Are you looking for an investment property at a vacation destination but would like to be able to use the property for a period of time each year? Would you prefer that a management company handle the rentals and upkeep of the property? If so, a condo hotel may be the right investment for you. A condo hotel is a building that is legally a condominium but is operated like a hotel. Owners, be they individuals or a company, own the units but can use the property for a specified period of time and a management company handles the rental bookings. Typically found in resort communities, these units allow owners to realize a revenue stream year round, but there are a few considerations that you need to be aware of before investing.

While the ownership of the condo hotel unit is fee simple, the Declaration of Condominium will spell out the details of the management and use of the condo and these vary by building. In reviewing this document you will want to determine a few things to see if this unit meets your needs:

1. How often and when can an owner use the property? This varies and keep in mind that the more often you stay in the unit the less rental income you will realize over the year. You may consider using the property for yourself during the off season when bookings are typically lower so you can capitalize on a higher rate of return on your investment. In some cases, your unit may be rented when you desire to stay at the property and you could be offered another similar unit.
2. What is the revenue split? What types of fees are associated with the management of the unit? This, again, will help you determine if this investment meets your goals and how much of the rental income you get to keep.
3. How is the property marketed and what is the occupancy rate? The overall financial goal is to realize positive annual cash flow so you will need to consider just how often the unit is rented and marketing of the property plays into that.
4. Do you plan to finance this purchase? While not impossible to get a mortgage on a property of this type, not all lenders offer loans on condo hotels and down payments are typically 25% or more for a second home. Sales of condo hotels are often cash transactions.

This is by no means an exhaustive list of the considerations you’ll need to weigh. And, of course, you will want to consult your financial and tax professionals prior to buying a condo hotel unit, but if you want to consider this type of real estate, Klace & Company Real Estate can guide you through the entire process of purchase- from identifying a property to making an offer to getting to the closing table. Feel free to reach out with any questions.

The last six weeks have been intense and tragic. As we continue to reflect on the need for a change we realize we need to be part of the solutions.

Klace & Company Real Estate values equality, inclusion and acceptance and we will do whatever we can to foster and grow that in our homes and community.

As Realtors, we believe neighbors should feel safe and free from discrimination and we support policies that build supportive and inclusive communities. We will continue working to protect housing rights in America by providing fair housing for all.  In addition to having conversations and partnering with professionals that share this focus we will do the following:

• Apply to serve on GTAR’s Realtor PAC Committee/Outreach Committee.
• We will support candidates for public office that are supporting equitable housing options for all.

As many of you may know Kristina and I have been advocating for public education over the last 4 years. We believe education is a great equalizer and it is our desire to be part of lifting up our community in meaningful ways.  Because of this we have recommitted to intensify our advocacy efforts for equitable education for all of our children.

Here are some of the ways we support this:

• Being a voice for all children regardless of race, religion, color, or socio-economics.
• Supporting candidates that support public education and are focused on equity and inclusion as a fundamental part of their platform.

We will continue to look for opportunities to serve our community with the principles of equality, inclusion and acceptance. We welcome you to join us.

– Kim & Kristina

 

 

 

 

I love fall- the traditional changing of the leaves, crisp mornings, sweaters at night and, most especially, fall decor. It takes some time for us to realize cooler temperatures in this part of the country, but there is no shortage of friends and neighbors embracing the season. While I prefer to keep it simple with pumpkin topiaries and wreaths (that will last until it is time to break out the Christmas decorations), my children would prefer scary Halloween decor such as spiders and skeletons.
Recently we did a little tour through Palma Ceia and here are some fun outside (& in) decor photos that may help us meet in the middle. Enjoy our neighbors’ creativity!

Spring has sprung & there are few of us that would prefer spending our weekend cleaning out gutters and raking up leaves. But when your home is your biggest investment, maintenance is a must. Below are some tips that can protect your investment & elevate it’s appeal.

Scout & Nimble

Let’s begin outside. Shall we?

In the next few weeks the pollen and leaves from your trees will have stopped falling and wreaking havoc on your yard, gutters and sinuses. This will be the time to rake up the remaining leaves and old mulch in your landscape beds. A thin layer of new mulch or pine straw will protect plants from weeds and drought. Trees can be visually inspected for signs of disease and dead branches. Have branches trimmed back away from your roof line, as well.

D Pages

Walk your property. Do you notice any cracks in the driveway, walkways or stucco? Most likely you’ll need to call a professional. How about chipping or faded paint? It may be time for a fresh coat or at least a touch up. Are there any loose or broken shingles on the roof that need to be repaired or replaced? This could be a DIY fix or a call to your roofer may be in order to prevent a bigger problem down the road. Inspect shutters and awnings for signs of wear, too. Your gutters ought to be cleaned at a minimum of twice a year, so pay attention when there’s a heavy rain. Is there little water draining from the downspout? Is water spilling over the gutter? Time to clean it out or call a professional for repair or replacement. Water that is not displaced properly can cause water to infiltrate your house. Spring is also a great time to pressure wash and give your house, deck and driveway a bath. This is a DIY job that some couples we know fight over the privilege of doing. Not you? Call a professional. Have a pool? Hire a pool service for the dirty work or take on this DIY by treating the water and inspecting valves and filters for signs of wear.

