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Hello from Pensacola! It's fall and things are starting to cool down (the market included) as we approach the holidays. We have some education and news for
you so please take
a moment to review our 3rd Quarter Newsletter below. Here's an update from your friends at Realty Masters. Haven't heard from us lately? Please reach out!
-The Realty Masters Team |
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Property Tax Discount for Hurricane Expenses
Did you have significant expenses in 2021 related to Hurricane Sally repairs? If so, you may be eligible for a property tax discount for your next year's property taxes. Several of our owners have already benefitted from this discovery. All you have to do is give Escambia County Property Appraiser's office a call. They will ask basic information about you and your property, including the address and zip code, and will require some evidence of major expenses in order to assess the credit. Call the Escambia County Property Appraiser's office at (850) 434-2735 and ask about the tax credit available for hurricane related repairs. Repairs must have been completed or paid in the 2021 tax year to qualify. This credit is not available for Santa Rosa County. |
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Insurance Rates
Continue to Climb
Florida's insurance market is in serious trouble, causing insurance carriers to become bankrupt and rates to increase substantially. You may have seen an increase in your policy, and expect to see another 5-10% increase next year. Insurers lost more than $1.5 billion dollars last year, and this loss must be passed on to consumers. Some carriers are choosing to pull out of Florida or increasing their premiums sky high. If you get a substantial rate increase, we recommend shopping for a new carrier. Here's what to expect if you are shopping for or need to obtain a new insurance policy.
Remember, an insurance policy is not a homeowner's warranty, and sometimes items are not covered under insurance. You should always have a savings to substantiate any sudden surprises or routine replacement of high ticket items, like your roof or wood siding. We can help by providing local insurance agents to reach out to. Just reply back to this email if you need some contacts or reach out to us at any time. |
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What is Normal
Wear and Tear?
Florida Landlord Tenant Law allows for the property to be returned similar to the condition it was received in, less normal wear and tear. Many landlords don't quite understand the concept of normal wear and tear and think that tenants should be billed any charges to bring the property back to a rent ready state. So what is normal wear and tear? Under the law, normal wear and tear is not considered damage and cannot be billed back to your tenant. The law does not provide an exact definition for normal wear and tear, but the general definition accepted is any deterioration that occurs naturally as a result of the tenant using the property as it's designed to be used. Some common examples of repairs often found by judges to be ordinary wear and tear include: general cleaning, reasonable nail holes, wear on carpet caused by furniture, broken lightbulbs, loose grout in bathroom tiles, worn countertop, loose hinges or door handles, worn out blinds, broken microwave handle, Judges will also consider the reasonable life expectancy of a product when determining how much to charge a tenant for actual damage, such as a hole in the carpet or crayon marks on a wall. In these cases, you would think it's appropriate to charge for replacement, but a Judge will require that you consider and deduct for useful life remaining of the item. Please remember, as the landlord, it is your responsibility to invest in and routinely change out paint, flooring, blinds, lighting, appliances, and more to maintain your property over time. While your tenants pay down your principal balance and cover your taxes and insurance, they are not responsible for paying for routine maintenance and for absorbing the cost of maintaining and improving your property. |
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Pensacola Rental Market Update
Rents have been strong over the last quarter. In fact, we saw an 18% increase in new move in rental rates last month, which set a record for us, and an average quarterly move in increase of approximately 15%. However, we are starting to feel a shift in the market. As Pensacola rental inventory levels are higher than they have been all year, we are currently advising for less aggressive pricing than over the summer months. It does appear we may have some version of the typical, seasonal fall/ winter market cool down that we did not experience last year. But, don't worry if your tenant is set to vacate! You will still likely have a great increase in your monthly rent, especially if you have had the tenant in place for more than a year. |
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Pensacola
Real Estate
Market Update
With rising home prices, lower consumer confidence and increasing fears of inflation, we are starting to see signs of a market cool down. The consensus among experts is that the growth we saw in 2021 is not sustainable as affordability becomes an issue for many Americans. At this time, experts predict a healthy increase in inventory and a slowing of price increases in 2022, but they do not predict a market adjustment or worse a market crash. |
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Realty Masters of Florida
4400 Bayou Blvd 58B, Pensacola, FL 32503 Rental Office Call us Monday- Saturday at 850.473.3983 Info@PensacolaRealtyMasters.com www.PensacolaRealtyMasters.com www.Pensacola-Gulfbreezehomes.com LET'S CONNECT 
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