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Apache is functioning normally

As the world shifts toward a greener and more sustainable lifestyle, many people are looking to renewable energy sources to help reduce their environmental impact. One of the most popular methods is solar energy, using solar panels to harness the sun’s power. However, most people think solar panels are reserved for houses and businesses with lots of roof space. This isn’t true; the transition to solar is for everyone. 

But can you use solar panels for apartments? In this Redfin guide, we have everything you need to know about using solar energy in your rental. So whether you live in a studio apartment in Tampa, FL, or a 2-bedroom apartment in Brentwood, CA, read on for everything you need to know. 

Can you use solar panels in your apartment? 

Yes, in most cases, you can benefit from solar power in your apartment. However, it may not be as straightforward as asking your landlord to install a solar panel on the roof or buying one yourself. 

Installing traditional rooftop solar panels in an apartment building is often impossible due to space constraints, ownership issues, management, state regulations, and your building’s location. It also may be difficult to use alternative methods of using solar energy, as every state has different laws and programs. However, don’t let these hurdles deter you from investing in renewable energy. 

How to use solar power in your apartment

1. Convince your landlord to go solar

Probably the easiest way to get traditional solar panels for apartments is to talk with your landlord. There is no one way to go about this, and it may not be possible depending on your building’s location. However, if you decide to talk with your landlord, here are some benefits to highlight: 

  • Start by educating your landlord about the financial benefits. Although the upfront cost can be substantial, federal, state, and local incentives can often help offset these costs, and the savings on electricity bills over time can make it a financially sound investment.
  • Solar panels can increase property value and appeal to future tenants. And for residents, solar panels can reduce monthly utility costs. 
  • Landlords can also receive income from surplus energy and gain a reputation as forward-thinking property managers.
  • Solar energy is one of the most sustainable and cleanest sources of energy. By converting their properties to solar, landlords can significantly reduce the carbon footprint of their buildings, contributing to environmental conservation and sustainability.
  • No matter what, make sure to present your case professionally and respectfully. Your landlord will be more likely to seriously consider your proposal if it’s well-reasoned and clearly communicated.

2. Invest in miniature or alternative solar 

Since you likely can’t install a solar panel system on your own, another option is to use miniature or alternative solar power systems. Here are a few of the most popular options. 

  • Portable solar panels: Portable solar panels are another viable option. They’re essentially tiny solar panels that you place in your window. You can move them around to capture maximum sunlight throughout the day and can charge devices like your smartphone or laptop directly or store energy in a portable battery for later use. Portable panels are an excellent choice for renters since they can be taken with you when you move.
  • Solar batteries: Solar batteries can store energy to power your devices and appliances. They may not offer a large benefit, but every effort matters.
  • Solar water heaters: These are a great option if your landlord allows it. They use solar energy to heat water and store it for when you need it and can replace a traditional water heater, depending on your climate. 
  • Solar air conditioners: If you have an area in your home that receives a lot of sunlight, you can use a window-mounted or portable air conditioner to cool a room.

3. Purchase SRECs

Another option is to purchase Solar Renewable Energy Credits (SRECs). SRECs are tradable commodities anyone can earn from generating solar energy or purchasing on the open market. States usually create SRECs to help utility companies meet their renewable energy goals more quickly, but they are also available to the general public through private companies. While SRECs don’t directly reduce your carbon footprint or generate power on their own, they can incentivize solar growth in your state and show your commitment to the environment. 

SRECs aren’t available in every state, and prices vary widely depending on where you live. There is no nationwide governance on solar credits, which can lead to inflated prices and limited impact. Make sure you do your research before choosing to invest.

4. Join a community solar program

Community solar, also known as shared solar or solar gardens, is an increasingly popular option that allows multiple people to benefit from a single solar array. This setup can make solar power accessible to people with limited space and access, such as renters and small businesses. 

Here’s how community solar generally works:

  • A third-party developer, often a solar installation company or a utility, builds a solar array, often on a large rooftop or unused piece of land. This array is usually larger than a typical residential solar panel system and can generate much more power. 
  • States have unique laws limiting the size and capacity of community solar arrays. For example, in Washington State, these arrays can generate a maximum of 1 MW, designed to generate enough power for multiple households or buildings.
  • Once it’s built, individuals or businesses can buy (usually a monthly subscription) a portion of the electricity the solar array produces. A 5% share is fairly typical. 
  • Once the solar array begins producing electricity, you can start saving money because the credit from your share of the solar project offsets the cost of the electricity you consume. Utility companies determine bill credits and generally have regulating power. 

Community solar can be cheaper than individual solar panels because the cost is spread between many people. There are also government programs for low-income and HUD-assisted housing renters to utilize community solar at no extra cost. However, community solar projects are often full and aren’t widely available. 

Pros and cons of solar panels for apartments

Investing in and taking advantage of solar energy as a renter is beneficial, but can be complicated. Here are some pros and cons to keep in mind. 

Pros

  • Reducing your carbon footprint: If you’re able to get your landlord to install solar panels, or you’re able to use miniature solar generators, you are reducing your carbon footprint. 
  • Saving money: If you can convince your landlord to install solar panels for your apartment, you could save money on utility bills. 
  • Investing in your community: Purchasing solar credits and participating in a community solar program can have a big impact on your community. By investing money into renewable energy, you are helping it grow and become more widely available. 

Cons

  • No tax credit: You can’t claim the solar federal tax credit if you use a community solar program or don’t own the property the panels are on. 
  • Few solar options: In many cases, it’s very difficult to utilize solar energy as a renter. Dozens of states don’t offer community solar programs or SRECs, and your building may not receive enough sunlight for a portable panel. 
  • Limited utility savings: You won’t receive anywhere near the financial benefits that your landlord will if they install solar panels. Additionally, community solar and miniature solar solutions offer little to no utility credits compared to traditional arrays. 

Final thoughts on solar panels for apartments

While you may not be able to install solar panels on the roof of your apartment building, there are other ways to take advantage of solar energy and help reduce your carbon footprint. From talking with your landlord to joining a community solar program, there are plenty of options.

No matter your method, do your research and ensure you are following all rules and regulations. And if you’re unable to use any kind of solar energy, consider talking with your local city council, state government, or otherwise to get the ball rolling. Renewable energy is essential to lowering global emissions and slowing climate change, so every effort matters.

Source: redfin.com

Apache is functioning normally

Hurricanes can cause extensive damage to homes and entire cities, causing power outages, water shortages, major flooding, and more. And as climate change progresses, disasters will get worse and more frequent, leading to more damage and costly repairs. This will likely be exacerbated as homeowners continue moving to disaster-prone areas at a record rate. 

But what do you do after a hurricane, and how do you protect your home in the future? 

If your home was recently hit by a hurricane, it’s important to start the recovery as soon as possible to avoid further damage and help get your life on track. So, whether you live in a house in Tampa, FL, or an apartment in Corpus Christi, TX, read on for 10 critical steps you need to know after a hurricane hits. 

1. Ensure your safety

The immediate aftermath of a hurricane is often filled with chaos and uncertainty. If you were told to evacuate, only return once you’re given the all-clear. If you sheltered in place, wait for official guidance that the storm has passed. 

Once it’s safe to do so, your primary concern should be to ensure your safety and that of others around you. Inspect your home and surrounding areas and check for hazards such as downed power lines, polluted water, or gas leaks; these are critical dangers that you should immediately report to authorities. If your home has sustained substantial damage, don’t attempt to re-enter and instead find temporary shelter until it’s been deemed safe by professionals. 

2. Contact your insurance company

Once you’re in a safe location, reach out to your homeowners’ insurance provider to report any damage to your house. It’s important to note that standard homeowners’ insurance policies typically do not cover flood damage. Coverage for flood damage requires a separate flood insurance policy, often provided through the National Flood Insurance Program (NFIP). 

Begin the claims process as quickly as you can; the sooner you file your claim, the sooner your recovery can begin. Just remember that wait times may be long after major disasters. When you get in contact, insurance companies will guide you through the required steps. Remember to have your policy number and relevant personal information ready. This isn’t a step to rush, despite the urgency of the situation.

3. Document damage

For insurance and recovery purposes, it’s important to document damage to your home and belongings. Use a camera or your phone to take clear photos and videos, covering all angles of rooms and belongings to ensure that you don’t miss anything. Include both close-ups and wider shots to provide context. 

It’s also essential not to just document the areas with the most visible damage. Cover all areas of your property, including interior rooms, exterior structures, the roof, basement, garage, and outdoor areas, and more. Sometimes, damage might not be apparent right away, but can manifest later on. This comprehensive documentation will prove invaluable when dealing with your insurance company, contractors, and remediation specialists.

Lastly, never throw away an item that was damaged unless it’s an active hazard. If you do, you’re unlikely to get reimbursement for it. 

4. Secure temporary accommodation

If your home is uninhabitable due to extensive damage, it will likely be necessary to secure temporary accommodation for you and your family. Many homeowners’ insurance policies include “Loss of Use” or “Additional Living Expenses” coverage for covered events, which can assist with costs related to temporary housing. You can also reach out to local disaster relief organizations for aid, who often provide temporary shelter during emergencies.

5. Check for utility disruptions

After a hurricane, it’s common for utilities to be disrupted. This includes water, electricity, and gas. Check all these services in your home. If you find that they’re unavailable or not working correctly, contact your utility providers to report these issues. Keep in mind that restoration times can vary depending on the severity of the storm and the extent of damage in your area. In case you smell gas or suspect a gas leak, evacuate your property immediately and inform the gas company. Remember, safety comes first.

6. Begin clean up and salvage

Once you’ve ensured safety and contacted your insurance company, it’s time to start the clean-up process. Before you begin, make sure to wear protective gear to avoid injury while sorting through debris. Salvage what you can, but be mindful of water-logged or mold-prone items, as these can pose health risks if not handled appropriately. It’s crucial to remain patient during this process, as it can be time-consuming and emotionally challenging.

