Lost Tree Preserve Community in Vero Beach Florida
Lost Tree Preserve Community in Vero Beach, Florida DR Hortons latest affordable community located right between Sebastian and Vero Beach Hey everyone welcome to Lost Tree Preserve, a new construction gated community here in Vero Beach. In this blog I'm going to be showcasing the Lost tree preserve community, and sharing with you all the information you need to know. This is a great community with both new construction and resale options, so let's take a look. My name is Spencer Bailey and I'm a local real estate agent down here on Florida's East Coast. If you're looking to buy sell build or relocate down here to Florida please feel free to give me a call, id love to answer a few of your questions and hopefully find that perfect home for you here on Florida’s east coast. Lost tree preserve is located in between Vero Beach and Sebastian just south of Wabasso. It's a very short drive to the beach, and around a 10-to-15-minute drive to either Sebastian or Vero Beach. In my opinion, Lost Tree Preserve hits the jackpot when it comes to its location. It strikes the perfect balance between proximity to the beach and tranquility away from the hustle and bustle of the city center. You won't have to worry about traffic noise or being surrounded by tons of people here. Instead, you'll find yourself in a charming, peaceful community tucked away off the beaten path. The first phases have already been built by DR Horton, And the next phases are currently being built by Ryan Homes, so there are resale and new construction options for you in this community. The DR Horton homes got built in Early 2020 so all the homes in the community are either relatively new or brand new. According to their plat map there's going to be building a total of 389 homes with the completion date of 2027. Building in a community under construction can have many benefits and often the builder will give you a ton of incentives since the community isn’t built up yet. Now phase one has already been built up and looks like an established neighborhood. Phase two, however as you can see, has a lot of construction sights on going. Another thing I would like to point out is lost tree is built next to a preserve so some of the homes will have no neighbors in back and instead they will have the preserve. I don't know about you but in my book the less neighbors the better! I recently sold a gorgeous 2021 DR Horton Delray model in Lost Tree Preserve, and let me tell you, it was a stunner. The floor plan was very nice and open and it offers everything you could wish for. Just to give you an idea, the Delray model I sold recently went for a cool $535,000 which I’m proud to say is the highest sold price in the community. The lucky owners got a custom swimming pool, stunning granite countertops, and impeccable style choices throughout the home. Another floor plan from DR Horton that caught my eye is the very common Cali model. In fact, that's the very floor plan I'm building for myself in the Vero Beach Highlands. If you have the luxury of time, like I did, I highly recommend considering new construction. Not only did I secure a jaw-dropping interest rate of 4.99% through DR Horton's lending company (when today's rates are around 7%), but there are countless other advantages to building from scratch. Ryan Homes New Construction Now, let's shift our focus to Ryan Homes. According to their website, they're offering an impressive range of one- and two-story floor plans in Lost Tree Preserve. They're going to be offer homes ranging from 1549 square foot one story all the way up to a 3287 square foot two-story home. Floor plans that they're going to be building are the Adeline, Baymont, Panama, Peterson Cove, sandalwood, lynn haven and oakton. They are going to be opening up they're sales center very soon and I believe they are going to be having an open house for clients to walk through their construction site the first week of august. Right now clients will have first pick for the best lots available, and as this blog gets older, less and less options will be available. So if you are thinking about buying in Lost Tree, I would act sooner rather than later! Now, let's talk about the nitty-gritty details. The Homeowners Association (HOA) fee for Lost Tree Preserve amounts to $405 paid quarterly, which roughly translates to $135 a month. Amenities that lost tree preserve has include a 2 gated entrances, a clubhouse, a community swimming pool, and a fitness room as well. It is worth noting that just across the street is another new construction community called high point. This community is being built by GHO and they are building higher priced homes and the emphasis is on luxury so if that is what you're looking for I'm going to be making a video shortly on that community. In the meantime, feel free to ask any questions. OK everyone so that was my brief overview of lost tree preserve I know I didn't go over every single detail so if you still have questions, please feel free to reach out. I have done a few different neighborhood reviews so if you're interested in getting more information about the different communities in Florida’s Treasure Coast please feel free to check out any of the other videos I have on my YouTube channel. Spencer.Bailey507@gmail.com507-951-2934
Buying a Home at Harbor Isle in Vero Beach, Florida
