- BUYING RESOURCES -
Finding a home
Finding information on a home has never been easier than with YELLOW.
JUMP TO
- FINDING A HOME ON YELLOW -
Every home for sale on YELLOW can be found on the search map. Buyers can search by location, price, and features, and see detailed information for every home.
YELLOW FEATURES
You won't find this info on any other real estate website:
COMPLETED INSPECTION
Each home has already undergone an independent inspection, helping buyers avoid surprises and save time and money.
PRICE ANALYSIS
A detailed price analysis shows how and why the sale price was determined.
HOME REVIEW
Each listing includes a video review with a straightforward analysis of the home.
SCHEDULE A SHOWING
Easily make an appointment to visit a home in person or virtually.
MAKE AN OFFER
Make an offer directly from the listing page. Offers are completed on legal Florida Realtor contracts and can be easily downloaded.
SEND A MESSAGE
Buyers can anonymously send a message directly to the seller for more information.
- WHERE TO LIVE? -
Not sure what part of town to live in? Use these online resources to narrow down your options. These neutral resources can be more accurate than relying solely on a real estate agent.
REAL ESTATE AGENTS
Buyers often assume real estate agents have local knowledge about neighborhoods and schools. However, by law, agents aren’t allowed to share this information as it could be considered "steering," a violation of the Fair Housing Act.
Here’s more on what real estate agents can and cannot tell you:
Below are online resources we find helpful in learning about an area. You will also see links to this info in every YELLOW listing.
TRAVEL TIME
Determining travel time is a good first step in choosing where to live. Consider travel time from important locations like your workplace, a child’s school, or other key places.
A mapping service we like is called TravelTime. Enter a location, select the driving time in five-minute increments, and select your method of travel (it defaults to Public Transport). You can even set your time of day (it defaults to “Now”).
It’s a fun tool to play with.
Another neat mapping site is called HERE WeGo. On the map, click a starting point and ending point and it will give you the travel time. Adjust the time of day using the Leave/Arrive link.
DEMOGRAPHICS
Learn about the demographics of an area, including average age, income, education, and race.
City-Data.com
City-Data is a great resource with extensive information on nearly every city and community. Some of the information you will see includes:
- Demographics
- Weather
- Businesses like banks, groceries, and dining
- Points of interest
- Radio and tv stations
- Top lists
- Local pictures
The link below will take you to the Florida City-Data.com page. From there you can click on any city for more info (click the "Filter cities" box in the upper-left to find smaller cities).
Census Bureau
The Census Bureau has detailed information on demographics.
In the link below you will have to enter the zip code in the search box for your specific area.
Esri Demographics Map
An interesting racial demographics tool comes from the Esri Demographics Team. They've created a map using 2020 Census data to break down the ethnicity of the entire country, narrowed down to the local level.
In the link below you'll first see the racial demographics for your current location. You can zoom and pan the map to change its location. Show or hide the legend by clicking the button in the lower-right of the map that looks like a computer monitor.
COMMUNITY FORUMS
City-Data.com also has extensive community forums with questions, answers, and comments about an area.
The link below will take you to the Florida forums page. From there you must click on a large city or region, but you are then able to do a search for a town or area within that region ("Search this Forum" in the upper-right).
Listings on YELLOW have a link straight to the community where the home is located.
SCHOOLS
The links below provide more information on the schools in an area:
CRIME
Although real estate agents can’t legally tell you if an area is safe, online resources can help:
FLOOD ZONE
Knowing if a home is in a flood zone is important as it affects insurance. You can find the flood status of an area here (give the map extra time to load the flood data layer):
Listings on YELLOW have a link straight to the flood zone map.
FLOOD MAP LEGEND
HISTORIC DISTRICT
Properties in historic districts may sound appealing, but it will also have more restrictions. Check if a home is historic or in a historic district here:
POTENTIAL AREA CONSTRUCTION
It can be heartbreaking to buy a new home, only to find out a new construction project is slated for your area that you weren't aware of.
Many cities and counties have online maps that show potential new developments and zoning changes. YELLOW listings include links to these resources.
FINDING A “HOT” AREA
Retail companies have teams of professionals who do nothing but scour areas to find hot and up-and-coming spots for their stores. Researchers have identified several companies that have a knack for finding these hot spots, including:
- Starbucks
- Whole Foods
- Trader Joe's
- Target
Homes near these retailers have seen their prices rise more than more than overall market. Look for these retailers to find a "hot" area.
- CONDOS -
Buying a condo is very different from purchasing a traditional house. While it offers unique benefits like shared amenities and less maintenance, it also comes with its own set of challenges and considerations.
Condo buyers need to be aware of the specific rules, financial obligations, and potential risks that come with this type of ownership to make an informed decision.
From understanding the condo association's financial health to knowing what documents to review, being prepared is key to finding the perfect condo that suits your lifestyle and budget.
1. Understand the Condo Association's Financial Health:
2. Review Condo Association Documents:
Before buying, carefully review the condo association’s governing documents, which usually include the bylaws, rules and regulations, declaration, and articles of incorporation. These documents will outline what you can and cannot do with your unit, pet policies, rental restrictions, and more.
3. Look at the Condo’s Condition and Future Plans:
4. Know the Insurance Coverage:
Confirm what the association’s insurance policy covers and what you will need to cover through your personal condo insurance. Typically, the association’s insurance covers the building structure and common areas, but you will need insurance for the interior of your unit, personal belongings, and liability.
5. Understand Rules Regarding Rentals:
Some condo associations have restrictions on renting out units, which can impact your flexibility as an owner. Make sure to review these rules carefully, especially if you plan to rent out your unit in the future.