7. Mitigate further damage

To protect your home from additional damage in the immediate hours and days following the hurricane, cover broken windows and holes in your roof with tarps or plywood. Your insurance company may require this effort as part of your policy agreement, and in some cases, they may cover the cost of these temporary fixes. This step is crucial in maintaining the structural integrity of your home and preventing further deterioration.

Make sure to take photos of the damage before you begin any repairs, otherwise your insurance may not cover it. 

8. Hire professional help

Dealing with the aftermath of a hurricane can be overwhelming, so it can be useful to hire professionals to help navigate the recovery process. From helping with insurance to repairing your home, they can dramatically improve your recover. Here are a few professionals to consider contacting: 

  • Public adjusters: Adjusters can advocate for you with insurance companies to ensure you get the claim settlement you deserve. 
  • Structural engineers: These experts can assess the structural integrity of your home after a disaster, checking for unseen damage that could potentially lead to more serious issues down the line.
  • Water and mold remediation specialists: Flooding often accompanies hurricanes. If your home was flooded, you should have a specialist inspect it for mold. These specialists can effectively remove water and mold and treat areas to prevent further mold from developing.
  • Contractors: Disaster recovery contractors can aid in restoring your home to its pre-disaster condition. They can be especially helpful if you’ve made temporary repairs and need something more permanent. 

9. Address emotional wellbeing

It’s crucial to take care of your emotional health, especially following a disaster. Hurricanes can cause substantial emotional distress, which may make it difficult to return to normal life. Consider talking with a mental health professional, counselor, or community support groups that can provide emotional and psychological aid. Reaching out for help is not a sign of weakness – it’s a necessary step towards healing and recovery.

10. Prepare for the future

After you’ve weathered a hurricane, it’s a good time to revisit your preparedness strategy. Make sure your insurance coverage is adequate, and get flood insurance if you don’t already. It’s also essential to create a comprehensive evacuation plan and consider making improvements to prepare your house for future hurricanes. Being prepared can greatly reduce the impact of a future disaster and provide peace of mind.

What to do after a hurricane: final thoughts

In the aftermath of a hurricane, facing the recovery process can feel like an insurmountable task. However, it’s important to remember that there are resources and professionals ready to assist you in navigating this challenging time. While the journey towards recovery may seem daunting, with the right resources and support, you can restore normalcy to your life and home. And remember, never neglect your emotional and mental health during and after a disaster. Reach out to your community, support networks, and professionals if needed to take care of yourself and your loved ones. 

As the world continues to experience the effects of climate change, these measures aren’t just optional, but essential. By being proactive and informed, you can not only navigate recovery but also better prepare yourself for future events.

This guide should not replace professional advice or guidance. Always seek help from certified professionals for issues related to structural integrity and safety, and follow all official guidance before, during, and after a major weather event. 

Source: redfin.com

Apache is functioning normally

Floods are among the most common and devastating natural disasters, causing extensive damage to homes and properties. They are also extremely expensive to recover from – in 2022 alone, property damage from flood events in the US cost people and governments more than $13 billion. This amount will likely rise as people continue moving to flood-prone areas at a record rate. 

If your home was recently flooded, it’s important to start the recovery as soon as the waters recede to avoid further damage to your home and belongings. So what do you do after a flood, and how do you protect your home in the future? 

To help, we put together ten essential steps for homeowners so you can be better prepared. So whether you live in a house Tampa, FL, and are recovering from a flood, or an apartment in Wilmington, NC, and just want to learn more, read on for ten important flood safety tips. 

1. Prioritize your safety

Safety comes first. Only return to your home once authorities say it’s safe, and use abundant caution. Avoid rushing into your home, as there could be hidden dangers. When you first enter, watch out for downed power lines, gas leaks, standing water, and structural damage. If your power isn’t already out, turn off the electricity if you suspect it’s not safe. 

As you move through your home, it’s essential to wear protective gear, like rubber boots and gloves, to prevent injuries. You should also have a first aid kit at hand in case of minor injuries.

2. Assess water quality

Water contamination is extremely common during and after a flood. This is because floodwaters often carry a wide range of pollutants, including bacteria, chemicals, heavy metals, and sewage that can significantly contaminate a home or community’s drinking water supply. This contamination poses serious health risks, especially when used for drinking, cooking, or hygiene purposes. 

To reduce risk after a flood, it’s essential to have your water tested to ensure its safety. Local health departments often offer testing services or can recommend a reliable lab. Until your water has been tested and deemed safe, use bottled water for drinking and cooking.

Importantly, if your home uses a private well and it was inundated by floodwater, it’s likely contaminated. You must have your well cleaned, disinfected, and tested by a professional before using the water again. The Environmental Protection Agency provides guidelines on how to disinfect wells after a flood

3. Look out for mold

Mold is a common and serious issue following floods. It can develop within 24 to 48 hours in damp, warm conditions, infesting walls, carpets, and furniture. Mold not only compromises the structural integrity of your home, but it can also pose significant health risks. These can range from allergic reactions and asthma attacks to more serious respiratory infections, especially in individuals with weakened immune systems.

Identifying mold can be tricky since it’s not always visible and it grows in hidden areas, such as behind walls or underneath floors. Common signs include a musty odor, discoloration on surfaces, and worsening allergy symptoms. If you spot or suspect mold growth, don’t attempt to handle it yourself, especially if it covers a large area. It’s best to call in a professional mold remediation company, as they have the appropriate equipment and expertise to remove mold safely and thoroughly, and can advise on preventing future mold growth.

4. Contact your insurance company

If you have a flood insurance policy, it’s crucial to contact your insurance company as soon as possible after a flood. They can guide you through the process of filing a claim. Be prepared to provide comprehensive documentation of the damage, which includes taking pictures and videos of the floodwater, damaged structures, and destroyed items. If you can, try to include water levels in your photos. This documentation helps expedite the claim process and helps ensure that you receive a fair settlement. 

It’s important to understand that standard homeowners’ insurance policies typically do not cover flood damage. This is a common misunderstanding and can lead to unpleasant surprises in the event of a flood. Coverage for flood damage requires a separate flood insurance policy, often provided through the National Flood Insurance Program (NFIP), a program managed by the Federal Emergency Management Agency (FEMA).

5. Seek additional financial assistance

Dealing with the aftermath of a flood can be financially challenging, especially if your policy coverage falls short, or you don’t have one at all. If this is the case, you may qualify for assistance from federal, state, or local entities. 

The Federal Emergency Management Agency (FEMA) provides the majority of assistance after declared disasters, including floods. This assistance can take many forms, including grants for temporary housing, home repairs, and low-interest loans to cover uninsured property losses. You may also qualify for assistance programs through the U.S. Small Business Administration (SBA), even as a homeowner or renter. The SBA provides low-interest disaster loans to help cover the cost of repairing or replacing damaged property. 

Lastly, local charities, non-profit organizations, and community groups often offer free emergency aid in the aftermath of a flood. This could include distributing supplies, organizing volunteer cleanup crews, and offering temporary housing.

No matter your method, make sure to reach out for help proactively and promptly; there can often be application deadlines for disaster assistance programs, especially for major events

6. Thoroughly clean your home

Next, it’s time to begin cleaning up. This step is crucial as stagnant water can lead to mold growth, which poses serious health risks. Remove water-damaged items from your home and start drying out the property. Utilize fans, dehumidifiers, and heaters to speed up the process.

Cleaning up after a flood is a monumental task. You might consider hiring a professional restoration company that specializes in post-flood cleanups. They have the expertise and equipment to handle the situation effectively and safely.

7. Repair and renovate

Once everything is dry and clean, it’s time to repair and renovate your home as necessary. This process could range from replacing drywall and flooring to more extensive structural repairs, such as replacing your roof. Consider hiring a contractor who has experience in restoring homes after a flood.

You can take this opportunity to make your home more flood-resistant so you’re prepared for the future. Options include elevating utilities, waterproofing your basement, or even raising your home, depending on your budget and local building codes.

8. Be aware of scams

Unfortunately, disasters can bring out scammers who prey on vulnerable homeowners. Scammers can take many forms, including charity, government, and insurance impersonators. One of the most common types are home renovation contractors who come unsolicited offering repairs. They will often ask for a downpayment for work that they never end up completing. 

To be safe, always verify the credentials of anyone you hire or divulge information to. You can also check with your local Better Business Bureau or your state’s licensing board to ensure you’re working with a legitimate professional. If you’re unsure, ask plenty of questions and contact local authorities. 

Insurance adjusters and government officials will never ask for money, collect down payments, or charge a fee for their services. 

9. Take care of your emotional health

Don’t neglect your emotional wellbeing in the wake of a flood. It’s normal to feel a variety of emotions, including sadness, frustration, and anxiety. If you feel like you need support, reach out to local community organizations or a mental health professional. Taking care of your emotional health will help you better navigate the recovery process and emerge stronger.

10. Prepare for the future

While you can’t control the weather, you can prepare for surprises. Even if you felt prepared for this flood, it’s essential to prepare for the next as soon as you can. Here are some important steps to take:

  • Review your insurance policies: Ensure you have appropriate coverage by revisiting your insurance policies. If you didn’t have coverage for this flood, you’ll want it for the next one. 
  • Install a sump pump: Sump pumps are critical to help remove water from your basement or other depressed areas. Consider a battery-powered option in case of a power outage. 
  • Create a flood readiness plan: This should include a clear evacuation plan detailing how and when to leave your home, the safest escape routes, and where to go. 
  • Prepare an emergency kit: Even if you had plenty of supplies this time around, it’s important to keep it stocked for the next event. Your kit should be waterproof and include necessary items like food, water, medication, important documents (like insurance policies), a first-aid kit, hygiene supplies, clothes, cash, and anything else you might need if you must evacuate your home quickly.
  • Understand your flood risk: Many people don’t know if their property is more at risk of flooding. You can learn if your property is at risk using the flood factor tool, or by searching your property on Redfin.

