Welcome to Southwest Florida Real Estate

Posts tagged ‘Investment’

About Rental Insurance

Many renters don’t stop to think about what happens if there is a fire, someone breaks in and steals their new TV or stereo, or a visitor slips and falls on their property. The sad truth is; you will be responsible! While your landlord has insurance that covers the actual building, that coverage does not include your personal property or liability for injuries which occur in the space you rent ~ be it an apartment or a house and yard.

If a fire should destroy or damage your home, your landlord’s insurance will cover the structure. It won’t cover damage or loss of your belongings. Neither will it provide for the cost of temporary housing for you and your family.

You may think you don’t own enough personal property to make the cost of insurance worthwhile. You’re probably wrong! If you sit down and add up the cost of everything you own, you may be in for a big surprise. Consider what you have invested in such things as:

• Furniture and accessories • Electronics like TV, stereo, computers • Small appliances like microwaves, toaster ovens, etc. • Clothing • Art work like paintings or prints • Dishes, silverware and cookware • Sporting equipment • Books • Jewelry

Could you afford to replace all of these things?

Even worse, what would you do if a friend is injured on your property and decides to sue you for medical costs and more? It’s a scary thought, isn’t it?

Are you beginning to see why rental insurance may be a very wise investment?

The cost of rental insurance is based on several factors:

• The dollar amount of your coverage

• Deductibles

• Whether you choose to be reimbursed for Actual Cash Value or Replacement Costs (more about that in a minute)

• Where your rental property is located and the number of previous claims made, not only by you, but by others living in the same area.

Let me explain the difference between Actual Cash Value (ACV) and Replacement Costs. ACV is the value of your property at the time a loss takes place. For example, if your television set is five years old, it’s valued at much less than if it were brand new. The lesser amount is what you are reimbursed.

However, if you opt for Replacement Cost, you’re paid whatever it costs to go out and buy a new TV with similar features. Insuring for replacement cost raises the amount of your premium so it’s a good idea to get quotes for both ACV and Replacement Cost policies. Then you can decide which option fits your needs and budget.

Another thing to keep in mind is that jewelry, valuable collections, and guns are usually covered under a separate policy or “rider”. If you own these kinds of items, be sure to tell your insurance agent. You don’t want to find out after disaster strikes that they aren’t covered or that they aren’t covered for their true value. One way you can reduce the cost of your rental insurance is to check with whichever company insures your car. If they provide rental insurance you may be eligible for a multi-line discount.

Rental insurance may be worth the investment just for the peace of mind it offers you.

Advertisement

Category:

For The Home, Helpful Tips, Interesting, Real Estate News, Real Estate Tips, Rental News, SW Florida Areas, SW Real Estate News

Tagged with:

5 Tips for Overseas Vacation Home Buying Success

The dream of owning a vacation home in some sun-drenched overseas location is one the majority of us share, and because real estate proves itself time and again as a solid long-term investment commodity, many more people are committing to purchasing real estate abroad as an investment that they and their family can also enjoy and benefit from.

When buying a vacation home abroad there are a number of key considerations to bear in mind to avoid some of the traps and pitfalls sometimes associated with buying long distance and in an unfamiliar country.  With these 5 tips for overseas vacation home buying success you can quickly cut a swathe through the research process and move towards securing the dream swiftly and securely.

Tip One – Learn the Rules and Regulations

Different countries have different rules relating to the right or otherwise of foreign citizens to own the freehold title to immovable property.  Some widely publicised destinations don’t allow foreigners to directly own the land on which their property sits (Bulgaria) or more than one property (Cyprus) for example, and some countries are less economically or politically stable than your own which can mean that real estate related rules and regulations may change in the future.  Make sure you’re comfortable with the workings of the country you’re considering buying a vacation home in, and if in doubt seek professional advice about that country and the ambitions you hold for owning a holiday home in it.

Tip Two – Good Investment/Bad Investment

If you’re buying a vacation home with a hope that it will go up in value and be not only a family retreat but a great asset, know that real estate, just like any investment commodity, can go down in value as well as up.  Furthermore not all countries have a real estate economy the same as the one in your own country – a little research would be wise into the historic nature of the property market in your country of choice as well as predictions for its future.  While such data is not a direct indication of how well your investment will perform it will arm you with more data to hopefully make your decisions easier.

