Finding Defects In Newly Constructed Homes For Sale

Finding Defects In Newly Constructed Homes For Sale Defects

According to the Better Business Bureau, contractor problems are one of the most common consumer complaints. With those kinds of statistics, buying newly constructed homes for sale calls for a knowledgeable individual. Here are a few things you can do to make sure your contractor doesn’t end up as your complaint:

Know What Your Warranties Cover

There are two types of warranties. One is called an express warranty, and is given to you by the contractor. Usually, this warranty lasts between one to ten years, with one year being the most common. It covers everything from cosmetic flaws to serious defects.

The second type of warranty varies depending on the state you live in. It’s an implied warranty that lasts seven to ten years, stating that the residence has to be habitable. To have your defect covered by this warranty, you have to be able to prove that it’s a health or safety hazard.

Find Real Defects

If you spot a defect, you need to find out whether it’s an acceptable imperfection or a real defect. For instance, small cracks in the interior of new homes for sale are normal defects. The only cracks that need to be repaired are those longer than 3/16 of an inch, according to the National Association of Home Builders’® performance guidelines. In addition, hammer marks or nail pops only count if you can see them from more than six feet away.

Document Everything

Once you find a real defect, document everything. Take photos and make detailed notes. You may want to hire an independent inspector or structural engineer to give your house a full examination.

Buying new homes for sale can be enjoyable when you work with a REALTOR® like us who have the knowledge and experience to guide you through the process.

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APPEALING TO RELOCATING RENTERS

http://blog.apartments.com/appealing-to-relocating-renters

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SPRING BREAK HELPFUL TIPS

https://www.talgov.com/tpd/tpd-tips-springbreak.aspx

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THE REAL COST OF LOSING A TENANT

HERE IS AN INTERESTING ARTICLE THAT WAS EMAILED TO US BY STERLING EDUCATION SERVICES

If you’re in business, you’ve likely heard more than once that it’s more expensive to lose an employee and face the need to find a new one than it is to actively focus on retention efforts. It makes sense. You have a significant outlay to advertise the position, recruit, go through the vetting process, relocate the right applicant, train him or her, and invest in both salary and benefits. If you lose that individual, you lose not only all of that investment, but the time and productivity losses associated with a vacancy, as well as another round of the same initial investments to fill the position yet again. For this reason, wise companies make significant investments in their ongoing retention efforts.

Multifamily apartment properties are no different. Think about it. To get a tenant in the door, you must advertise the vacancy, then you must vet and screen the applicants, which takes significant resources in including time, effort, and money. You then must have the unit move-in ready, which always requires at least a small investment. And the list goes on. Once that tenant is in place, if anything goes awry and he or she is no longer satisfied enough to stay the term of the lease or renew, you are now faced with all the related expenses of losing that tenant and replacing him or her, and according to research conducted by the National Apartment Association (NAA), those expenses can add up to a whopping $4,000 for each move-out.

The moral? As a property owner, tenant retention efforts should be a top priority. And even the simplest efforts go a long way. How can you get your tenants to stay? Here are just a few ideas:
•Communicate. Have an open door policy to encourage feedback and free flow of information, including keeping all tenants up to date on anything they should know about the property and its management.
•Be responsive. When there is an issue, be attentive and quick to respond. Think of how you would like to be treated if you were the one making the request, and give it due diligence. Even if no real attention is needed, empathy is sometimes all people need or want.
•Keep an open mind. Remember that while the property is your business, it’s home to all your tenants. For this reason, it’s recommended you keep an open mind when it comes to special requests. Do your tenants want an outdoor chicken coop? Is there room for the volleyball pit that seems to be in high demand? Would a community garden really be such a bad idea? Granting wishes within reason in order to help tenants achieve a more ideal living situation will encourage them to stay.

Class A Management

Home-grown in the Lone Star state, Class A Management has been helping multifamily property owners achieve success through its award-winning management services for nearly 30 years.

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Student Housing Oversupply Is Prompting Some Landlords to Cut Rent

By DAWN WOTAPKACONNECTSome of the millions of students heading back to college—and their parents—are finding a pleasant surprise: Landlords nationwide are cutting rents because of an oversupply of student housing in college towns.