What to do after a flood: final thoughts

Knowing what to do after a flood can be extremely challenging and daunting. You have to juggle various tasks, ranging from documenting damage and contacting insurance companies, to dealing with potential mold issues and seeking out financial assistance, all while dealing with emotional pain. However, with a systematic approach that includes safety, restoration, insurance, and preparing for the future, the road to recovery can become more manageable.

Recovering from a flood also provides an opportunity to rebuild stronger. This can include understanding and updating insurance policies, flood-proofing your home, creating a comprehensive readiness plan, and understanding your flood risk. 

As the world continues to experience the effects of climate change, for many, these measures aren’t just optional but essential. By being proactive and informed, homeowners and renters can not only navigate the recovery from a flood but also better prepare themselves for future events.

This guide should not replace professional advice or guidance. Always seek help from certified professionals for issues related to structural integrity and safety, and follow all official guidance before, during, and after a major weather event. 

Source: redfin.com

Apache is functioning normally

Moving to Jacksonville, FL, offers residents coastal charm and urban living all rolled into one. The city’s warm climate and beautiful beaches create a relaxed and laid-back atmosphere, making it an attractive destination for beach lovers and outdoor enthusiasts. With a rich history and diverse cultural scene, Jacksonville is known for its museums, art galleries, and lively music festivals. The city’s extensive park system, including the stunning Timucuan Ecological and Historic Preserve, provides ample recreational activities and exploration opportunities. So whether you’re searching for apartments in Jacksonville, homes for sale, or want to learn more about what Jacksonville is known for, this Redfin article will be your guide.

1. Low cost of living

The overall cost of living in Jacksonville is 6% below the national average , making it a great city for residents seeking affordability without compromising on amenities. The city’s housing market offers a diverse array of reasonably priced options, with the median sale price of $302,250 which is below the national median of $425,674. Rent can also be found at a lower cost, with an average two-bedroom Jacksonville apartment going for $1,504. Renting in Jacksonville is more budget-friendly than popular metros like Miami, where the average two-bedroom is $3,618. 

2. Beach communities

With miles of sandy shores, quaint beach towns, and a range of water-based activities, Jacksonville is full of vibrant, yet relaxed beach communities.

“The Jacksonville beach communities are amazingly generous and collaborative,” shares Lori Richards, a local from BEAM, a community-based organization serving low-income residents living or working in Jacksonville’s beach communities. “The sense of being a hometown that cares for our own is so evident and makes this a wonderful place to live.”

3. Beautiful outdoors

You’ll find an abundance of natural attractions in Jacksonville. There are many things to explore, from the stunning beaches, lush parks, and scenic views.

“In Jacksonville’s 850 square miles, outdoor enthusiasts, artists, and nature lovers can discover inspiring preserves, water bodies, and pristine beaches,” says Shehzad Niazi, a local photographer of Photo Adroit. “From hiking and kayaking trails to historical landmarks across 80,000 acres of National, state, and urban parks, there’s something for everyone. Access to historic St. Augustine and other beautiful southern beaches adds to the allure. Despite years of visiting, I’ve only scratched the surface.”

4. Intracoastal Waterway

Jacksonville is celebrated for its intracoastal waterway, a picturesque route that winds through the city, offering stunning views and recreational opportunities.

Local resident Julia Dugger from Jax Beach Treehouse, a short-term rental property, shares, “Jacksonville is Florida’s secret jewel. While the beaches are big, beautiful, and uncrowded, the Intracoastal Waterway is where the locals play. Boating, waterskiing, kayaking, paddleboarding, or bird watching are fun things to do. Revel in spectacular sunsets and peaceful views. Visitors often decide to move to the area for plenty of reasons.”

5. Fast-growing city

Jacksonville is experiencing rapid growth, with its population, economy, and infrastructure expanding significantly.

“The best part about this city is the economic growth,” says Jesse Lane, a local and owner of J. Lane Construction. “We are doing a ton of multifamily and commercial construction in this city and across the whole state, but Jacksonville is unique and explodes with opportunity and lots of potential.”

5. Native Park

Jacksonville has one of the largest park systems in the US. One particular park of note is Native Park, which was formed in 1923 to increase public awareness of plants indigenous to northeast Florida. The park, which is maintained by the Ixia Chapter of the Florida Native Plant Society, currently has over 160 Florida native plant species organized in zones with maps and plant locations posted in a kiosk. Native Park is located in the historic Avondale neighborhood.

7. Timucuan Ecological and Historic Preserve

The Timucuan Ecological and Historic Preserve is a natural gem that preserves the region’s unique ecosystem and rich history. This expansive preserve allows visitors to explore unspoiled marshlands, historic sites, and abundant wildlife.

Explore55Plus, a company assisting search inquiries for retirement homes, shares, “There is so much to love about Jacksonville, but the stunning natural wonders just a stone’s throw away set this city apart. One of our favorite spots is the Timucuan Ecological and Historic Preserve – one of the last unspoiled wetland ecosystems in the region. Visitors can explore its ancient forests, hike along scenic trails, and discover centuries-old historical sites like the Fort Caroline National Memorial.”

8. Vibrant sports culture

Jacksonville boasts a vibrant sports culture that captivates locals and visitors alike. Home to the NFL team, the Jacksonville Jaguars, the city rallies around its football pride, creating an electrifying atmosphere during game days. Additionally, Jacksonville’s passion for sports extends beyond football, as the city hosts various sports events, including golf tournaments, college athletics, and soccer matches. With state-of-the-art stadiums, sports bars, and a dedicated fan base, Jacksonville provides a lively and dynamic environment that celebrates athleticism, camaraderie, and the spirit of competition.

9. St. Johns River

Jacksonville is widely recognized for its iconic St. Johns River that flows through the city, shaping its identity and providing recreational and economic opportunities. As one of the few rivers in the United States that flows northward, the St. Johns River offers stunning scenic beauty, making it a favorite spot for boat cruises, fishing, and water-based activities. The river’s significance in Jacksonville’s history and commerce cannot be understated, as it is a crucial waterway for transportation, trade, and tourism.

Source: redfin.com

Apache is functioning normally

Former President Donald Trump has not made his real estate great again.

Trump has dominated the headlines recently, as he announced his intention to run for office again and then became the first former commander in chief to face criminal charges. But the polarizing politician and reality TV star is first, and perhaps foremost, a real estate mogul. And the past few years have not been kind to his sprawling residential real estate portfolio.

While home prices across America generally rose quickly during the “pandemic pump” housing market, sale prices at the properties listed on the Trump Organization’s website have either declined or appreciated at a slower pace than the local markets they’re in.

To be sure, the COVID-19-era real estate market will be one for the history books, defined initially by ultracheap mortgages, the liberation of newly mobile Americans who could pursue “remote work” away from their abandoned offices, and a continued housing shortage that all pushed home prices up in dramatic ways. The price gains have begun to correct in some areas, but in large part, historically high prices appear to have stuck.

But Trump’s real estate brand hasn’t benefited as much from the favorable housing market. Price appreciation for condos in properties listed on the Trump Organization’s website has been lower both in the luxury real estate and overall housing markets.

For example, the median condominium sale price in the U.S. rose 38% between 2019 and 2022, according to CoreLogic data. But over the same period, the median sale price at Trump Organization properties declined 14%. (The properties Realtor.com® analyzed were all condos.)

And while the price changes varied around the country, his condos didn’t outperform any of the local markets where they’re located.

Some local experts believe the price declines are related to the former president’s controversial politics, especially since most of his properties are in Democratic-leaning areas. Since he ran for office, his name has been pulled off some of his prime real estate holdings in major cities.

“A lot of people have said the buildings are great,” says Dan Neiditch, the president of River 2 River Realty in New York. “But when they have the Trump name on the buildings, it’s all about branding. And when that’s the case, you live and die by your brand, by your name.”

Trump was recently charged with 34 felony counts related to hush money payments made to an adult film star, is under investigation for election interference in Georgia, and is facing multiple lawsuits. That could also affect his real estate holdings, especially in places where the former president isn’t popular.

To come up with our findings, we pulled home sale records from CoreLogic, a real estate transaction data provider, for properties listed on the Trump Organization’s website. Then we compared them with condo sale prices for the counties where those properties are located. Because the CoreLogic data is not perfect, we also excluded transactions that appear to have erroneously high and low transaction amounts recorded (likely data entry mistakes).

While all of the Trump Organization’s condo projects were included in the national numbers, Trump real estate markets with fewer residential units (including Connecticut, Hawaii, and Westchester, NY) are not detailed in the pull-out sections below.

We used 2019—the year before pandemic fluctuations roiled U.S. housing—as a starting point/benchmark for our calculations.

Note: It’s unclear if every property listed on the Trump Organization’s website is owned by the organization. The Trump Organization is a privately held corporation, so it isn’t required to disclose the specifics of its real estate holdings to the public. And even though the Trump name might prominently grace a building, it doesn’t mean that the organization owns the property. The former president licenses his name for a host of different things, including real estate and consumer products.

The Trump Organization did not respond to a request for comment.

Trump Tower in New York, NY

(Spencer Platt/Getty Images)

For decades, Donald Trump made a name for himself as a New York City real estate celebrity and tabloid fixture. The Big Apple was his launching pad, where the Trump Organization began developing residential properties in the early 1980s. And it’s still where his company has the most buildings.