Buying a Home at Harbor Isle in Vero Beach, Florida Luxury new construction homes that are 5 minutes away from the beach A luxurious new construction community that is 5 minutes away from the beach is being built right here by Divosta called Harbor Isle. In this post we're going to be covering everything you need to know about this luxurious new construction community and make sure to stay till the end where I share my experience building my own new construction home right here in Vero beach, stay tunned. OK everyone now I want to go into why I myself chose to buy a new construction home here in Vero Beach and there are a few reasons for that. First off I have the luxury of time I am in no big hurry and so I can afford to wait for my home to be built rather than needing to buy a resale home right now. That is one of the biggest limitations for buyers that I see around here and that's why I always try to tell my buyers to do their research a year to even a year and a half before they're thinking about moving down that way it'll give you plenty of time to get into a new construction community. The biggest reasons that I bought a new construction home here in Vero would first be the purchase price. I bought my home for $343,000 and that got me a 4 bedroom 2 bathroom 1828 square feet brand new 2023 home. If you take a look at what's on the market around that same price point you will be very disappointed with what you can get. As you can see on the Zillow page there is only one single family home for sale that’s a 4 bed 2 bath around that price range , it was built in 2005 and looks very dated. So not only did I purchase my new construction home for a cheaper price, but mine is going to be brand new, have brand new appliances, a brand new roof, and it also sits quarter acre lot. In addition This house gives me more time till I start running into insurance issues with the roof because we all know how crazy insurance companies are down here in Florida especially on the the Coast. Also Newer homes also tend to sell faster and easier than older homes that may have problems with appraisals, inspections and insurance. Builders will also often pay for closing costs, give Better interest rates, and offer home warranties as well. There are a ton more reasons why we chose to buy a new construction home besides the price and I go deeper into that in another post I made just the other week I will link that in the top right corner in case you're curious and want some more details. If you have any questions or are thinking about buying or selling a home in Florida, give me a call or email! Spencer.Bailey507@gmail.com507-951-2934
Buying New Construction With D.R Horton: My Experience
Buying a New Construction Home With D.R Horton. Is a new construction Florida Home the right real estate choice for you? I just got done building my home with Dr. Horton the nation’s largest new construction home builder right here in Vero Beach. In this blog I'm going to go over my experience with Dr. Horton and the pros and cons I had built my home with them. I'm going to give you all the nitty gritty details that I learned that you need to know if you’re considering buying a new construction home. I'm going to try to answer all the questions you may have but if I don't get to your specific question feel free to reach out to me by phone or e-mail and we can have a more in-depth conversation. I’m a real estate agent here on Florida’s east coast and I’d love to help in your home search. With that being said, lets get right into it. Beginning The Home Search I started my home search in the beginning of 2023 when rates were floating around 7%. First, I started looking at resale homes around 325,000 since that's what I was able to get approved for when buying a resale home. In January I put in a full price 325,00k offer on a property that was a three-bedroom 2 bath home with 1350 square feet. However, I like many others in this crazy market was outbid and the house went for over asking price. I was gutted, I felt defeated and for the first time I felt the disappointment and uncertainty that some of my buyers’ clients have felt, and it was humbling. It was at that time where I took a step back, extended my timeline, and started looking at other options. I always had new construction in the back of my mind but thought I wouldn't get approved for it since I only got approved for 325,000 when buying resale homes. I had a fantastic conversation with my mortgage lender and she informed me that with the builders special interest rates, lower insurance costs, and closing costs credits I would be able to afford much more when buying a new construction home compared to a resale home. Shortly after our conversation I got approved for 350k, and just like that I started diving into the world of new construction. About two weeks after I got approved, I got informed by Dr. Horton Rep that they were planning to build a Cali model on a vacant lot here in Vero beach. It was everything I was looking for, it was in the perfect location, the floorplan I wanted, and the price I wanted, so needless to say, I bought it that day. New Construction VS Resale I was able to buy the Cali model from Dr. Horton which is a four-bedroom 2 two-bathroom home that has 1828 square feet and it cost $343,000. The home sits on 1/4 acre, and has a canal and preserve in the back so I don't have to worry about neighbors building there. I built on a spot lot in the Vero beach