Since 2010, private-equity firms, real-estate investment trusts and private developers have been cranking up delivery of off-campus accommodations, often rich with amenities such as pools and movie theaters. That has raised fears of a glut in some markets, which has sparked a rout in the stocks of developers specializing in student housing.

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Zach Rolen

Many new student-housing communities are rich with amenities such as pools and movie theaters. Above, The Retreat in Tucson, Ariz.
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A record 51,000 new off-campus beds are expected to be delivered in college towns nationwide this year, according to Axiometrics Inc. Developer interest in the sector has swelled on the belief that enrollment was outpacing the ability of budget-constrained schools to build or modernize on-campus housing.

But developers appear to have overshot the mark in numerous markets. Some of them failed to take into account other construction that was planned, say experts. Others misjudged future enrollments or the willingness of students to pay up for off-campus living at the time when many families are still pressed in the aftermath of the economic downturn.

With vacancy rates rising due to the new supply, new and existing complexes near schools such as Florida State University, Kennesaw State University in Georgia and Arizona State University are being forced to cut rents to fill beds.

American Campus Communities Inc., ACC -1.30%the nation’s largest owner and operator of student housing with more than 123,000 beds in about 200 communities, recently changed its occupancy forecast to a range of 95.5% to 98.5% for this year, indicating occupancy could come in below last year’s 96.8%.

Overall, the student-housing vacancy rate in the top 74 universities tracked by Axiometrics rose to 6.7% for the 2012-2013 school year, up from 5.2% a year earlier. That means that more than 37,000 beds will be empty in September.

“There’s more supply than demand, that’s the easy way to say it,” says Jay Denton, Axiometrics director of research. “Somebody’s getting hurt.”

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In Tempe, Ariz., near Arizona State University, more than 1,500 beds will be added this year, compared with 400 in 2012. Last year, the Tempe campus had more than 60,000 students enrolled, up only slightly from 2011.

One off-campus complex in Tempe, 922 Place, suffered a 41% vacancy rate last year, even though its amenities include free tanning and a hot tub. American Campus, which purchased the complex a year ago, was able to decrease vacancy to 3% this year by cutting rents 12%.

Florida State, in Tallahassee, saw 7,365 off-campus beds delivered over the past decade, while enrollment has only risen about 4,000, according to Axiometrics. Developers have had to lower rents about 4.8% this year to attract tenants, the research firm says.

Competition is particularly acute among developers of upscale communities who are hoping to charge premium rents by offering amenities such as ice-skating rinks and swimming pools. In some cases, the rent can be well above $1,000 a month, while shared dorm rooms can run as low as $500 a month. “We do see people tending to overbuild at the higher price points,” says Bill Bayless, chief executive of American Campus, which builds more-affordable and high-end communities.

Wall Street began to sour on the student-housing sector earlier this year, sending the stocks of companies such as American Campus and Education Realty Trust Inc. EDR +0.55%down about 25% and more than 15%, respectively, this year. By comparison, the broader FTSE NAREIT All Equity REITs index is up more than 1%.

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Freddie Mac, which last year guaranteed a record $1.7 billion in loans made to student-housing developers throughout the country, also has taken notice. Earlier this year, the company began asking some developers to increase their equity contributions to projects by 5% to 10% for a total of 25% to 30%, according to Rich Martinez, a vice president of multifamily production and sales. “We are concerned about the amount of new construction activity in some markets, along with inexperienced owners and new capital sources coming into the market,” he said.

Until the mid-1990s, most of the market consisted of small mom-and-pop businesses in college towns. But companies such as American Campus began building national companies that benefited from building, marketing, managing and buying material in bulk.

While some of the supply hitting the market is the result of overzealous developers, the product likely will be absorbed over time, say analysts. Plus, Mr. Bayless points out, much of the new supply is “the modernization of product that was neglected for decades.”

Supply and demand trends have looked compelling. The Department of Education projects there will be 24.1 million full- and part-time students attending the nation’s colleges in 2021, up from 21.8 million this year and 16.9 million in 2003.