He announced his first run for the presidency, in 2015, in his iconic Trump Tower on 5th Avenue, where he rode down a golden escalator.

But in the past few years, the organization’s Manhattan properties have fallen behind the competitive Manhattan condo market.

In 2022, the median sale price for all of the organization’s New York City properties combined was about $1.75 million. Within the past 10 years, that figure hit a high point in 2015, at $2.3 million, and a low in 2020, at around $1.4 million.

Since just before the COVID-19 pandemic, the Trump Organization’s prices are down about 16%—far behind the roughly 11% price growth for all condos in Manhattan over the same period.

The list of Manhattan buildings listed on the organization’s website includes the Trump Tower, in Midtown, and Trump Parc, on the southern edge of Central Park. On the Upper West Side, the organization has six buildings that make up Trump Place, situated along the Hudson River. Three are apartment buildings, which were not included in this analysis, and three are condominium buildings. Residents voted to remove the Trump name from the buildings in 2019. There is also Trump International Hotel & Tower, on Central Park West. In Midtown East, the organization owns Trump World Tower, looking onto the East River, just across the street from the United Nations headquarters. And on the Upper East Side, the organization owns Trump Park Avenue, Trump Palace, and 610 Park Avenue.

Despite the successful efforts to remove the Trump branding from several of his New York properties, much of the Trump residential real estate is still highly valued among certain buyers.

Trump Park Avenue in New York, NY

(Drew Angerer/Getty Images)

According to luxury real estate broker Dolly Lenz, the properties themselves and their management are second to none.

“The management of the properties—whether it’s Trump Tower, Trump International, Trump World Tower—are some of the best-run buildings in New York,” she says. “They choose the best doormen, the best concierges, so the service is top quality.”

But many of the Trump Organization’s properties are older and have trouble competing with the newer buildings, which offer more modern designs, layouts, and amenities. Trump Tower opened in 1983—40 years ago.

For some local experts, it’s politics that have caused the lagging prices.

“New York and New Jersey are majority-Democrat states. I believe the prices of Trump’s properties take a hit just because of the politics of the people in the area,” says Neiditch, of River 2 River Realty. “We’ve had people who lived there, who said, ‘Hey, we want to sell. We don’t want to live in a building where that name’s on the outside.’”

Access to Trump Tower, which was more restricted during Trump’s presidency due to heightened security and Secret Service activity, also likely affected the value of the units in the bellwether building, says one real estate expert, who asked not to be named.

Trump Grande in Sunny Isles, FL

(MICHELE EVE SANDBERG/AFP via Getty Images)

Fed up with the backlash against him and his politics, Trump officially left New York. Since 2019, the former president has called the purple state of Florida home. He now resides in his oceanside Mar-a-Lago resort in Palm Beach.

The Trump Organization has residential properties in and around Miami, including Trump Grande, Trump Tower Sunny Isles, and Trump Hollywood.

The Trump-branded properties in Florida’s Miami-Dade and Broward Counties appreciated by about 15% between 2019 and 2022, after first dipping in 2020, the biggest price gains of any location analyzed.

But prices shot up much higher in Florida during the pandemic as the Sunshine State saw an influx of companies and new residents. In the Miami-Dade and Broward markets where Trump properties are located, the median condo sale price has increased by more than 50%, going from just under $200,000 in 2019 to just above $300,000 in 2022.

And for the luxury condo segment in the same area (the upper 10% of sales by price), which is closer to the price range of the organization’s properties, prices grew by more than 60% over the same period.

Trump International Hotel & Tower in Las Vegas. NV

(AaronP/Bauer-Griffin/GC Images)

Trump International Hotel & Tower’s opening in Las Vegas in 2008 marked the organization’s first expansion into the western U.S. But condo sale prices in the building have substantially lagged behind overall Las Vegas condo price appreciation.

The median sale price at Trump International Hotel & Tower took a significant hit in 2020, dropping from $305,000 to $214,500. Since then, the prices rose but were still down about 8% below pre-pandemic prices.

Meanwhile, in Clark County, which includes Las Vegas and the surrounding cities, the median condo sale price rose by more than 50% from 2019 to 2022.

June Stark, a real estate agent and broker at The Stark Team–Elite Realty, in Las Vegas, blamed pandemic restrictions as one of the reasons that Trump property prices dropped. Reduced tourism affected the building, which is a combined hotel and condo tower.

“The building itself is beautiful, probably the best-maintained hotel and condo tower in the city,” Stark says, noting that she was among the first agents to sell the residences.

Trump International Hotel & Tower in Chicago, IL

(Beata Zawrzel/NurPhoto via Getty Images)

Trump International Hotel & Tower in Chicago looms large in the city, with its height, distinctive style, and prime location, but the sale prices have taken a dive.

At 98 stories and reaching 1,388 feet, it’s the seventh-tallest building in the nation and second in Chicago (behind the Willis Tower, formerly known as the Sears Tower). The building’s off-centered, tapering spire is hard to mistake, but it’s the 20-foot-tall and 141-foot-wide “TRUMP” sign on the building on the northern bank of the Chicago River that informs anyone who passes by who owns the building.

But while the building’s prominence is unquestionable, the median sale price for residences there dropped by almost half in 2020 alone—going from just below $1.5 million the year before to $750,000. Since then, prices have come back some, but at $1 million in 2022, the median sale price is still down more than 30% compared with before the pandemic.

During the same three-year period, 2019–22, the median condo sale price in Cook County, which includes most of the Chicago area, rose about 12%. But for additional context, condos priced closer to Trump International Hotel & Tower in Chicago, those within the top 10% of sales by price for Cook County, also saw a big drop in prices in 2020, and an overall price decline greater than the Trump Organization’s building.

88 Morgan Street Condominiums in Jersey City, NJ

(Realtor.com)

Across the Hudson River from the Trump Organization’s Manhattan properties is 88 Morgan Street Condominiums, formerly known as Trump Plaza Residences, in downtown Jersey City. The 55-story building, developed by the organization in the late 1980s, provides a sweeping view of the Manhattan skyline and the Upper Bay.

But 88 Morgan Street has not seen the same price gains as condos nearby. The median condo price in Hudson County, NJ, which includes everything from Bayonne to North Bergen and from the Hudson River across the Hackensack River to Kearny and Harrison to the west, saw modest appreciation during the pandemic, rising by about 14% from 2019 to 2022.

In Jersey City, condo sale prices at 88 Morgan Street rose only 4%.

“I know in those buildings in New Jersey, there have been fights about taking his name off,” says Neiditch, of River 2 River Realty, “but that’s been going on since back in 2016.”

Source: realtor.com

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Correspondent Programs; STRATMOR and Customer Service; Credit Products and News; Training and Webinars

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By:
Rob Chrisman

Thu, Jul 20 2023, 10:16 AM

Ever see the movie “Cocoon”? Is there an X-rated version? Seven of the 10 fastest-growing metro areas over the past year are in Florida. The Census Bureau tells us there was population growth for about two-thirds of U.S. metro areas during this time, but The Villages, Florida, had the greatest percent increase at 7.5 percent. (Yes, as in the “STD Capital of America” Villages!) The metro area of Myrtle Beach-Conway-North Myrtle Beach, South Carolina-North Carolina came in second and saw population climb by 5.0 percent. The metro area of Dallas experienced the largest numerical population increase, seeing its population climb by 170,396 or by 2.2 percent from July 1, 2021, to July 1, 2022. The metro area of Houma, Louisiana, had the greatest percent decline over this time range, and two other metro areas in Louisiana were among the 10 fastest-shrinking metros. (Today’s podcast can be found here and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades. To experience how Richey May can help you transform your mortgage business, visit richeymay.com. Hear an interview with NAR’s Jessica Lautz on the latest inflation figures and the Fed’s calculus moving forward.)

TPO Channel Products

Now is the time to become an approved Newrez Correspondent partner. A partnership with Newrez Correspondent provides access to an extensive product menu, delegated/non-delegated underwriting, multiple delivery methods, and professional experience needed to ensure success in an ever-changing market. With exciting enhancements such as the recently added Bulk AOT and soon to be released Appraisal Alternatives, there is no better time than now to become a Newrez Partner. Every week new lenders are joining the Newrez family of nearly 1000 approved correspondent clients, and are enjoying the many benefits of partnering with a top Correspondent Investor when efficiency, cost reduction, and profitability are critical. Newrez Correspondent understands the importance of personalized service and strives to exceed our client’s expectations at every turn. Contact us today to schedule a meeting at the Western Secondary Conference August 21st to 23rd for an in-person discussion on how a Newrez Correspondent Partnership can optimize your business.

Planet Home Lending’s Correspondent division is built on an unwavering commitment to Correspondent lending and the belief that strong partnerships are the cornerstone of success. Our continually refined product lineup ensures you have the right products to build volume in any market cycle. Go beyond government and conventional loans and move into profitable niche products, like renovation, manufactured homes, and buydowns. Get in touch with Planet’s SVP Correspondent Sales Jim Loving (414-270-0027) to learn more or click here to download the latest version of our Product Highlights flyer, then put Planet to work for you!

STRATMOR and Customer Service

Lenders have struggled for years trying to build customer-centric cultures. According to data from STRATMOR Group’s MortgageCX program (more than one million borrower surveys and counting), the number one frustration in the pursuit of Customer Experience (CX) excellence is the transition from collecting customer feedback to creating internal behavioral change. In his July Customer Experience Tip, MortgageCX Director Mike Seminari shares four motivational strategies for lenders that can help drive the change needed. For inspiration on motivation, read, “Motivate Your Mortgage Team to CX Excellence.”

