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Home > Upcoming Local Events

Upcoming Local Events

Buying a Second Home in Northwest Florida

If you’re thinking of buying a second home, look no further than Northwest Florida. Here you’ll find gorgeous white-sand beaches and a variety of thriving coastal communities. Northwest Florida isn’t just a place to visit, it can be a haven for you and your family, or a profitable investment property.

Purchasing a second property raises many questions. It can be overwhelming to get started. In this article, we’ll cover everything you need to know about buying a second home in Northwest Florida.

What Is a Second Home?

A second home is a supplementary property that’s purchased in addition to your primary residence and is intended to be lived in for a portion of the year. A second home can be used for leisure, as an investment, or both. Vacation homes are often second homes and can range from a beachfront villa to a rural mountain cabin in the woods.

For some, second homes are a peaceful retreat from their busy everyday lives. For others, a second home generates additional income through rental opportunities when not in personal use.

There’s a significant difference between a primary residence and a second home in the eyes of financial institutions and tax authorities. Mortgage loan terms, interest rates, insurance premiums, and property taxes often vary between the two types of properties, largely influenced by how frequently the property is occupied. 

To qualify as a second home, the following criteria must be met: 

  • The property must be reasonably distant from the owner’s residence.
  • The property must be liveable for some part of the year.
  • The owner must have exclusive control over the property.

The IRS also has specific guidelines that dictate whether a property can be considered a second home for tax purposes. The homeowner must use the property for personal enjoyment for more than 14 days or more than 10% of the number of days during the year that the home is rented out, whichever is greater.

Benefits of Buying a Second Home

Owning a second home in Northwest Florida opens a realm of possibilities, from generating income through vacation rentals to providing a second home for personal vacations or even semi-retirement. 

Investment Opportunities

A second home can be a lucrative source of income as an investment property. With Northwest Florida’s charming white-sandy beaches, your property could potentially become a coveted destination for tourists. 

Short-term rentals are a great way to capitalize on the tourist season. Whether you leverage popular platforms like Airbnb or Vrbo, putting your second home up as a vacation rental is a profitable and rewarding investment. 

You could also opt for long-term leasing to ensure steady income throughout the year. As a landlord, you should consider hiring a property manager to oversee the day-to-day operations, especially if you don’t live in the immediate area. You may also want to consult a tax professional to help navigate the complex tax benefits and obligations that come with owning a second property, including deductions you could be eligible for.

Personal Benefits

Some people choose to purchase a second home in Northwest Florida for more personal reasons. Some may just want a personal vacation spot where they can enjoy the sunshine in the wintertime. 

While others might be looking to buy a second home who are in the middle of upgrading from their current house, but want to keep their current home as a rental property. Sometimes home buyers purchase a second home for a family member, or for retirement. Whatever the reason may be, buying a second home can be well worth the investment, even if it’s just for personal enjoyment. 

How to Buy a Second Home

Purchasing a second property can be a complicated process. Understanding the unique circumstances that can arise will help protect you and your investment. Whether you’re seeking a place on the beach to soak up some sun or some extra cash from rental income, here are some steps you’ll have to take to acquire your second home.

Determine Your Budget

The initial step when buying a second home is to determine our budget and the upcoming expenses you’ll incur from the purchase. Here are a few costs you’ll need to consider: 

  • Mortgage Payment: We’ll cover this more in the next section, but you’ll want to assess how much your mortgage payment will be. If you’re planning on renting out the property, consider how much you’ll need to pay if you don’t find tenants right away. 
  • Property Taxes: Find out what you’ll owe in property taxes based on the market value of the second home. 
  • Homeowners Insurance: This amount will change based on whether you’ll be using the property as a personal vacation spot, or using it as a short or long-term rental. 
  • Maintenance: Typical maintenance expenses include landscaping, fixing repairs, and keeping the property safe and clean. 
  • Utilities: Water, electricity, internet, air conditioning, heat, plumbing, trash removal, and security are some examples of utilities you (or your tenant) will have to pay for.

Qualifying for a Second Home Mortgage

Unless you plan to buy your second home with cash, you’ll probably need to secure financing to purchase the property. Obtaining a mortgage for a second home can be even more challenging than getting a loan for a primary residence. 

Lenders implement stringent criteria, often requiring a lower debt-to-income ratio compared to that for a first home. Interest rates for second homes are also customarily higher to compensate lenders for the higher risk associated with second-home loans.

Prospective buyers should expect to pay between 10% to 20% for a down payment on a second home. Lenders also prefer those with a credit score of 640 and above. Government loans are usually not acceptable to lenders for second homes. Jumbo loans and conventional loans are the most common, and each has its own advantages. 

