Source: WSDOH/ Pink Plumber
Nobody likes foul-smelling sewage backup in their yard and there are plenty of things you can do to prevent this problem from happening. Although sometimes it’s easier to just invest in a new one. You’ll want to make sure it really needs to be replaced since it’s an expensive investment.
Here are some signs of needing to be replaced:
Age Of System- While the septic tank itself can last up to 30 years this can also be fixed and have maintenance done, on the other hand a septic drain field lasts around 10-20 years and its easy to shorten the life expectancy of one.
Backup- When a septic drain field fails this can lead to water backup in sinks, showers, or water draining very slowly.
The Yard- If the yard is greener near the septic field or the area is soggier, this can be a sign the system has failed.
These systems can fail due to various reasons but the most common reason for failing early is too much solid waste made it to the drain field which caused it to fail. However, if too much water has saturated the drain field there’s a possibility it can be dried out and rehabilitated. If any of these issues occur after multiple septic tank services, this could be a sign the field needs to be replaced. It’s always best to contact a service specialist to assess the situation.
Inflation benefits real estate investors that earn income from their properties. This benefits the investors with multi-family rental units the most. This is because higher home prices often mean higher rent. Being able to increase your properties rent while keeping your mortgage the same gives an opportunity to pocket more monthly income.
Real estate gives a unique opportunity, as home prices rise over time it lowers the loan-to-value of any mortgage debt, this acts as a discount to any investor with a mortgage. This causes the property equity to increase while the fixed-rate mortgage payments remain the same.
Property values tend to be on an upwards curve over time. This acts a good investment but also can provide a steady cash flow for investors over time. Investing in multi-family properties is one way to use real estate as a hedge. These include shorter term leases allowing an investor to adjust rent prices more frequently to adjust with the market. Unlike commercial real estate where the lease terms which usually have multi-year business terms.
Apartment complexes are unique as they are always in demand. The demand for these tends to increase when home prices rise as well. This means apartment complexes would be likely to have many long-term leases and tenants, giving investors the opportunity to start new leases at adjusted rates.
While there are many aspects of inflation that are difficult to avoid, real estate is one way to protect yourself.
Source: Inside & Out Property Inspectors INC.
A Wind Mitigation Inspection checks your homes wind resistant features. The inspector will be checking how your roof is sealed from water, how strong the structure is, and the door or window casings. Having this inspection done can help save a substantial amount on your Florida homeowners insurance.
This inspection helps insurance companies tell if you’re roof is capable of handing hurricanes, or strong winds. The stronger and safer your roof is, the lower risk you are to the insurance company which may lower your premiums.
The inspection can only lower your premiums, even if the inspection gets a low rating your homeowner’s insurance can’t go up. Depending on where you live, and the size of your home depends on how much you’re capable of saving. While the cost of the inspection is around $100 the savings on your homeowner’s insurance can be a few hundred up to a few thousand.
There are key features the inspector will look for; these seven indicators will tell if your home is capable of withstanding strong winds and water:
- Building code
- Roof covering
- Roof-deck attachment
- Roof-to-wall attachment
- Roof geometry
- Secondary water resistance
- Opening protection
Some of those key features can’t be added easily or are harder to change, here’s a list of the main features Florida homeowner’s insurance companies look for to save the most:
- Roofing material that meets Florida building codes
- Secondary water resistance under the roof sheathing
- Impact- resistant coverings verified for cyclic pressure and large missiles over all glass openings
- Roof-deck attachment with plywood
- Roof-to-wall attachment that uses double wraps
- A hip roof
Wind mitigation inspections are good for five years in Florida. You pay for the inspection once and save on your homeowners insurance premium for the next five years.
In July 2021, Gainesville home prices were up 12.2% compared to last year, selling for a median price of $315K. On average, homes in Gainesville sell after 12 days on the market compared to 62 days last year. There were 156 homes sold in July this year, down from 232 last year.
Gainesville Housing Market Trends
How Hot is the Gainesville Housing Market?
Investing in Single-Family Rental Homes
Source: National Association of Realtors® (NAR)
When real estate professionals think about a rental property, they often picture multi-unit apartment buildings – but they should envision single-family homes. Single-family rentals have increased by 31% in the past 10 years and make up 42% of the housing stock.
When investors buy a house to flip, they have the cost of buying, repairing and selling. When they buy a single-family rental, they only have acquisition costs.
Single-family rentals are a good way for entry-level investors. They’re generally less expensive and families that rent them typically stay longer, reducing turnover costs – and investors usually don’t have to do as much renovation to make a rental attractive.
Additionally, rentals offer three financial benefits: income, equity, and appreciation. You look for the ROI (return on investment).
A simple rule – whether you’re selling or buying – is the 1% rule. If the rent is 1% of the sale price, it’s a good return and a good investment.
All County University Property Management is an expert in investment properties. We are here to answer your questions and help you with all your real estate needs.