Jeffrey Lopatin's Blog
Last year, Florida was home to 16 of the United States’ 100 fastest growing counties. Since it’s already the 4th largest state by population, it’s no easy feat to maintain that kind of growth. However, with year-round sunshine and warm weather, over 3,000 miles of coastline, and endless attractions, it’s hard to compete with the state of Florida.
But, is it a good time to invest in a real estate property in Florida? The short answer is yes. But, we’ll go into the details a bit further to talk about the economy, the value of rentals and vacation homes, and some of the most in-demand places in the Sunshine State.
Read on to find out why it’s the perfect time to buy a residential property in Florida.
A growing, diverse economy
It’s no mystery that Florida’s strength lies in the massive tourism industry. However, the state is also attracting out-of-state and international students with top colleges (who wouldn’t want to get their degree in a paradise?).
Plus, Florida has an unemployment rate that sits lower than the national average and job growth across industries remains strong over the last decade. This demand has made the housing market in Florida a competitive one. However, there is still a lot of opportunity in the suburbs where professionals in sectors like trade, the sciences, and financial services are happily commuting into the cities from for work.
Rental properties are more valuable than ever
With the cost of owning a home slowly rising each year, many students and young professionals are choosing to rent in Florida while they establish their careers and save for a down payment, wary of taking on huge home loans.
This, coupled with the ever-appealing prospect of renting a vacation house in Florida has been made easier thanks to sites like Airbnb.
Profits can quickly be made and reinvested in the rental property market in Florida, making it a big money maker. And, with a well-established and competitive property management industry, it’s easier than ever to maintain your properties, keeping your tenants (and your wallet) happy.
What are the key regions for real estate investment in Florida
To discover the most valuable places to invest in Florida, you need only follow the crowds of happy tourists. Huge attractions like Disney draw professionals in the tourism and hospitality industry and make Orlando the top place in invest in real estate. However, it’s also the most competitive for this reason.
If you’re seeking a less-saturated market with just as much opportunity, areas like Jacksonville and Cape Coral see consistent job growth and housing demand, in spite of serving tenants of different income levels.
With property owners reporting incomes of well over $1,000 per month, the Jacksonville and Cape Coral areas are likely to continue to grow and see positive returns for years to come.
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The lifetime warranty. We’ve all heard about the wonders of owning an item with a lifetime warranty, but few of us actually own such products. Well, few of us are aware of it anyway.
The home is where we pour most of our money into. It seems like things are constantly breaking and needing to be replaced or repaired. But few of us check to see if the item has a manufacturer’s warranty. Nor do we remember if we bought an extended warranty.
In this article, we’re going to give you some tips on how to take advantage of warranties you may not know that you have, and how to shop wisely for warrantied products in the future.
But first, we’ll impart some general warranty knowledge.
Understanding the warranty
A warranty is a written guarantee provided to the purchaser of an item that they will repair or replace the item if it isn’t functioning as intended.
In most cases, there are time limits and exceptions to a warranty. Manufacturers know that their products won’t really last forever, so they plan for the eventual breakdown of the product from wear and tear.
Similarly, manufacturers don’t want you to misuse the product and then ask for a replacement, so they list exceptions to their warranties. To find out if one of your household items is under warranty, you can often check the manufacturer’s website.
To ensure you’re eligible for a warranty or replacement, it’s often necessary to have a copy of your purchase receipt which shows where and when you bought the item.
We know--keeping track of receipts is an annoyance few of us want to participate in. So, an easier solution is to keep an app like Google Drive or Dropbox on your phone with a folder called “receipts” or “warranties.” Then, the next time you make a purchase, simply snap a photo of the receipt and keep in in your drive.
Extended warranty warning
Many retailers will pitch you an extended warranty when you buy a product. Some of them are worth it, but most of the time you’re better off foregoing these add-ons.
Oftentimes, products are already covered by a manufacturer warranty. And, in some cases, the cost of the item is so low that owning a protection plan isn’t worthwhile.
Warrantied items you may not know about
Now that you know how to keep track of your warranties, let’s talk about some important items that you may not know has a warranty.
Roofing. Roofs are expensive and don’t last forever. However, many manufacturers promise 20 years of good service from your shingles.
Vinyl siding. Another expensive exterior item, siding is often warrantied by common manufacturers, including several “limited lifetime warranties.”
Tupperware. If there’s one product on this list you’ve probably heard of, it’s Tupperware. They’ve been famous for their lifetime warranties for decades.
Pampered Chef. This company makes an array of kitchen related products. Many of their items come with lifetime warranties.
Craftsman. Their power tools are affordable and include a lifetime warranty.