Credit Products and News

Attention Mortgage Lenders: Empower Millennial and Gen Z Homebuyers! Download The Ultimate Credit Scoring Playbook, your go-to resource for conquering unique buyer pool challenges with Millennial and Gen Z homebuyers. Gain comprehensive insights, strategies, and expert tips to guide these tech-savvy generations to their dream homes and establish yourself as a trusted advisor by mastering credit score management. Understand market conditions, interest rates, regulations, and preferences that will affect these generations in their homebuying journeys. Shape your success in the mortgage industry and drive unprecedented growth. Don’t miss out on this opportunity to elevate your expertise. Download The Ultimate Credit Scoring Playbook for Millennials and Gen Z eBook for free now! Follow Birchwood Credit Services to gain access to a plethora of industry-related news and informative content that will aid you in closing loans at lightning speed!

Lenders are keenly aware of the 3 Ds of lending: divorce, death, and da money. This is an answer to the 5 Cs of lending, and credit is very important to lenders. Evaluating a borrower’s credit is always important, especially with the ATR (ability to repay) requirements. Anyone who is thinking we’re heading for foreclosures shooting higher had better take a look at the equity that current homeowners have, and the credit quality of the current crop of borrowers.

Huh? Now SoFi will “underwrite” your loan for you?

VantageScore Solutions was launched in 2006 and is owned by America’s three national credit reporting companies (CRCs) – Equifax, Experian, and TransUnion.

Lenders are still talking about Equifax’s shift last year where it eliminated order options in October, resulting in the need for double orders, and then raising prices on Jan 1st for those double orders. So most will say that competition is good, and the Transunion Truework news last month on income and employment verification is being watched to see how it plays out.

I bring all of this up because yesterday Experian® announced consumers can now choose to share information directly from their employers’ payroll service through Experian Verify™ when applying for credit, including mortgages, auto loans and personal loans. “The enhancement introduces Experian’s automated income and employment verification waterfall and helps lenders easily leverage both instant and permissioned technology with consumer consent to verify income and employment for over 85% of the U.S. workforce… A multi-step approach is needed to help reduce dependencies on complex and costly manual verification processes. Lenders who use a multi-step approach can keep consumers engaged while verifying income and employment information faster and more efficiently.”

Training and Events Next Week

Keep a finger on the pulse of borrower demand and incentive with Black Knight’s complimentary Mortgage Monitor webinar, which provides insights into the mortgage market you can’t get anywhere else. Our experts analyze the most current information from Black Knight’s vast mortgage, housing, and property data assets to deliver a clear view of the market. We also include the latest rate lock data, so we’re able to dig deep into origination trends and provide information that can help you market and allocate resources more effectively. Register now.

Do you have questions about CDFIs? Are you wondering how CDFI’s QM exception and FHLB access work? Falcon Capital Advisors is hosting a webinar with its CDFI experts to share an overview of these primarily non-bank entities and how recent changes in CDFI rules could advantage lenders who are seeking to serve minority borrowers, deeper credit FHA borrowers, participate in state HFA programs and lower their own costs of capital for all of those loans. Register for the webinar on 7/27/2023 at 2pm EST using this link. For more information on Falcon’s CDFI advisory services drop an email.

On Thursday, July 27th at 2pm ET Tabrasa’s Bill Bodnar will be hosting a webinar entitled “Reading the Markets – The Back Nine”. With half the year (or round) over, join Bill for a fast-paced presentation on what Mortgage Market Guide is seeing in the back half of 2023 for the economy, Fed, rates, housing and more.

In Hawai’i, join MBAH for an exciting event on July 26th, 8:30 – 10:30am at Dave & Buster’s Honolulu, Pa’ina Hale, 2nd Floor. Bring together the top real estate experts to share best practices for today’s market.

PRMG’s non-QM Investor Solution product which provides an option for Debt Service Coverage Ratio (DSCR) and No Ratio qualifying on investment properties, Wednesday, July 26.

Angel Oak Mortgage Solutions Part 2 of 2, A Non-QM Webinar on Bank Statement Loans, is all about Angel Oak Mortgage Solutions innovative Bank Statement Program aimed specifically for self-employed borrowers. This webinar on Wednesday, July 26th, 1:00 PM EST | 10:00 AM PST, will take a deep dive into program details, highlight how they determine income and discuss how to market to these borrowers.

Addressing Appraisal Bias and Explore potential solutions to mitigate appraisal bias. California MBA’s Mortgage Quality and Compliance Committee new webinar on July 27th at 11 AM PST. Join and discuss appraisal bias and investigate potential solutions to combat it.

There are many unique characteristics and benefits of the reverse mortgage program that are often misunderstood by potential senior prospects. Join Plaza Home Mortgage® for a free webinar, Thursday, July 27 | 11:00 AM PT / 2:00 PM ET, designed to help you “organize” loan benefits, risks, and loan figures in a way that will help borrowers better understand how a reverse mortgage loan works, and what it means for the future equity and ownership of the borrower’s home.

The 2023 CMLA Convention is back in Vail on August 2-4 at The Hythe. Register today and join us for compelling speaker sessions, ample networking opportunities, and the annual golf tournament. Please find this year’s agenda below – it has been reimagined to provide increased value for our attendees and sponsors, as well as a better event flow. Come and celebrate CMLA and the mortgage industry’s resilience.

FAMP! Florida Association of Mortgage Professionals 2023 Annual Convention & Trade show, “A Grand Affair”, is August 2-5, 2023, at Signia by Hilton Orlando Bonnet Creek. For Over 60 years, this is the annual event that attracts Florida’s top mortgage professionals, and this year is no different. Exhibitors from all over the country will be exhibiting current mortgage products and industry tools for all originators. Do not miss this opportunity to network with mortgage brokers and lenders from across Florida and the United States.

MBA Education is bringing the best-in-class training to Seattle, WA., August 8-11. Begin advancing your career by enrolling in the School of Mortgage Banking I: An Introduction to the Real Estate Finance Industry provides a foundation in residential loan production, underwriting, secondary marketing, regulatory compliance, warehousing and servicing.

In Michigan, the MMLA Annual Lending Conference is 8/9-8/11 is in Mt. Pleasant. “Our event brings attendees from all of the state and country to hear our nationally renowned speakers give expert advice on how you can grow your business even in these challenging times!

“What do David Stevens, CMB, Mitch Kider, and Rob Chrisman all have in common? They’ll be at NAMMBA CONNECT 23, September 14 – 16 at the JW Marriott Bonnet Creek in Orlando, FL as the opening session. NAMMBA CONNECT 23 is the largest conference in the mortgage and real estate industry focused on connecting lenders to the multicultural marketplace. This year has been a tough year for our industry. That’s why we are providing 100 complimentary conference registrations in addition to the first night’s room stay for any Sales, Operations, Marketing or HR Executive who would like to attend the conference. This is our way of giving back to the industry. This offer is on a first come, first serve basis. To reserve your space click here. To see the agenda click here.

Capital Markets

Of course, anyone can sue anyone, right? But capital markets folks took note of this article on how Go Mortgage is suing its former capital markets director for corporate sabotage!

But back to rates! With signs that central banks around the globe are making progress in their fight against inflation, global bond yields have fallen as of late, and Treasury yields across the curve rallied once again yesterday on the heels of the UK CPI cooling more than expected. That move was also aided by the release of a below-consensus Housing Starts report for June that fell 8 percent on both a month-over-month and year-over-year basis (actual 1.434 million, expected 1.475 million, prior 1.559 million). Building Permits were not much better (actual 1.440 million, expected 1.472 million, prior 1.496 million). The drop was broad-based, with both single-family and multi-family production pulling back during the month. This month’s numbers showed a striking shift away from multi-family towards single-family.

The lack of housing inventory continues to help the homebuilder community despite higher mortgage rates. Signs continue to point to a clearing of previous backlogs caused by material and labor shortages, and demand remains sufficient given the ongoing lack of existing homes available for sale. Accordingly, builders are cutting back on sales incentives with just 22 percent reporting that they cut pricing in July, down from 25 percent in June and 27 percent in May. The number of multi-family units under construction is at record levels, while single family units under construction are in the middle of its historical range.

Today’s economic calendar is under way with weekly jobless claims (228k, lower than expected; 1.754 million continuing claims) and Philadelphia Fed manufacturing (-13.5, little changed from last month’s -13.7). Later: leading indicators and existing home sales, both for June, and month-end supply consisting of 2-, 5- and 7-year notes and $24 billion 2-year FRNs, a Treasury auction of $17 billion 10-year TIPS, and Freddie Mac’s Primary Mortgage Markets Survey. We begin the day with Agency MBS prices worse .125-.250, the 10-year yielding 3.79 after closing yesterday at 3.74 percent, and the 2-year is 4.84: the 2-10 yield curve inversion is as steep as ever.

Employment and Transitions

“Foundation Mortgage Corporation, a Full-service wholesale Lender based in Miami Beach, FL, is one of the fastest growing NonQM Lenders in the industry. Foundation is currently accepting applications for experienced, NonQM Account Executives to join our team. (AZ, CA, TX, CO, WA, FL). We are also proud to announce the addition of Ann DiCola, Senior Account Executive. Ann is an industry veteran joining Foundation after 12 years with Axos Bank. Reach out to Dean Ayres, Senior Vice President- Sales to learn more about how Foundation Mortgage can help you build your NonQM business.”

Are you interested in changing our industry for the better? Do you have what it takes to join the top-rated client service team in mortgage technology? Apply to become MCT’s Senior Capital Markets Technology Advisor. While many technology providers are cutting staff and reducing service levels, MCT is continuing to invest in making sure clients succeed. Led by Paul Yarbrough since its formation in 2019, MCT’s Client Success Group (CSG) has revolutionized the client experience by providing fast and effective onboarding, intimate support levels, and deep subject-matter expertise. Through a combination of firsthand capital markets experience, active listening to client feedback, and direct engagement in the technology development process, the CSG is finding new efficiencies and improving execution for mortgage lenders. If you have the drive and experience to match this team at the senior level, apply to join MCT in pushing the secondary market forward.