Equity and Refinancing Options

For those who have substantial equity in their primary residence, a home equity line of credit (HELOC) may be a good option to finance a second home. This allows homeowners to borrow against the equity of their current home at a potentially lower interest rate than traditional loans. 

Another option would be a cash-out refinance, where homeowners can renegotiate their mortgage to reflect a higher value than what they currently owe, and use the surplus to purchase a second home. Each option carries its own benefits and inherent risks which should be carefully considered.

Closing Costs 

Buyers should be aware of the additional costs that can occur when buying a second home. Closing costs encompass fees that must be paid between the buyer and seller to conclude a real estate transaction. 

Some examples of closing costs include mortgage application fees, closing fees paid to the closing company, title insurance, credit report fees, attorney’s fees, private mortgage insurance (PMI), property appraisal fees, property taxes, and more. These fees are due prior to closing the deal and some of the costs can often be negotiated between the buyer and seller. 

Partnering with a Real Estate Professional

Finding a local real estate agent who has experience in Northwest Florida can be invaluable. It can be difficult to manage all of the steps that go into purchasing a second property. It’s worth it to have a trusted professional who knows the area and the market.

A knowledgeable agent can offer expert guidance throughout the entire process. From evaluating market trends to finding the right property and handling negotiations, a real estate professional can save you a lot of time and money. 

The Perfect Getaway

Buying a second home can be a challenging, yet rewarding journey. It can be a lot to handle, budgeting all of your expenses and going through the mortgage application process. But in the end, it’s all worth it. 

There’s no better feeling than walking into your new vacation home or closing that deal on your next great investment property. With the right guidance and understanding, buying a second home can be an exciting new chapter. 

For more information about buying a second home in Northwest Florida, contact Rising Star Realty today. 

A Guide to Military Housing in Northwest Florida

If you’re active duty military or a family member of someone who is, understanding your housing options in Northwest Florida is crucial. With several military bases like Hulburt Field and Eglin Air Force Base, the area offers diverse options for military housing. 

In this guide, we’ll cover everything you need to know, from military housing allowances, to what factors U.S. service members should consider when choosing the best place to live in Northwest Florida.

What is Basic Allowance for Housing (BAH)?

Basic Allowance for Housing (BAH) is a U.S. military benefit for active duty United States military members to help offset their housing costs. The rate is based on several factors including pay grades, dependency status, and local civilian housing markets.

Your BAH rate may cover all costs for on-base living. When it comes to off-base living, your basic allowance may cover part or all of your expenses depending on the price of your rent or mortgage, and how much you are receiving for military housing allowance. 

You can check your BAH rates through the Defense Travel Management Office, which provides updated rates on an annual basis. Rates may vary per person and per family, but they are generally favorable due to the comparatively lower cost of living in Northwest Florida.

Purchasing a Home in the Military 

Once you’ve calculated your Basic Allowance for Housing (BAH) and determined a budget for your property, the next step is to apply for a VA Home Loan. Veterans, active duty service members, and eligible dependents may qualify for a VA loan to purchase their property. VA loans offer many benefits, including the following: 

  • No down payment required
  • The VA guarantees a portion of the loan
  • No requirement for Private Mortgage Insurance (PMI)
  • Low interest rates 
  • Limited closing costs 
  • Lifetime benefits, including the ability to use the Guaranty multiple times

To apply for a VA home loan, you must qualify under the eligibility requirements. If you meet the requirements, you can apply for a VA-backed home loan by requesting a Certificate of Eligibility (COE). You’ll need to show this certificate as proof to the lender that you are qualified for a VA loan. 

Options for Military Housing in Northwest Florida

Living On Base

Many active-duty military and their families choose to live on base. On-base housing offers a host of benefits including convenience, security, and close access to amenities like military hospitals, community centers, and commissaries.

There are a number of military bases located in Northwest Florida. Naval Air Station Pensacola, Corry Station, Eglin Air Force Base, and Hurlburt Field are among a number of well-known bases in the area that provide government housing for those who are interested.

Living Off Base

If you prefer more freedom and access to a larger variety of amenities, finding housing off-base could be a great option for you. Cities like Mary Esther and Fort Walton Beach are excellent options for service members who want to live close to Eglin Air Force Base and Hurlburt Field. 

From white sandy beaches to family-friendly attractions like parks, museums, and aquariums, there’s no shortage of activities you and your family can find in Northwest Florida. 

Conclusion

There are plenty of great options out there for military housing in Northwest Florida. Once you’ve calculated your budget and received approval for your VA loan, all that remains is finding the right place to call home. 

