There are a few valuable home improvements that Florida home buyers often forget to factor in when negotiating the price of a house they are interested in.  Today I will discuss two of them: hurricane shutters and sprinkler systems.

The number of hurricanes that have affected us in recent years has caused many Florida homeowners to invest in hurricane shutters. This is good.  However, the vast majority of Florida homes still do not currently have hurricane shutters, which is unfortunate because they can make a difference in the severity of damage caused by a hurricane.  The cost of hurricane shutters can vary greatly - from a low of about $1,200 to well over $10,000 - and depends on a few things, but most importantly on the number of openings (doors/windows) you want protected as well as the type of shutters chosen. Accordion shutters cost more than panel-type shutters but are generally easier and faster to open and close.  There are other types but these are the two most often installed nowadays. When comparing one home that includes hurricane shutters with another home that does not, it's important to take the cost into account when negotiating the house price.

The importance of having an automatic sprinkler system is another item that Florida home buyers often overlook. The cost of having an automatic sprinkler system installed varies - probably around $1,400 on the low end to over $5,000 if the property is very large. An automatic sprinkler system can also save you money via a lower water bill as most homes that have one use either well or lake water, so the cost is usually limited to the electricity used by the pump and system maintenance. While some home buyers may not think this is an important amenity, they often change their minds after a few months or years of having to water their lawns themselves. If a Florida lawn is badly neglected and needs replacing, it can cost hundreds of dollars to replace with new sod. Here, again, when comparing a home that has a functioning automatic sprinkler system with another home that does not already have one, it's important to take this into account when negotiating the purchase price of the house. One last note about sprinkler systems: be sure to find out (preferably first hand) whether a home's sprinkler system is in working order. Just because you see sprinkler heads in the lawn does not mean the system is functioning properly, though a lush green lawn is usually evidence enough.

According to the 2005 Profile of International Home Buyers in Florida Survey sponsored by the Florida Associaton of Realtors®, one-third of the international buyers who purchased Florida real estate in 2005 were from South America, Central America and the Caribbean. 

For Spanish-speaking real estate buyers, real estate terminology can be challenging if not intimidating.  I just found a resource ideally suited for Spanish-speaking home buyers who are not yet completely fluent in English.  It is the Real Estate Center's English-Spanish Real Estate Glossary which defines, translates and explains 700 real estate terms in English and Spanish and it can be purchased either in book or CD-ROM format at a reasonable price. For more information, click here.

Thanks to recent federal regulations, you can now get a free copy of your credit report once every 12 months from each of the top three credit reporting agencies: Equifax, Experian and TransUnion.  Simply go to AnnualCreditReport.com. 

Remember that your credit report contains valuable information and experts recommend that you check them at least once a year. If you're thinking of buying any Florida real estate, it is especially important to check your credit reports as they sometimes have incorrect information on which mortgage lenders and credit card companies rely when deciding how much of a credit line to give you or even what interest rate to offer you.  You may request your free credit report online, by phone, or through the mail. The site offers a comprehensive Frequently Asked Questions (FAQ) page which should answer any questions or concerns.

Articles for further reading:

• Five Reasons To Check Your Credit Report Regularly
• How To Inspect Your Credit Report
• Credit Report Errors Common, Costly
• Review Your Credit Report Before Your Lender Does

Chances are you've never heard of one. According to the EnergySavers.gov website, "Energy Efficient Mortages (EEMs) recognize that reduced utility expenses can permit a homeowner to pay a higher mortgage to cover the cost of the energy improvements on top of the approved mortgage. FHA EEMs provide mortgage insurance for a person to purchase or refinance a principal residence and incorporate the cost of energy-efficient improvements into the mortgage. The borrower does not have to qualify for the additional money and does not make a downpayment on it. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD."

If you are buying a Energy Star-certified home or are considering making energy-efficient improvements to your home, learn more about FHA Energy Efficient Mortages and the eligibility requirements.

Most people believe that those two terms can be used interchangeably. However, they do not carry equal significance for property buyers and sellers. The term REALTOR® is a Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® (N.A.R.) and subscribes to it's strict Code of Ethics. Since 1908 the N.A.R. has been working toward improving the benefits of home ownership. The National Association of REALTORS® is the world's largest professional association. Although there are approximately 2.6 million real estate licensees, only about 60% of them are REALTORS®. When buying or selling a home, be sure to only work with a REALTOR®.

Articles for further reading:

• The REALTOR® In Your Corner
• Tips for working with a REALTOR®