California’s Summit Funding, Inc., a privately held nationwide mortgage banker and servicer, announced it has expanded its East Coast footprint by hiring three divisional leaders based in North Carolina: Deran Pennington, Chris Shelton, and Matt Schoolfield. They bring more than half a century of experience recruiting and building highly successful mortgage sales teams.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Underground houses, also known as earth-sheltered homes or subterranean dwellings, have gained considerable popularity in recent years due to their unique design, energy efficiency, and sustainability. These remarkable homes provide numerous benefits, from insulation against extreme weather conditions to reduced energy consumption. 

In this Redfin article, we will delve into the fascinating world of underground houses, exploring their advantages, construction techniques, and environmental impact. Whether you’re considering land in New Mexico’s arid climate or Colorado’s chilly terrains, join us as we delve into the alluring world of underground living.

What is an underground house?

An underground house, also known as an earth-sheltered home or subterranean dwelling, is a residential structure built partially or entirely below ground level. It takes advantage of the earth’s natural insulation and stability to create a sustainable living space. These homes offer benefits such as energy efficiency, thermal insulation, protection against extreme weather events, and a unique blend with the natural surroundings. 

Strategic design elements ensure sufficient natural light and ventilation, while proper construction techniques address structural stability and moisture management. Underground houses provide an innovative and environmentally conscious approach to modern living.

5 advantages of underground houses

1. Energy efficiency

Underground houses offer exceptional energy efficiency by tapping into the earth’s natural insulation, providing a thermally stable living environment year-round. The earth’s moderating effect reduces the need for excessive heating or cooling, resulting in significant energy savings and lower utility bills. This sustainable and eco-friendly approach enhances occupants’ comfort while aligning with the growing demand for environmentally conscious housing alternatives. 

Underground homes are a compelling choice for those seeking to reduce their carbon footprint and embrace a more sustainable lifestyle.

2. Environmental sustainability

By utilizing the earth as a natural barrier, underground houses significantly minimize their carbon footprint. The reduced energy consumption and reliance on fossil fuels contribute to a greener and more sustainable living environment. Additionally, these homes often incorporate renewable energy sources, such as solar panels, to further decrease their environmental impact.

3. Enhanced environmental protection 

Underground houses offer increased environmental protection compared to traditional homes. Their unique construction provides excellent protection against severe weather events like hurricanes, tornadoes, and wildfires. The earth’s mass acts as a shield against high winds and flying debris, making underground houses a secure shelter option.

4. Noise reduction

The thick layer of earth surrounding underground houses provides excellent sound insulation, creating a peaceful and quiet living environment. This makes them ideal for individuals seeking tranquility away from bustling urban areas or noisy neighborhoods.

“Underground homes, also known as earth berm or earth sheltered homes, boast several advantages over traditional houses,” shares Burrow Bureau (Journal of Underground Homes). “They are eco-friendly, require less energy for heating and cooling, and contribute to lower environmental impact by reducing noise and light pollution. With affordable construction, they become a viable option, especially in high land price areas. For those seeking a non-traditional living experience, underground homes offer undeniable benefits.”

5. Integration of renewable energy sources

Underground houses offer ample opportunities for integrating renewable energy sources, further reducing their environmental impact. Geothermal heating, for example, harnesses the constant temperature of the earth to provide efficient and sustainable heating and cooling throughout the year. Wind power can also be harnessed in certain locations to generate clean energy, further offsetting the house’s electricity needs.

Underground houses for different regions  

Arid and desert regions

In arid and desert regions like Phoenix, AZ, where scorching summers and limited water resources pose challenges, underground houses excel in their natural insulation properties. These homes remain cooler during hot days, providing relief from the intense heat. Additionally, underground houses can incorporate rainwater harvesting systems to mitigate water scarcity issues.

Cold and harsh climates

In colder regions such as Anchorage, AK, characterized by harsh winters, underground houses leverage the earth’s insulation to retain heat, reducing the reliance on conventional heating systems. These homes are strategically designed to withstand extreme cold temperatures and heavy snowfall, ensuring a warm and cozy living environment.

Coastal and hurricane-prone areas

For coastal areas like Miami, FL, that are prone to hurricanes require resilient housing solutions. Underground houses offer a high level of structural stability and protection against strong winds and flying debris. They serve as secure shelters during severe storms, enhancing the safety and peace of mind of their occupants.

Mountainous and hilly terrains

Mountainous and hilly terrains pose unique challenges for construction. Underground houses can be integrated into slopes, taking advantage of the natural landscape to provide stability and blend harmoniously with the surroundings. For example in Aspen, CO, these homes benefit from the earth’s thermal mass, maintaining comfortable temperatures even in high-altitude locations.

Flood-prone regions

In flood-prone regions like New Orleans, LA, where water damage is a significant concern, underground houses offer a reliable solution. Being partially or fully submerged underground, these homes are less vulnerable to flooding. Proper waterproofing and drainage systems are incorporated to mitigate any potential water infiltration issues.

Urban environments

Even in urban environments like Los Angeles, CA, where land space is limited, underground houses can be a viable option. Utilizing innovative construction techniques, such as cut and cover or subterranean methods, these homes can maximize available space while offering the benefits of energy efficiency and reduced environmental impact.

Each region presents unique challenges and advantages, influencing the design and construction of underground houses. By adapting to diverse climates and geographical conditions, these homes offer a sustainable and resilient living solution tailored to the specific needs of each location. 

Construction techniques for underground houses

Construction techniques for underground houses vary, offering versatile options to suit different terrains and design preferences. 

The Cut and Cover technique entails excavating a hole in the ground and constructing the house within it. The structure is then covered with a layer of earth, seamlessly blending it with the surroundings. This method is particularly suitable for flat or gently sloping terrains, creating a harmonious integration with the landscape.

The Earth Berm construction technique means a house is built into a hillside or embankment, leaving only one side exposed. This exposed side receives ample sunlight, while the other sides are covered with earth, providing natural insulation and stability. The earth berm method allows for strategic positioning to maximize solar exposure while blending the house with its natural surroundings.

The Subterranean technique involves building the house entirely below ground level. This method is often employed in areas with extreme weather conditions or when homeowners prioritize maximum privacy and minimal impact on the landscape. Subterranean houses are hidden beneath the earth’s surface, offering a unique and discreet living environment. Each construction technique presents its distinct advantages, contributing to the allure and innovation of underground living.

“Earth sheltered homes boast a remarkable ability to harmoniously integrate with the natural landscape,” notes Earth Homes Now. “Through thoughtful planning and skillful landscaping, these homes seamlessly blend in with their surroundings, creating a visually appealing and organic living space. The unique architectural style of underground houses stands out as a testament to innovation, all while showcasing a deep respect for and preservation of the land’s natural beauty. The result is a dwelling that not only captivates the eye but also embraces a sustainable and respectful approach to coexisting with the environment.”

Designing an underground house

Designing an underground house requires thoughtful planning and creative ingenuity to maximize the unique advantages of this architectural style. From harnessing natural resources to optimizing living spaces, every aspect of the design contributes to the overall sustainability and functionality of the underground dwelling.

Site selection and orientation

Choosing the right site is crucial for an underground house. South-facing slopes allow for strategic positioning to capture maximum sunlight, optimizing passive solar heating. Proper orientation ensures ample natural light and ventilation, creating a bright and airy living environment.

Integration with the landscape

Harmonious integration with the natural landscape is a hallmark of underground houses. The design should consider contouring the terrain and incorporating earth berms to minimize the visual impact on the surroundings. Thoughtful landscaping enhances the aesthetic appeal while providing additional insulation and water management.

Efficient space planning

Optimizing the use of space is essential in underground houses, where limited surface area requires efficient design solutions. Open floor plans, multi-functional spaces, and creative storage solutions make the most of the available square footage, promoting a comfortable and clutter-free living environment.

Future adaptability

Designing an underground house with future adaptability in mind ensures the dwelling can accommodate changing needs and technologies. Considerations for potential expansions, incorporation of new energy-efficient systems, and accessibility upgrades ensure the home remains relevant and functional for years to come.

Compliance with building codes

Underground houses must meet building codes and regulations specific to their location. Engaging with professionals familiar with underground construction and local building requirements ensures the design adheres to all safety and legal standards.

Environmental considerations for long-term durability

Natural light and ventilation

Although underground houses are partially or fully submerged, strategic design elements ensure an adequate influx of natural light and ventilation. Lightwells, skylights, and carefully placed windows allow sunlight to penetrate the interior, while ventilation systems maintain a fresh and healthy airflow.

“Earth-sheltered houses, contrary to common misconceptions, can be designed to be well-lit, with views and a sense of openness,” mentions Green Home Building. “By digging into a south-facing hillside or using earth berms around the house, windows can be strategically placed for solar heating, while the rest of the house is surrounded by earth. This design allows for a comfortable and pleasant living space, taking advantage of the earth’s natural insulation and stability.”

Water management

Effective water management is crucial for maintaining a dry and pleasant living environment in underground houses. Moisture-related concerns in subterranean dwellings necessitate the implementation of appropriate techniques to prevent water infiltration. Waterproofing, drainage systems, and thoughtful landscaping are key strategies employed to achieve this goal. 

Waterproofing materials create a protective barrier, preventing water from seeping through walls, ceilings, and floors. Drainage systems efficiently redirect water away from the house, while thoughtful landscaping aids in water runoff and absorption, reducing the risk of erosion and water-related problems. These measures ensure the comfort, durability, and sustainability of underground homes.

Structural stability

In the realm of underground houses, ensuring structural stability is crucial to withstand the earth’s pressure and maintain a safe living environment. 