If you need help finding a property in Northwest Florida and want someone who has experience helping military members relocate, reach out to Rising Star Realty for all your real estate needs.

Navarre, FL: A Pristine Community in Northwest Florida

Last Updated October, 2023

Navarre is a captivating community situated in Santa Rosa County in the idyllic Northwest Florida Panhandle. This quaint locale is majorly composed of U.S. military personnel, defense contractors, nature aficionados, and beach visitors who find solace along the 12 miles of untouched white beach shoreline. Strategically nestled at the junction of U.S. 98 and State Road 87, Navarre is a harmonious blend of untarnished natural allure and modern conveniences.

A Closer Look at Navarre’s Demographics

The unique composition of Navarre’s populace brings about a vibrant community spirit. The presence of U.S. military and defense contractors instills a sense of security and camaraderie among the residents.

Embracing Nature and Outdoor Adventures

Navarre is synonymous with outdoor excursions. The emerald-colored waters beckon swimming enthusiasts, while the pristine beaches are perfect for a relaxing picnic. The community takes pride in its scenic bike paths which are a cyclist’s dream come true. 

Navarre Real Estate: Florida’s Untold Secret

With an increase in tourism, Navarre is gradually shedding its tag of “Florida’s Best Kept Secret.” The region presents a welcoming boardwalk, a delightful park complete with a water playground, a serene duck pond, and a charming butterfly house near the bridge to Navarre Beach, which is right across Santa Rosa Sound to the south.

Dive into a World of Recreational Activities

The vast array of recreational activities in Navarre is bound to keep you engaged. From surfing, jet skiing, paddle boarding to fishing, and beach volleyball, the list is endless. The well-maintained bike trails offer a haven for riders, while the jogging and walking paths are a runner’s paradise. The bird watching spots and scenic trails offer a respite from the hustle and bustle, providing a perfect escape into nature’s lap.

Education: A Pillar of Navarre Community

Education in Navarre is meticulously administered by the Santa Rosa County District School System. The schools playing a pivotal role in shaping the future of Navarre include:

  • Navarre High School (Grades 9-12)
  • Holley Navarre Middle School (Grades 6-8)
  • Holley Navarre Intermediate School (Grades 3-5)
  • Holley Navarre Primary School (Grades K-2)
  • Woodlawn Beach Middle School (Grades 6-8)
  • West Navarre Primary School (Grades K-2)
  • West Navarre Intermediate School (Grades 3-5)

Fostering a Learning Environment

The educational institutions in Navarre are geared towards providing a conducive learning environment. The curriculum is tailored to equip students with the necessary skills and knowledge, fostering a culture of excellence and innovation.

Navarre’s Real Estate Landscape: A Look into the Housing Market

Embark on a seamless journey through the Multiple Listing Service (MLS) to discover homes in Navarre that resonate with your lifestyle. Our certified real estate agents are equipped to provide accurate and reliable information, adhering to the standards set by the Emerald Coast Association of Realtors.

Inquiries About Navarre Real Estate:

  • Median Home Price: The median home price in Navarre, FL stands as a testament to its growing real estate market.
  • Average Time to Sell: The average time to sell a house in Navarre, FL varies with market dynamics, yet remains competitive.
  • Active Homes for Sale: The number of active homes for sale in Navarre, FL is a reflection of its burgeoning real estate scene.
  • Popular Neighborhoods and Zip Codes: Explore popular neighborhoods and zip codes in and around Navarre, FL to find your perfect abode.

Weather Insights: Embrace Navarre’s Subtropical Climate

Navarre boasts a warm humid subtropical climate, making it an attractive destination year-round. The region experiences four distinct seasons, with the Fall, Spring, and Winter months being very mild. The Summer, extending from late May to mid-September, is hot and humid, providing the perfect beach weather.

A Closer Look at Navarre’s Annual Precipitation

The region is the recipient of an average of 69 inches of rain annually, which is more than any other area in Florida. The wettest season here is summer, while autumn is comparatively drier. Snow and freezing rain are rare phenomena, adding to Navarre’s climatic allure.

Unveiling the Lifestyle in Navarre, FL

Navarre, Holley-Navarre, Florida, is a realm of convenience and tranquility. The variety of housing available, coupled with efficient transportation facilities, makes life in Navarre a blend of comfort and modern living. The community’s emphasis on fostering a conducive educational environment further adds to its charm.

Transport and Accessibility

The transport infrastructure in Navarre, Holley-Navarre, Florida, is well-laid, facilitating easy access to and from the community. The strategic location of Navarre at the junction of major roads enhances its accessibility, making daily commuting a breeze.

