressure WashingDrainage SolutionsLightning DamageLocate ValvesWire/Valve IssuesTimers/Rain SensorsMoving/Adding HeadsSprinkler Maintenance ProgramPre/Finish new Pools/PatiosLandscapingResidential & CommercialSince 2005Licensed & InsuredIRRIGATIONThe Water Conservation SpecialistJoseph A. Kelly407-433-3233 • 407-433-3234www.sparklingjak.comE: info@sparklingjak.com
Judging by the numbers, thiscountry continues to have home improvementfever. Consider that anestimated $326 billion was spent onremodeling in 2019, according tothe Joint Center for Housing Studiesof Harvard University data — downfrom a record $425 billion spent in2017, but still no small amount.Of course, some states spendmore on residential upgrades thanothers. Curious where your homestate places among renovation dollarspaid in 2019? Fixr.com hasgathered a list (details at tinyurl.com/fixr112019) based on data providedby the National Associationof Home Builders. While some ofthe top states aren’t surprising, othersare. Among the findings:The 10 biggest spenders are: (1)California ($20.2 billion spent); (2)Texas ($14.2 billion); (3) New York($12.9 billion); (4) Florida ($11.8 billion);(5) Pennsylvania ($9.8 billion);(6) Illinois ($9.2 billion); (7) Ohio($8.3 billion); (8) Michigan ($7.8billion); (9) New Jersey ($6.7 billion);and (10) North Carolina ($6.0billion).The bottom five spenders areWyoming, D.C., and Alaska ($400million each), Vermont ($500 million),and North Dakota ($600 million).Most states are expected tospend between $1 billion and $5billion. The top-spending states arealso those where the construction industryis booming.Nearly 31% of homeowners makeimprovements in each state. Thisgrowth in home improvement spendingis likely due to a rise in medianincome levels and the fact that manyowners are opting to stay put andupgrade versus buying a new homewith upgrades already built-in.Yuka Kato, an industry analystat fixr.com, says the main takeawayhere is obvious: More highly populated,urban and developed stateshave higher rates of expenditurethan others. Yet, she didn’t expectthe wide divide in spending betweenmany states.“Given the cost of living inCalifornia, it makes sense that itwould come in above the others,”she says. “But the rate of spendingThe State of Home ImprovementWhere Does Florida Rank on Home Improvement Spending?by Erik J. Martin Effective planning is the key to an effective renovation.outstrips other states so much that itwas a little surprising. I’m going to assumeit has something to do with thecost of living and how urban or ruralareas are. Take New Hampshireand Massachusetts, adjacent stateswith similar climates and styles ofarchitecture. Massachusetts is muchmore urban and developed thanNew Hampshire, and the spendingon home improvement in the formeris much higher than in the latter —$5.5 billion versus $1.1 billion.”Realtor Amanda Bettencourtsays these results lined up with herexpectations.“I think if we were to look at thestates where the population is investingmore into home renovations, wewould also find a connection withincreased pay compared to otherstates,” says Bettencourt.Even though officials of the JointCenter for Housing Studies ofHarvard University expects remodelingactivity to decelerate this year,others predict a continuation of bigspending on home improvementsacross the nation.“More consumers have built upequity in their homes and are ableto draw it out for home improvementSouthwest Orlando Home & Real Estate | May 2020 | 5projects today,” says Realtor MariaHolland. “Today, consumers wanttheir upgrades now, without waiting,and they want it to look likewhat they find on the internet orHGTV.”If you’re planning a renovationproject this year, prepare carefullyand crunch the numbers.“Ask yourself: How are you goingto fund these improvements — bypaying cash, taking out a home equityline of credit, pursuing a homeequity loan, or using credit cards?”Bettencourt says. “Each method hasits pros and cons that you shouldinvestigate carefully. Also, are theimprovements you want to invest inthis year going to make it easier orharder for you to sell later on downthe road? Which projects offer thebest return on your investment?”Kato says if you’re planning onputting a lot of money into yourhome, “you should also be seriouslyconsidering remaining in yourhome for at least five years in orderto see the biggest benefits andstill get a decent return on yourinvestment.”©CTW Features ªEXTERIOR HOME CLEANINGAND SPECIALTYCOATING SERVICESPRESSURE WASHINGDECORATIVE SCORED CONCRETEPAVER SEALINGPOOL DECK COATING321-947-2541Imperial Outdoor Living, LLCFacebook.com/imperialoutdoorliving
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