Several elements contribute to achieving this stability, such as reinforced concrete walls that handle lateral pressures and pile foundations in challenging soil conditions. Proper engineering ensures the structure can withstand the surrounding earth’s weight, minimizing settling or damage risks. Retaining walls strategically retain and support surrounding soil, safeguarding the dwelling. Careful consideration of slope stability and geotechnical aspects further reinforces the underground house, ensuring its longevity and safety.

Potential challenges and drawbacks of underground houses

Underground houses offer unique advantages but also come with challenges. Prospective homeowners should consider factors such as limited natural light and ventilation, moisture management, higher construction costs, and potential accessibility concerns. Addressing these issues through thoughtful design and maintenance can create a comfortable and sustainable living space. Despite some drawbacks, with careful planning and proactive measures, underground houses offer a distinctive and innovative lifestyle that many find rewarding and eco-friendly.

A final note on underground houses

In conclusion, underground houses offer a sustainable and innovative living solution. Despite challenges like limited light and construction complexities, their benefits in energy efficiency and environmental impact make them a compelling option. Embracing advanced environmental considerations and seamless integration with the landscape enhances their appeal. Underground houses symbolize a responsible and eco-conscious approach to modern living, paving the way towards a greener future.

Source: redfin.com

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Kristen Chapman, 52, doesn’t know anyone in Virginia. She doesn’t have a job lined up or a home there. But this summer, the Tennessee mother of three will uproot her family from Nashville and move 600 miles away to Richmond, VA, so that her transgender daughter can continue receiving the gender-affirming care that Chapman believes has saved her child’s life.

In March, Tennessee banned gender-affirming care for transgender minors.

“My youngest child cannot get care here legally. I no longer feel welcome here. I no longer feel safe here,” says Chapman, a social worker and artist, who identifies as queer. “I literally feel targeted, like someone painted a big X on our door and we have to get out.”

Chapman is part of a growing number of lesbian, gay, bisexual, transgender, and queer people and their families fleeing neighborhoods, cities, and states where they are worried about their safety. Some have faced harassment as anti-LGBTQ+ rhetoric has spread throughout the country. Others are desperate parents of children whose gender-affirming health care has been outlawed by their state governments. Most are relocating to blue and purple cities and states, where housing costs are often much higher but they feel welcomed.

Since June 5 of this year, more than 525 anti-LGBTQ+ bills have been introduced in 41 states, creating a new record, according to the Human Rights Campaign. More than 220 of those bills targeted transgender individuals with at least 20 states now banning gender-affirming care. More than 76 bills have become law, more than double last year, according to the HRC.

While there are no official estimates of how many LGBTQ+ people and families are relocating, it’s a growing number, says Anita R. Blue, a Realtor® in Houston and president-elect of the LGBTQ+ Real Estate Alliance. It’s an issue that’s increasingly spilling over into the housing market.

“Housing’s going to suffer,” says Blue. “People don’t want to live or buy a home in a state where they don’t feel safe.”

In 2020, several months into the COVID-19 pandemic, Chapman received a three-word email from her daughter. It said, “I am trans.”

What followed was about a year of doctor’s visits, tests, and mental health evaluations before her child, now 15, began receiving puberty blockers.

Chapman explains that her child was suicidal before receiving treatment. Now, if her daughter misses a treatment, she will go through puberty—as a boy.

“If I don’t get her to a state in August where she can receive a shot, then she literally could resume puberty immediately. Her voice could drop, and there’s no fixing that,” says Chapman. “The more she passes as a [cisgender woman], the safer she is. That was our big motivation to move quickly.”

She chose Richmond because she hopes that her husband, whom she is separated from, will be able to transfer his job to one of his company’s offices there to be close to their 15-year-old and 17-year-old autistic daughter. Their oldest is away at college. Chapman started a GoFundMe campaign to help pay for moving costs.

“I’m really angry. But the overwhelming feeling is I’m just heartbroken,” Chapman says through tears. “I’m exhausted, and I’m scared for my family. At this point, my children deserve to feel some peace and stability.”

LGBTQ+ people and their families are fleeing neighborhoods, cities, and states where they are worried about their safety.

(Julia Robinson for The Washington Post via Getty Images)

Dallas-area real estate broker Bob McCranie has helped 27 clients worried about anti-LGBTQ+ harassment and legislation move out of Texas. Most are going to blue states, such as Illinois, Connecticut, Massachusetts, and Colorado, or even abroad.

Last year, he started FleeTexas.com, which was followed by FleeRedStates.com. The sites help connect homebuyers and sellers to LGBTQ+ real estate agents.

“There’s a migration going on right now,” says McCranie. “We’re trying to get people out of harm’s way and to a place that’s a little bit safer.”

But moving, especially cross-country, takes money.

Those leaving red states might find that home and rental prices, as well as everything else, are much higher in blue states. Transplants are often leaving behind their support networks and essentially starting over.

Callen Jones, a Realtor® with the Dalton Wade Real Estate Group and who is based in Tampa, FL, has seen many people leave Florida due to the state’s anti-LGBTQ+ laws. This spring Jones, who identifies as transgender, helped four people sell their homes. Jones’ clients, who were self-employed or worked remotely, relocated to the Midwest and Northeast.

Last year, Florida made headlines for banning classroom instruction on sexual orientation and gender identity in public schools for kindergarten through third grade. The law, which has since been expanded to higher grades, resulted in a teacher being investigated for showing her fifth-grade class the Disney movie “Strange World,” which has a gay character.

In May, Florida Gov. and Republican presidential candidate Ron DeSantis signed into law legislation to restrict gender-affirming health care for transgender minors. The law also allows children who undergo treatment to be placed in the state’s temporary custody.

“A lot of our folks who are openly LGBTQ and their parents are fearful,” says Jones. “Home is so vastly important to everyone, the ability to have a home and feel safe and feel settled. If you don’t feel safe, secure, and affirmed, you’re not going to be your best self.”

Nicole, who did not want to be fully identified, moved from the Fort Worth, TX, area to Denver with her husband and 14-year-old twin boys in mid-November.

One of their twins came out as bisexual in 2019 and then as transgender a year later. He began gender-affirming health care six months later.

In February of last year, Texas Gov. Greg Abbott directed the state’s Department of Family and Protective Services to investigate parents of transgender children receiving gender-affirming care. The order was successfully challenged in the courts but is now being appealed. On Sept. 1, it will become illegal for doctors in the state to provide gender-affirming care to those under 18.

“It was urgent that we needed to leave,” says Nicole. “The thought of both of [our kids] being taken from us because we support gender-affirming care was terrifying.”

She was advised to create a “safe” folder for affidavits from people who knew the family and could testify they were good parents. Their children were advised not to answer questions from adults they didn’t know unless Nicole and her husband were present.

“I couldn’t in good conscience stay any longer,” says Nicole.

The family chose Denver, despite not having family or friends there. They had searched online for LGBTQ+-friendly places, and Colorado kept coming up.

Their three-bedroom, two-bathroom house, which they purchased in 2019, took five months to sell. They barely broke even. In November, they moved into a rental house in Denver, which was considerably more expensive.

Nicole, who is a mortgage lender, was able to continue working remotely. Her husband is retired from the Air Force. Most importantly, their son is able to continue with his treatment.

“We didn’t realize how we were living down in Texas until we got up here. This massive weight was lifted, and the fear was gone,” she says. “We feel like we can take a deep breath.”

Source: realtor.com

Apache is functioning normally

Located on the western coast of Florida along the Gulf of Mexico, Tampa is a modern city steeped in history. The city is known for its warm climate, beautiful beaches, and vibrant cultural scene, meaning there are hundreds of reasons to make it your new home. Whether you’re seeking year-round sunshine, outdoor adventures, or a diverse culinary experience, this city has something for everyone and offers world-class options for living, working, and playing. But is the area right for you? 

If you’re looking at homes for sale in Tampa or are just curious about what the area has to offer, this Redfin guide is for you. To give you a taste, here are 7 reasons to move to Tampa, FL. 

1. Affordable cost of living

The cost of living in Tampa is lower than many other US cities, especially when compared to nearby cities like Miami and Orlando. Housing costs, in particular, are much lower than other Florida cities. For example, the median sale price in Tampa is $441,000, compared to $590,000 in Miami and $522,000 in Fort Lauderdale. Apartments in Tampa are also much cheaper than nearby areas, with the average unit costing around $1,540, compared to nearly $2,800 in Miami and $1,820 in Orlando.

2. Pleasant climate

A great reason to move to Tampa is its climate. The city boasts a pleasant subtropical climate with mild winters and plenty of sunshine year-round. If you enjoy warm weather, Tampa’s average temperature of 73 degrees Fahrenheit (23 degrees Celsius) may be ideal for you. However, it’s important to note that summers can be very hot and humid, with temperatures reaching into the 90s and even 100. And, in the next 30 years, heat waves will become more common and extreme. Winter temperatures, on the other hand, are some of the nicest in the country.

3. Beautiful beaches

Tampa is surrounded by stunning beaches along the Gulf of Mexico. Clearwater Beach and St. Pete Beach are renowned around the world for their pristine white sand, clear turquoise waters, and breathtaking sunsets. There are also luxurious resorts and other attractions perfect for any day and mood. Living in Tampa gives you easy access to these and dozens of other coastal paradises just an hour away.

4. Outdoor activities

With its favorable climate and unique environment, Tampa offers a wide range of outdoor activities. From boating, fishing, and kayaking, to hiking, biking, and golfing, there’s something for everyone. Consider renting a kayak or bike at Sharkey’s or going on a fishing adventure with Shallow Point Charters. If you’re in the mood for a longer trip, visit one of several picturesque parks and nature reserves, such as Everglades National Park or the Green Swamp Wilderness Preserve. 