Tip Three – Title Deeds and Legalities

Legal systems and the title-deed registration process differ from country to country therefore know your legal rights and try to find out about the essential searches, surveys and title-deed checks that need to be conducted before you should commit to buying your overseas vacation home.  Never enter into any form of contractual agreement without the direct assistance of an independent lawyer and never accept someone’s word that a vacation home has its permissions and title deeds valid and up to date.  Insist on seeing and checking all important facts and data before signing on the dotted line.

Tip Four – Accessibility and Desirability

If you’re thinking about making an income from your vacation home or even hoping to holiday in it yourself regularly, one of the most important factors to bear in mind is the accessibility or otherwise of your vacation home.  If your real estate is difficult to reach, with many miles to traverse and complicated and expensive plane journeys to plan, then it will just become a less desirable commodity over time. While a vacation involves getting away from it all and escaping every day life, a vacation destination and home should be easy and affordable to reach.

Tip Five – Enlisting Assistance

Consider enlisting the help of a reputable real estate agent, an independent lawyer and if you want to make money from your vacation home, a property management service.  Such professionals can save you time, effort and money and they can make the whole process of buying and owning a vacation home that much simpler.  Make sure you take references, examine credentials and see qualifications before employing anyone to assist you however, and if at all possible seek recommendations because anyone who does a good job will always get good press!

Category:

Enjoy Other Places, Real Estate News, Real Estate Tips, SW Real Estate News

Tagged with:

Storing And Caring For Wine

Over the years, wine consumption has become more and more popular.  With more and more money going into wine both as an investment and for later consumption, the history of the wine will always be in question.  With this in mind, many people often wonder how they can properly store their wine and take care of it at the same time.

How you store your wine is extremely important.  If you store it right it can lead to euphoria, while if you store it wrong it can lead to depression.  When you tear into a bottle of wine that has properly been stored, it can be glorious indeed, while tearing into bottle of poorly stored wine can be quite the letdown.  Often times, drinking a bottle of wine that was poorly stored is much like drinking vinegar.

To properly store wine, you’ll need to meet several factors, such as humidity, temperature, lighting, the cleanliness of your storage area, the angle of the bottle while it is stored, and the vibration of the bottle on the rack.  The temperature is the most important, as you should keep it around 50 degrees at all times.  This way, the lower temperature can help to age the wine.  If there are any fluctuations in the temperature, you should make sure that it happens slowly.  As long as the temperature doesn’t go to high and it fluctuates slowly, your wine should be ok.

The proper level of humidity for storing wine should be around 70%, although it is perfectly accepted to keep it 10% above or below the 70% level.  If you have too high of a humidity temperature, the labels can easily rot or mold, which can affect the wine’s value.  On the other hand, if the humidity gets too low, around 50%, the cork could shrink and bring air into the wine, which would ruin it in little to no time at all.

The angle that wine is stored is important as well.  If the wine stays in contact with the cork during storage, the cork won’t dry out.  If the wine doesn’t stay in contact with the cork, the cork could dry out and allow air into the wine.  You should also strive to keep the wine out of the light, as light can ruin any type of wine.  Light causes the wine to age prematurely, making it in your best interest to store wine in a dark location.

To prevent damage to the wine from sediment, you should also store wine in a location that is free of vibration.  If you store wine in places that are free from vibration, it will give the sediment in the bottle ample time to settle.  Vibrations are never a good thing for wine, as the sediment becomes unsettled and can ruin the wine or shake it to the point where it tastes horrible.

To protect the quality and investment of your wine, storage and care is very important.  Storing it in a proper location will also bring the best taste.  In the world of wine, nothing is more disappointing than waiting several years to open a bottle of fine wine, only to find that it is nothing but vinegar.  You can prevent this from happening though, by taking care of your wine.  Wine isn’t hard to care for or store, it just takes the right conditions and location.  Everyone loves some fine wine every now and then – which is why storage and care is so very important these days.

Category:

Fun Of It

Tagged with: