David Barr's Sarasota and Venice Real Estate Blog

I'll be starting a series of what I call "explainer videos" for Sarasota real estate. Topics will include the buying process, the selling process, how to find helpful features on my websites, new home buying, and more. In this video, I discuss what happens once you put a condo under contract in Sarasota.  Watch my video:  My YouTube channel is youtube.com/c/davidbarrhomes, and you can learn more about Sarasota, Lakewood Ranch, and Venice FL real estate on one of my three websites, each with current MLS listings and sophisticated search. sarasotadavid.com lakewoodranchdavid.com davidbarrhomes.com

I've blogged about this topic before.  If you are getting a mortgage for your vacation property, or are looking to buy as an investment, single family homes are the best bet compared to condos. View my analysis here:   http://www.davidbarrhomes.com/#!condo-versus-house-sarasota/c1tqw The carrying costs for single family homes versus condos (insurance, fees, maintenance) are roughly the same.  However, getting a mortgage for a condo is turning into a nightmare. Prepare for 30% down for a condo purchased as a vacation property.  Your interest rate will be higher if you are purchasing a condo as an investment property.  Add to this the fact that mortgage lenders are now sending questionnaires to condo association managers and asking for detailed financial statements before approving the mortgage.  One of my recent client's closing was delayed because the condo association did not reply to the intrusive questions from the lender in time. I probably don...

Almost without fail, out of town buyers, especially buyers from Canada, are interested in Sarasota and want to buy a condo as an investment. There's myriad reasons why condos are no longer the best choice for real estate investors.  Consider the following: 1) Condo prices are increasing faster than rents; 2) Condos in the entry level price range up to $150,000 are seeing multiple offers in a very competitive field of buyers; 3) Condo association fees average $300 per month, and will only go up; 4) Many condo associations restrict owners from renting to significant segments of the population, for example, tenants with pets. The monthly expenses for an investor are virtually the same for a condo or a single family home, by the time you account for insurance and maintenance costs for single family homes.  Despite this, single family homes, in my opinion, represent a better choice for real estate investors because: 1) Single family homes rent faster than condos; 2) Si...