5. Cultural scene

Tampa has a vibrant cultural scene with numerous art galleries, museums, theaters, and performance venues. The Tampa Museum of Art, the Straz Center for the Performing Arts, and the Florida Museum of Photographic Arts are just a few of the cultural attractions the city has to offer.

The city also hosts numerous events and celebrations, such as Summer Nights at Busch Gardens and the Gasparilla Parade. No matter your mood, you’ll find something to love.

6. Sporting events

Tampa is a city passionate about sports. The area is home to three major professional teams: the Tampa Bay Buccaneers (NFL), the Tampa Bay Lightning (NHL), and the Tampa Bay Rays (MLB). The city has also hosted many major sporting events, such as the Super Bowl and the NHL all-star game. 

The city is also home to the Tampa Mayhem in the USA Rugby League and the Tampa Bay Cannons in the AUDL (ultimate frisbee). 

7. Culinary delights

Tampa offers a diverse and vibrant culinary scene with a wide range of dining options. From fresh seafood and farm-to-table restaurants to international cuisine and food festivals, food lovers will find an abundance of flavors to explore. Consider visiting Ulele for Native American fusion, or Oak & Ola for modern takes on American classics. There are also options for more casual dining located around the city, such as Coco’s Food Truck and Westchase BBQ.

Source: redfin.com

Apache is functioning normally

With sparkling blue waters, lush lakefront parks, towering skyscrapers, famous theme parks, and endless sunny days, Orlando is a fabulous place to live in Florida. Whether you’re moving to or have lived in the area for some time, you may be wondering if now is the time to buy versus rent a home in Orlando. In addition to Orlando’s real estate market conditions, there are always pros and cons to renting and buying, making your decision a little more difficult.

If you’re considering buying a home in Orlando, you’ll see the current median sale price for a home is $370,000, as of June. According to Redfin’s recent study, the estimated median monthly mortgage cost is $2,966 while the average rent price in Orlando is $2,566. For many potential homebuyers, this means renting a home costs less than buying a home in today’s market. However, it’s important to keep in mind there are still plenty of reasons why buying a home right now may be the right choice for you. 

Ultimately, the decision between buying a house or renting an apartment in Orlando is personal and depends on several factors. Whether that’s your desire for flexibility or stability, your financial goals, or which one of the Orlando neighborhoods you want to live in, there is plenty to consider. We’ll help guide you along the way as you make the decision between renting vs buying in Orlando. That way, you can make the best decision for your goals.

Advantages of buying a home in Orlando

Buying a property in Orlando can offer several compelling advantages over renting. Let’s dive into some of the main advantages of buying in the current market.

Building equity

Firstly, homeownership provides long-term stability and the opportunity to build equity. Instead of paying rent that provides no return on investment, homeowners can invest in their own property and potentially benefit from appreciation in the real estate market. 

Tax benefits

As a homeowner, there are a few potential tax benefits you may be eligible to receive. For example, mortgage interest and property tax payments may be tax-deductible, providing potential financial benefits. Speaking with a financial advisor or tax consultant can help you identify any possible tax benefits you may qualify for.

Freedom to design space

Owning a home also offers the freedom to personalize and modify the property to suit individual preferences without seeking permission from a landlord. 

Market conditions

Finally, as Orlando continues to experience growth and development, homeowners can potentially capitalize on the area’s thriving real estate market. By purchasing a property in Orlando, individuals can secure a long-term asset while enjoying the benefits and pride that come with homeownership.

Disadvantages of buying a home in Orlando

High demand and competitive market

Orlando’s real estate market has experienced significant growth and demand in recent years, which can lead to increased competition among buyers. This high demand may result in bidding wars and inflated prices, making it more challenging to find affordable housing options. Additionally, limited inventory and a seller’s market can make it more difficult to find a property that meets your specific needs and budget. 

Property insurance costs

Florida, including Orlando, is at risk of natural disasters like hurricanes. As a result, the state often experiences higher property insurance costs compared to other regions. Homeowners in Orlando may need to pay higher insurance premiums to adequately protect their property against potential storm damage or other weather-related risks. These increased insurance expenses can add to the overall cost of homeownership in the area.

Determining if you are ready to buy a house in Orlando

Deciding if buying a home in Orlando aligns with your goals can be a complicated question to answer. You’ll have to consider many factors such as your desired location, finances and budget, as well as the housing market conditions. Here are some of the main factors to consider:

1. Financial stability and affordability: Before beginning your homebuying journey, evaluate your financial situation and affordability. Consider factors such as mortgage interest rates, your credit score, and your ability to make a down payment. Lower interest rates can make homeownership more affordable, while higher rates could impact your purchasing power.

2. Long-term plans: Consider your long-term plans and how they align with buying a home in the greater Orlando area. If you plan to live in the area for a significant period, buying a home can be a good investment. However, if you’re uncertain about your future plans or have short-term goals, renting might be more suitable.

3. Housing market conditions: Consider the current state of the housing market in terms of supply and demand. If there is low inventory and high demand, it may indicate a seller’s market, which could lead to increased competition and potentially higher prices. On the other hand, if there is a higher inventory and less demand, it may be more favorable for buyers.

4. Housing preferences: Evaluate the type of property you’re looking for, such as single-family homes, condos, or townhouses, and assess their availability and affordability in the area. Consider factors like neighborhood amenities, school districts, and proximity to your workplace or desired locations.

5. Location: Orlando is a diverse metropolitan area with various neighborhoods and suburbs. Consider your preferred proximity to amenities, schools, workplaces, and entertainment options. Research the different neighborhoods to find the one that aligns with your lifestyle and preferences.

6. Employment opportunities: If you’re moving from out of the area, another factor to consider is employment. Orlando is known for its tourism industry, but it also has a diverse economy with opportunities in healthcare, technology, education, and more. Research the local job market to ensure there are opportunities in your field or industries of interest. 

7. Climate: Orlando experiences a subtropical climate with hot and humid summers and mild winters. Take into account your preferences for weather and seasonal changes when deciding to move to the area.

Is it competitive to buy a home in Orlando?

If you’re considering buying a home now, you can expect to encounter some competition in the real estate market. Here are a few factors that can contribute to the competition among buyers: 

Low housing inventory: One common factor driving competition is a shortage of available homes for sale in many areas. If there are fewer homes on the market, it means more buyers are vying for the same properties, which can increase competition. 

High demand: Strong demand from buyers, coupled with low interest rates, can create a competitive environment. Factors such as population growth, job opportunities, and popular neighborhoods can drive up demand for housing, leading to increased competition among buyers. 

Multiple offers: In a competitive market, it’s not uncommon for sellers to receive multiple offers on a property. This can lead to bidding wars, where buyers try to outbid each other to secure the home. In such situations, you may need to act quickly and offer competitive terms to increase your chances of success. 

Cash offers and pre-approved financing: Buyers who can make cash offers or have pre-approved financing may have an advantage over others. Cash offers are attractive to sellers as they eliminate the risk of financing falling through, while pre-approved buyers have already taken steps to secure financing, making their offers more reliable. 

Location and desirable features: Homes in highly sought-after locations or with desirable features like good school districts, proximity to amenities, or unique characteristics may attract significant competition. Buyers looking for properties with these qualities may face additional competition from others seeking similar homes. 

Real estate market conditions: Market conditions can vary regionally, and some areas may be more competitive than others. It’s important to research and understand the local market dynamics, as they can greatly impact the level of competition you may encounter. 

To navigate a competitive market, it’s essential to work with a knowledgeable real estate agent who can guide you through the process, help you make competitive offers, and identify suitable opportunities. Being prepared, flexible, and financially ready can also increase your chances of success in a competitive buying environment.

Advantages of renting a home in Orlando

If you’re contemplating renting a home or apartment in the Orlando area, there are a few advantages to consider: 

Flexibility

Renting provides greater flexibility and mobility compared to buying a house. If you’re unsure about your long-term plans or expect to move frequently, renting allows you to easily relocate without the burden of selling a property or dealing with the real estate market. This flexibility is particularly advantageous for individuals who prioritize mobility due to job changes, lifestyle preferences, or other personal circumstances. 

Lower upfront and ongoing costs

Renting typically involves lower upfront costs compared to buying a house. When you rent, you generally only need to provide a security deposit and possibly pay for any application or administrative fees. On the other hand, buying a house involves significant upfront expenses such as a downpayment, closing costs, home inspections, and potential repairs. Additionally, as a renter, you’re generally not responsible for major maintenance and repair costs, which can save you money and the hassle of dealing with unexpected expenses.

Disadvantages of renting a home in Orlando

Lack of long-term financial benefits

When you rent a house, you don’t build equity or gain potential long-term financial benefits like homeownership. Rent payments don’t contribute towards ownership or potential property appreciation. Instead, your money goes towards the landlord’s investment, providing no return on investment for yourself.

Limited control and restrictions

Renting a house often means you have less control over the property. You may face restrictions on making modifications or personalizing the space to suit your preferences. Additionally, your lease terms may subject you to rules and regulations set by the landlord or property management company. This lack of control can limit your ability to truly make the rental property feel like your own home.

Renting vs buying in Orlando: A real estate agent’s final thoughts

Historically, the greater Orlando area has been a popular destination for homebuyers due to its warm climate, attractions, employment opportunities, and overall quality of life. As you make the decision between renting vs buying in Orlando, make sure to consider the market conditions, your financial situation, long-term plans, and housing preferences.

Remember, real estate markets can be dynamic and subject to change. It’s crucial to conduct thorough research, consult with local experts, and assess your personal circumstances before making any decisions. At the end of the day, whether you decide to rent an apartment or buy a home, the Orlando area is a fantastic place to call home.

Source: redfin.com