Veleiros at Crystal Lakes
Past renter of mine turned into a buyer after I provided her a Rent vs Buy analysis. We hit the road running and I showed her 10 properties that she selected. All were 20+ years old. Some risks when buying a 20 year old home puts you 5 years out for a new roof or potential insurance rate increases due to age. We also saw homes that were 50-60 years old in east Broward, which is typical. The issues with these types of homes are older electrical panels, which are red flagged by insurance companies, that then lead to expensive policies and even policy cancellations.
Also, another potential issue with older homes is cast iron plumbing underneath the house. This type of plumbing can decay over time and leads to massive expenses into the $15k+ range.
Many of these homes, believe it or not, don’t have hurricane impact windows, which opens the owner up to higher insurance premiums and risky dangerous conditions during a hurricane.
Looking at this transaction from an advisory standpoint, I suggested a new construction home that would mitigate these issues and have 30% less insurance premiums. She ended up buying a brand new home for under $450,000, which is completely turnkey so she won’t have to do anything to the property for a very long time! I’m so happy for her that she chose this home.