Anne Sage

Heading inside…

This weekend is the perfect time to change the batteries in your smoke alarm & carbon monoxide detectors. Set an alarm in your phone to check these once per year with the switch to daylight savings time. Check your HVAC system & schedule your annual maintenance before the heat of summer. A technician will check your ducts for signs of damage and clean out the a/c compressor. You are changing your filters every month, right? This basic maintenance done year round will save you $ and add life to your unit. Don’t forget to check the vents in your bathrooms. Take the cover off, wash, dry and replace. Easy! Time to check your plumbing, too. Check under sinks to make sure there are no signs of leaks. The toilet flappers and faucets can be visually inspected for issues. Some of these are easy DIY fixes but others may need a professional. Fix what you can and make a call for the rest. This is a good time to dust off those houseplants, too. Wipe the leaves down with a damp cloth or take them outside for a proper soaking.

Bam Construction & Interior Design

Need a referral for any of the maintenance items above? Call us. We’re happy to help so you can get outside and enjoy all that spring in Florida has to offer!

Gardenista

Recently buy a new home? If your property in Florida is your primary or permanent residence, then you probably qualify for homestead exemption.

What exactly is homestead exemption?

A property tax exemption that allows you to deduct up to $50,000 on the value of your property. In the state of Florida, an exemption is applied to the 1st $25,000 in value of your primary or permanent residence. To be eligible, you have to own the property on January 1st of the tax year. This reduction in tax basis is applicable to all assessed taxes, including school district taxes. There is an additional $25,000 exemption that is applied if the assessed value of your home is between at least $50,000 and $75,000, and applies to property taxes with the exception of school district taxes.

More importantly, with homestead eligibility you are eligible for the Save Our Homes benefit. This benefit affects the assessed property value your home, the value used to calculate your property taxes. This amount cannot increase more than 3% annually after you’ve been granted exemption for the first year.

How do I apply for homestead exemption?

To apply you will need the following:
Proof of FL Residency
FL Car Registration
FL Voter ID Card
Proof of Citizenship or Permanent Resident Card
Social Security Numbers for Title Holder(s)
Property Address from Tax Bill, Deed or Title

Be sure that all documents reflect the address of the property you wish to homestead. You must file for application by March 1st of the current tax year, however applications are taken year round. Under FL law, failure to apply timely for the year constitutes a waiver of the exemption privilege. You can file online, by mail or in person. If you live locally visit Hillsborough County Property Appraiser.

Do I need to renew every year?

No. Once you have received the homestead exemption it is renewed annually until title has changed or the property is no longer your primary residence.

Does my homestead exemption follow me to a new home?

No. However, the exemption will remain on the property for the remainder of the year. You will need to file for a new exemption at your new property.

What about portability?

If you had homestead on another Florida property within the last two years, you may be able to bring the Save Our Homes savings accumulation with you to your new property. To do this, you will need to submit a separate application with your homestead exemption application. This benefit is not automatic and the savings will be lost if you do not apply timely.

Still have questions?

Contact us by phone at 813.777.4720 or email at kim@klaceandcompany.com.

Or visit the Florida Department of Revenue for more information on the homestead exemption or to learn about other ways that may help you save money on your property taxes.

The invasion is just days away. If you have spent any time in Tampa you know that these words start a whirlwind of decorating and acquiring pirate booty along with plenty of refreshments for the celebration rather than any sort of real fear.

Gasparilla is a tradition with something for everyone from parades, to a marathon, art festival and more. We thought it would be fun to share some of our favorites for embracing the season after the Season!

First, home décor can be lot’s of fun. A Gasparilla wreath or door décor is a must. Here are a few from simple to elaborate:

We are also big fans of flags whether you hang them from a flagpole, door or tree.

We even decorate inside. Here is a great Pirate ship beverage container, a fun pillow or mantel decor:

Other musts include kids gear found locally or at some national retailers on sale right after Halloween. And don’t forget a little something for yourself!

Hope everyone enjoys this Gasparilla Season! Be safe and have fun! ARRGGH

Check out this link to get more information on all the festivities:

For our history fans check out what Wikipedia has to say about our Gasparilla Pirate Festival’s history:

“The Gasparilla Pirate Festival is a large parade and a host of related community events held almost every year since 1904 in Tampa, Florida celebrating the apocryphal legend of José Gaspar (also known as Gasparilla), a mythical Spanish pirate who supposedly operated in Southwest Florida in the early 1800s. 

Tampa’s Gasparilla season runs from mid-January to early March and features three large parades. The focal point of Gasparilla is the Parade of Pirates, which features a friendly invasion by Ye Mystic Krewe of Gasparilla and a large parade along Bayshore Boulevardinto downtown. The Parade of Pirates (which is often referred to as the Gasparilla Parade by locals) is held on the last Saturday in January. It is the third largest parade in the United States with an economic impact of over $20 million and an average attendance of about 300,000.^[1] Other major parades during the season are the Gasparilla Children’s Parade, which is held on Bayshore Boulevard one week before the main parade, and the Sant’Yago Illuminated Knight Parade, which is organized by the Krewe of the Knights of Sant’Yago in the historic neighborhood of Ybor City two weeks after the main parade.

Tampa hosts many other Gasparilla-related or monikered events during its Gasparilla season, including the Gasparilla Film Festival, the Gasparilla Festival of the Arts, the Gasparilla Distance Classic, and the Gasparilla Music Festival, with a changing lineup of smaller events held year to year. The Gasparilla Parade of Pirates once coincided with the Florida State Fair, which was held at Plant Field at the end of the traditional parade route in downtown Tampa. The close connection between the fair and Gasparilla ended in the mid-1970s, when the fair moved to a much larger location east of Tampa.”