highlands which means it's in a non gated non HOA community. Compared to the home I put an offer on at 325,000, this new construction home had 500 extra square feet an extra bedroom it was on 1/4 acre instead of .17 acres, it was built in 2023 instead of 2005, and it backed up to a preserve. One would think that the 1300 sqft home that I got outbid on would have a smaller monthly payment than the new construction home, right? Theres where you’d be mistaken, and the main reason why I ultimately chose to go with new construction. New Construction Intrest Rates and Benifits Dr Horton often offers special interest rates if you use their in-house lender, DHI Mortgage. With DHI Mortgage I was able to get a 4.99% interest rate when rates were floating around 7%. Keep in mind that for every 1% of interest rate that you can save, your payment will go down hundreds of dollars per month. So, for me getting a 2% lower interest rate was going to save me anywhere from 450-550 dollars per month, or roughly 5-6k less in interest per year. Over the life of my 30-year loan that equates to $150,000 less in interest that I will have to pay, which is incredible. In addition, they also contributed $18,000 towards my closing costs. If you can believe it or not, I'm only out of pocket roughly $10,000 for this home, and that was the initial $10,000 deposit I had to put down in January. In addition, when buying a new construction home, you'll have more options for insurance. I was able to get a $1500 insurance plan through one of Florida’s top insurance providers frontline. Keep in mind you can go with other insurance companies that are cheaper, but they cover less. The lowest insurance I got quoted on was around 950 per year. On top of that everything in your house is going to be brand new from your roof to your flooring to your countertops to your appliances you won't have to worry about fixing them or having insurance issues for a very long time. New Construction Problems Now admittedly not everything is all sunshines and rainbows when it comes to buying a new construction house and there were some hiccups in the process that made it frustrating, let me explain. Originally, they estimated this home to be done September 15th. Around halfway through the building process they were making a good time and they moved up the estimated completion date to August 1st. Once they got to the stage where they needed to connect power to the home, Florida power and light took 5 weeks to connect my home to power which pushed back the completion date to October. On top of that a berm needed to be redone in my backyard which pushed out completion a week further, so we ended up closing October 16th. So, we went from planning to move into the home on August 1st to actually moving in the 16th. If you're buying on a spot lot this is absolutely something you need to consider before you buy. It's different if you're in a community because it's very streamlined, but if you're buying a new construction on a spot lot you have consider that potential delay. For me it wasn't a big deal since I had family to stay with however if you're coming down from out of state this can be a huge issue and cause a lot of stress. I can only imagine if I was out of state and I planned movers and everything for August 1st, only for it to close 2 1/2 months later. We were so excited to get into our new home, so that the last 2 1/2 months really drained us because we were already mentally checked out and ready to move from the family place. Another hiccup was with my mortgage lender. To get the special interest rate and 18k in closing credits you must go with Dr. Horton’s lender DHI mortgage. During the process my original loan officer either got fired or quit and was no longer working with the company. My file was supposed to get transferred to another loan officer to take over, but it wasn’t. So, there was a good month or two that I didn’t hear from my loan officer and I was in the dark. I reached out to her through email and by phone call numerous times and never got a response. I finally told other DR Horton reps, and figured out she was no longer working for the company and only then did I get a message from a new loan officer. Silver lining to this was my new loan officer named John was really awesome and he was always on the ball looking out for my best interests. I was also disappointed in the lack of customization options I got because I bought a spot Lots. The buying process for spot lots is a little different compared to the buying process for a new construction home in a HOA community. With spot lots, Dr. Horton has already ordered materials specifically for my build, so I had zero options when it came to customizing furnishings, tile, countertops, etcetera. When buying in an HOA community a lot of times you have more customization options and the building process is more streamlined. So, with no customization options, my house came with tile in the main living area, carpet in the bedrooms, and Formica countertops throughout. For me this works for my budget, but I know for others they're going to want options when it comes to upgrades and that is not something a spot lot can get you with DR Horton. One thing I was able to change was the paint color of the outside of my house. I went with the tan color for the exterior, with black paint for the accents on the door and shutters. Another inconvenience when buying