Engage with Our Navarre Real Estate Agents

Our proficient real estate agents are on standby to assist you in exploring Navarre FL homes that align with your preferences. Reach out today to step closer to owning a piece of Navarre’s serene landscape. 

About the Author

Christine Cleekis a seasoned real estate professional with extensive experience in the Navarre, FL market. Her in-depth knowledge of the local real estate landscape, coupled with her dedication to helping clients find their dream homes, makes her a trusted advisor in the Navarre community. [Learn more about Christine Cleek].

IDX Information and Disclaimer:

Information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX information is deemed reliable but not guaranteed accurate by the MLS or the Pensacola Association of Realtors.

Unauthorized use, including but not limited to, transmitting, retransmitting, copying, framing, repurposing, or altering of the MLS data is strictly prohibited.

A few things to do around town Destin, Ft. Walton Beach, Niceville, Crestview & More

July 21, 2023 – Chemistry Corner – View
July 21, 2023 – Creature Features – View
July 21, 2023 – Embroidery Demonstration – View
July 21, 2023 – “Somewhere in Time” Art Show Reception – Free to the Public – View
July 22, 2023 – Downtown FWB Farmers Market – View
July 22, 2023 – Florida Artist Blacksmith Association Open House – View
July 22, 2023 – Clay with a Purpose: Small Plates, Instructed by Marcy Eady – $25 – $30 – View
July 22, 2023 – Christmas in July – Make-And-Take – $15 – View
July 23, 2023 – International Award-Winning Magical Variety Show! – Free – View
July 23, 2023 – Scallywag Sunday – free – View
July 24, 2023 – Movie Monday – View
July 25, 2023 – Flight Night @ Twisted Grape! – View

UPCOMING EVENTS FOR THE WEEKEND AROUND 30A

 

‘Gateway to the Harbor’: Captain Royal Melvin Heritage Park now open in Destin

The Captain Royal Melvin Heritage Park, a long-awaited project in Destin, was officially opened on Tuesday, July 18, 2023, with a ribbon-cutting ceremony. 

  • The park, located at 206 Harbor Boulevard, had faced significant delays in construction since its inception in January 2021. Originally scheduled for completion in Fall 2021, the project extended over two years, with a revised estimated completion date of mid-April 2022.
However, the City of Destin successfully opened the park as planned. This morning’s ceremony was attended by city officials, community members, and representatives from the Melvin family.
Mayor Bobby Wagner, expressing his excitement about the park, acknowledged the collaborative efforts that made the project possible. He said, “This is just another great initiative that was years in the making, but we’re finally done. We could never have done this without the partnership of the private entities, the City Council, the citizens, and the family members that this is in honor of; this is really what community is about.”
The park is situated just east of Dewey Destin’s Harborside Restaurant and offers various amenities for visitors to enjoy. These include:
  • A small playground.
  • Harbor and Wildlife Observation Platform with educational signage.
  • Harbor Boardwalk.
  • Picnic pavilion.
  • Terraced walkway from Harbor Boulevard to the harbor boardwalk.
  • Drinking fountain and restrooms at the resource center.
  • Bike racks near the park entrance at Harbor Boulevard.
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Land Air Sea Productions
City Manager Lance Johnson reflected on the journey to complete the park, and expressed his pleasure at witnessing the opening. 
“Back in 2006, I was told when I was the Parks and Rec Director that we were purchasing a new property to have a new park in Destin, and I was ecstatic,” said Johnson. “I didn’t ever know if we were going to get here. This is one of the best days of my whole tenure with the city of Destin.”
Scott and Royal “Bo” Melvin Jr., sons of Captain Royal Melvin, expressed their gratitude to the community and city officials for their support throughout the project.
“It all goes back to our grandparents, Millard and Sarah Melvin,” said Bo Melvin. “If it wasn’t for them settling on this piece of property right here, five generations of Melvins would not have been able to live here or play here on this property, and to see what has become our father and grandparents would be humbled and honored.”
At the end of the ceremony, Mayor Wagner presented the Melvin family with Destin Challenge coins, recognizing their enduring legacy and contribution to the community. 
  • He stated, “With over five generations, I believe that very much puts you guys in this category. I really appreciate you guys being a part of it and allowing us to carry on your legacy and the name with a new city park.”
Destin residents and visitors can now enjoy the new Captain Royal Melvin Park, a place that celebrates the heritage and natural beauty of the area, while honoring the Melvin family’s significant contributions throughout generations.
Click here to view pictures of the park

Article Courtesy of Jared at www.GettheCoast.com 

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