6. Consider the Community Environment:
Condos come with a shared community environment. Make sure you’re comfortable with the community's rules, the types of amenities offered, and the overall culture of the complex. You may also want to speak with current residents to get their perspective on living there.
7. Check for Pending Litigation:
Check if the condo association is involved in any lawsuits. Pending litigation can affect the financial health of the association and might limit your ability to obtain financing for your purchase.
8. Understand Your Voting Rights:
As a condo owner, you have voting rights in the association. Understand how decisions are made, who is on the board, and how often elections are held. A well-managed board is crucial for maintaining property values and ensuring the smooth operation of the community.
IMPORANT DOCS
1. Condo Disclosure:
What It Is: The condo disclosure is a document required by law that provides important information about the condo unit, the condo association, and the community as a whole.
What It Does: It usually includes details about the association's fees, any pending litigation, special assessments, and rules that could affect the buyer's decision.
What to Look For: Ensure the disclosure provides a clear understanding of your rights and obligations as an owner. Look out for any mention of upcoming assessments, pending legal actions, or significant changes to fees or policies.
2. Condo Rider:
What It Is: A condo rider is an addendum to the standard real estate contract specifically for condos.
What It Does: It outlines specific terms related to the condo purchase, such as obligations for maintenance, assessments, and any unique conditions related to the sale.
What to Look For: Review the rider carefully for clauses regarding special assessments, shared expenses, and any seller concessions. Make sure you understand your financial responsibilities and any conditions that could affect your ownership.
3. Condo Declaration:
What It Is: The declaration is a legal document that creates the condominium and defines the boundaries of each unit and the common areas.
What It Does: It outlines the ownership rights and responsibilities of each unit owner and the condo association, including restrictions on property use and the method of calculating fees.
What to Look For: Pay close attention to use restrictions (like renting, remodeling, or pet ownership), shared responsibilities, and the formula for calculating your share of common expenses.
4. Articles (Articles of Incorporation):
What It Is: This document legally establishes the condo association as a non-profit corporation.
What It Does: It outlines the governance structure of the association, including board member roles, powers, and voting procedures.
What to Look For: Review how board members are elected and how decisions are made. A well-organized association with a clear governance structure is a good sign of responsible management.
5. Bylaws:
What It Is: The bylaws are the rules that govern how the condo association operates.
What It Does: They detail the association's procedures, including meetings, voting rights, the election of board members, and the powers and duties of the board.
What to Look For: Understand how much power the board has, how decisions are made, and what the process is for making changes. Make sure the bylaws provide a fair and transparent decision-making process.
6. Financials:
What It Is: The financial documents provide a detailed view of the condo association's finances, including budgets, reserves, income, and expenses.
What It Does: They show the association's financial health, including how much money is set aside for future repairs and maintenance.
What to Look For: Focus on the reserve fund and operating budget. A healthy reserve fund (ideally 10-20% of the budget) is crucial to cover unexpected repairs without levying special assessments. Watch for any deficits or excessive spending, which could indicate future financial problems.
7. Rules:
What It Is: The rules document provides guidelines for how residents are expected to behave and use the property.
What It Does: It includes rules on noise levels, parking, use of common areas, pet policies, and more.
What to Look For: Ensure you are comfortable with the rules, especially if you have specific needs or preferences (like owning pets or wanting to rent out your unit). Look for rules that could limit your enjoyment or use of the property.
8. Governance:
What It Is: Governance documents outline how the condo association is managed, including board responsibilities, management practices, and decision-making processes.
What It Does: These documents ensure that the condo is governed according to its legal requirements and the best interests of the owners.
What to Look For: Look for a clear and fair governance structure, including transparent processes for electing board members, handling disputes, and making major decisions.
9. FAQs (Frequently Asked Questions):
What It Is: A summary document that answers common questions about the condo community, its policies, and the association.
What It Does: It provides a quick overview of important information, like fees, pet policies, and rental rules.
What to Look For: Review the FAQs for any information that might not be covered in other documents or that could impact your decision to buy.
KEY LEGISLATIVE CHANGES POST-SURFSIDE COLLAPSE
1. Structural Integrity Inspections:
What It Is: New laws require more frequent and thorough inspections of a building's structural integrity.
What It Does: These inspections are designed to identify and address potential safety issues before they become severe.
What to Look For: Ensure the condo association is compliant with these new inspection requirements. Check if recent inspections have been completed and review their findings. Look for any significant issues or recommended repairs.
2. Reserve Fund Requirements:
What It Is: The law now mandates that condo associations maintain a reserve fund for future repairs and replacements.
What It Does: This fund is crucial for covering major repairs without requiring special assessments from owners.
What to Look For: Review the association's reserve fund balance and budget. A healthy reserve fund (typically recommended to cover 10-20% of the annual budget) indicates that the association is preparing for future expenses. Be cautious if the reserve fund is low or if the association has a history of relying on special assessments.
3. Milestone Inspections:
What It Is: Condos that are older than 30 years must undergo "milestone" inspections.
What It Does: These inspections evaluate the building's condition and ensure necessary repairs are identified and addressed.
What to Look For: Verify if the condo you're considering has undergone its milestone inspections, particularly if it's an older building. Review the inspection reports for any major issues or required repairs.
4. Transparency and Disclosure:
What It Is: The legislation requires greater transparency in the condo association's financials and operations.
What It Does: Increased transparency helps buyers make informed decisions about the condo's financial health and management.
What to Look For: Ensure the condo association provides full access to financial records, meeting minutes, and other key documents. Look for any signs of financial distress or mismanagement.
5. Required Safety Updates:
What It Is: New safety requirements may include updates to building codes and safety features.
What It Does: These updates are intended to improve the overall safety of the condo.
What to Look For: Check if the building has made any recent safety updates or improvements. Ensure the condo meets the latest safety standards and codes.
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