a new construction home would be that it comes completely unfurnished and when I say completely unfurnished, I mean completely unfurnished. Not only will you need furniture such as couches, tables, chairs beds etcetera for each room you will also need to buy extra light fixtures, fans, blinds, curtains, I'm talking everything. And I don't know if you all have been home decor shopping recently, but the prices are ridiculous. For each fan it was $170 and for each blind it was $180, so just to get lights and a little bit of privacy it was $350 for each room, So in total I spent $1400 in just fans and blinds. Another thing you'll want to do is paint the interior because it comes in shell white. They do this to lower costs and give you the option to paint whatever interior color you want. I was able to paint the main living areas but if you have to hire it out know that that is probably going to cost you a few thousand dollars. In addition, most of DR Horton homes don't come with a washer dryer or refrigerator, so you'll have to budget for that. Keep in mind that some communities do you offer appliances, so this the appliance package depends on the community you build in. Some other very little things that were frustrating were for some reason my door was painted brown instead of black like I wanted. And it was that really gross color brown that looks like you know what, so needless to say I had them change that immediately. And lastly I thought communication could have been a little bit better. Overall New Construction Experience Even with these inconveniences overall I'm extremely happy with my new home. Compared to buying an older resale home it just doesn't make any sense. If I were to find a replica of this exact same house on the market, I'd be looking at paying upwards of 400K or more with an 8% interest rate. So right away it's nice to know that I have equity in my home and if anything, ever went wrong I could always sell and make a quick buck. You know I always tell people if you have the luxury of time and patience I always would recommend buying a new construction home. You'll pay significantly less compared to resale, you'll have a discounted interest rate, you'll get your closing cost paid for, and you'll have a brand-new home that you won't have to worry about for years to come. So, everyone that was my experience building with Dr. Horton, I hope that this was valuable and informative to you if you have any other questions, please don't hesitate to reach out. Spencer Bailey 507-951-2934 Spencer.bailey507@gmail.com
Buying a Home with an In-Law Suite
Buying a Home with an In-Law Suite Pros and cons, the different types, price, questions and more! Do you have parents, grand parents or kids that you'd like to stay with you in your new home? An "in-law" suite is an incredible features of a house that allows you to have that extra space for people to stay, but still retain privacy for both parties. In this blog post we'll go over what an in-law suite is, they different types of in-law suites and the pros and cons of having one in your home. If you want to see an example of homes in Florida with in-law suites, check out this video I uploaded of model home tours with private suites in Fort Pierce, Florida: What is an In-Law Suite? An in-law suite is a living space for parents, in-laws, kids, grandparents or other relatives that provides a private space for them to live in either an attached or detached location on the property. This kind of space makes the home you're buying a "multigenerational home", which is becoming more and more popular with home buyers in 2024. These spaces are also referred to as a mother-in-law suite, guest house, nanny quarters and even a few others that we'll go over in the next section. In-law suites usually come with the ammenedites required to live in that space without needing to utilize the main space, although not always. Some will even have the ability to access the space without ever stepping foot into the home itself. Builders accomplish this by having a seperate entrence on the outside of the house. Another optional feature is having a door that connects the in-law suite to the main house that can be locked if the owner chooses. Different kinds of In-Law Suites In-law suites can be used for many different scenarios and occupants, not just in-laws! For that reason that are a lot of different kinds of these spaces that are most often broken up into categories Mother-In-Law Suite This is by far the most common kind of in-law suite, and even shares part of the name! A mother-in-law suite is most often occupied by parents or in-laws either permenantly, or temporily when they are in town. If this sounds like a good option for you, consider looking for features like an accessible ramp, walk-in shower, and non slip flooring. Accessibily is incredibly important with a space like this due to the older age of the occupants. Guest House A guest house is a great option for friends and family to come and visit. Having such a space will be a huge blessing to those coming into town who now don't have to spend money to stay at a hotel and make a drive to visit. Guest houses do require more space to put in, as they aren't usually built onto the house, but instead are a seperate miniture house entirely. Features to consider in guest houses are smart TV's, mini-bar, and plenty of toiltries and towels to make your guests feel