On-campus construction hasn’t kept up. Between 2009 and 2013, the number of dorm beds increased by about 151,000 to 3 million. During that same period, full-time enrollment increased by 606,000 to 13.3 million, according to the Department of Education.

Some developers have fared better than others. Landmark Properties, a private developer in Athens, Ga., recently opened three new communities—in Tucson, State College, Pa., and Oxford, Miss.—that were 100% leased before the doors opened. In Pennsylvania, Landmark was able to raise rents three times without slowing demand. “We literally had a line out the door,” said Landmark Chief Executive J. Wesley Rogers, who plans four new communities for 2014.

But developers that built projects to serve Kennesaw State north of Atlanta have seen mixed results. The school has about 25,000 students and the number of beds serving on- and off-campus doubled in the past two years to 6,100. Off-campus housing is currently 91% leased, down from 100% last year, according to Axiometrics.

American Campus, which often buys distressed properties, recently cut rents 6% to $549 a month at U Pointe Kennesaw, a 795-bed complex it purchased last year as part of a 19-property acquisition from Kayne Anderson Real Estate Advisors, a private-equity firm. American Campus also spent $700,000 to add a fitness center and theater room, and it has boosted occupancy to 91% from 83% a year ago.

Al Rabil, managing partner of Kayne Anderson, said the firm miscalculated demand. It turned out that more students commuted from home than the firm realized, he said.

“We underperformed our expectations,” he said. “It is ill-advised to build there.”

Write to Dawn Wotapka at dawn.wotapka@wsj.com

A version of this article appeared August 28, 2013, on page C1 in the U.S. edition of The Wall Street Journal, with the headline: A College Bargain: Housing.

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POSITIVE CHANGES TO LANDLORD TENANT LAW AWAITING GOVERNOR RICK SCOTT’S SIGNATURE

CS/HB 77 – Landlords and Tenants

General Bill by Judiciary Committee and Porter
Landlords and Tenants: Revises exclusions from applicability of Florida Residential Landlord & Tenant Act; provides that right to attorney fees may not be waived in lease agreement; provides that attorney fees may not be awarded in claim for personal injury damages based on breach of duty of premises maintenance; revises & provides certain landlord disclosure requirements; provides requirements for disbursement of advance rents; provides limited rebuttable presumption of receipt of security deposits; revises landlord’s obligation to maintain premises with respect to screens; provides that enforcement of right or duty under Florida Residential Landlord & Tenant Act by civil action does not preclude prosecution of criminal offense; revises procedures for termination of rental agreement by landlord; provides that landlord does not waive right to terminate rental agreement or to bring civil action for noncompliance by accepting partial rent; provides period to institute action before exemption involving rent subsidies is waived begins upon actual knowledge; revises requirements for termination of tenancy with specific duration; provides conduct for which landlord may not retaliate.
Effective Date: July 1, 2013
Last Event: Ordered engrossed, then enrolled on Thursday, May 02, 2013 10:22 AM

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CONGRATS TO LOGAN & THEO ON PASSING EXAMS

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AWESOME HOT WATER HEATER REBATE. TAKE ADVANTAGE OF THIS GREAT DEAL WHILE IT LASTS.

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THIS WEEKS WEBSITE HITS

THIS WEEKS WEBSITE HITS WERE 7236. THATS A NEW RECORD!!!

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POOR CONDITIONS PLAGUE RENTERS

THIS IS WHY IT IS VERY IMPORTANT IF YOU ARE A TENANT TO REPORT ANY MAINTENANCE TO MANAGEMENT IMMEDIATELY, ADDITIONALLY IF YOU ARE A LANDLORD, THIS IS WHY IT IS ABSOULUTLEY NECESSARY TO MAKE CORRECT REPAIRS DONE THE RIGHT WAY AND NOT JUST PUT A BANDAID ON THE PROBLEM UNTIL IT BREAKS AGAIN. THAT IS NOT THE RIGHT WAY. PLEASE SEE THE LINK BELOW TO A RELATED ARTICLE. THX

http://www.tallahassee.com/article/20130327/BUSINESS/303270006/Poor-conditions-plague-renters?nclick_check=1

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