right at home. Nanny Quarters Live-in nannies are becoming more and more popular in a culture where both parents have successful careers. Having a nanny can be a necessity, and having an extra space for your nanny to feel a little more seperate at home from her work can make all the difference. In addition to making your nanny feel more comfortable you will also save money on paying for a commute and can also be sure that she's close by if an emergency comes up. Keep your nanny comfortable with amenities like a washer, dryer and kitchen. Temporary Rental Want to use your in-law suite to make some extra money? Many people have repurposed their in-law suite to use for popular services like Air-bnb! Be aware that there are many requirements for your space to be applicable to rent out in such services such as: - Entrance / exit - Sleeping area - Kitchen with running water / stove - Bathroom with bathing area Renting out your space can be a great way to make a secondary income if you have the features required and have some extra time to put in the work to make your rental customers happy! Benefits of an in-law suite As you've already read, there are so many benefits of having an in-law suite. Here are just a few of the reasons to buy a home with an in-law suite Keeps your guests nearby What's better than being close to your friends and family? In-law suites allow you to do just that, which can save you valuable and precious time when they are in town for only a short time. As we discussed with the nanny suite or even an elderly relative, being nearby can be extremely important, especially in an emergency Adds value to your home Building or buying a home with an in-law suite can yeild a great return when or if you decide to sell your home. The appraised value of homes with a mother-in-law suite that are legally able to be rented out can be 7%-9% higher than others in the area. Not only can that extra square footage result in a higher listing price for your home, but buyers who have larger families or traveling freinds will pay more for your home if it has such a space. Qualifies for Tax Benefits There may be tax credits for having an in-law suite. For example, iif you're paying for more than half of your relative's support, you may be able to claim them as a dependent. You may also quality for a home office tax deduction if that' the in law suite's primary use. If you rent out the space, you may be subject to pay taxes on rental income, however you can also receive tax deductions on utilities, repairs, interest, insurance and more. Landlords may also qualify for the pass-through tax deduction where you could deduct 20% of your net rental income. Saves you money Having an in-law suite is a great way to transform your home into a multigenerational home or negate the cost of long-term care. Examples include nursing homes for parents or a dorm room for a student. The ways to save money seem endless, even if the inital cost can be a little steep. Cons of buying or building an In-Law Suite If you're still reading, it means you are smart individual who knows that there are two sides to every coin. Even though there are some incredible benefits to building or buying an in-law suite, it is true that there are also some drawbacks to building such a space. Here are a few to look out for. Less Privacy It doesn't matter if your guests are relatives, friends or customers. Having and using an in-law suite will result in less privacy. An in-law suite will result in a lifestyle change, which is something to plan for. Being so close to others can be a double edged sword, and may result in some unwanted attention. This is especially important to look out for if you're someone who works from home, has younge children or pets. Costly Upkeep While there are tax benefits and opportunites to earn money from your in-law suite, there are definitely going to be expenses that come with your in-law suite. Remember the amenities that we talked about earlier? Wifi, electric, water, cleaning services and cable / streaming services are just a start to the expenses you need to account for when thinking of buying or building an in-law suite. Complex Building process There are many factors that you need to take into account when creating an in-law suite. Poor planning can become a battleground of mistakes that will only result in more headaches down the line. Make sure to get the correct permits, and only hire people that you trust to do the work. Forgetting necessary features could set back your construction timeline and could also cost you more money and stress in the future. Weighing the cost of an in-law suite Now that you know more about what in-law suites are, and the pros and cons that they come with, you should have a better idea if this is something you want when buying a home or building on to your existing home. Having a mother-in-law suite can be such a joy and blessing when family or friends are in town and may even be a successful revenue stream for you if you rent it out. However, it can also come with costs and challenges that you want to be prepared for if you're ready to take that next step. If you're on Florida's east coast and are looking for a home with an in-law suite, give me a call or email anytime and I'd love to talk to you more about it. Thanks for reading! - Spencer Bailey Spencer.Bailey507@gmail.com507-951-2934
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