The Real Cost of Repairs in Englewood
The Hidden Risks of Repair Costs in Englewood
Quick Answer
The real cost of repairs in Englewood can significantly impact your bottom line, often more than anticipated. Florida Statute 553 governs building codes, and failing to comply can lead to costly fines and delays. For example, a buyer discovered during the inspection period that a previous owner had made unpermitted modifications, requiring expensive corrections. If such issues are found late, they can derail the entire transaction, forcing renegotiations or even contract termination. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
Unpermitted Work
The problem of unpermitted work often surfaces during the inspection period. Florida Statute 553 requires compliance with building codes, and non-compliance can lead to significant financial penalties. In one deal, the estoppel revealed an unapproved addition, causing the lender to suspend the file until the issue was resolved. The consequence was a delayed closing and additional costs for the buyer to bring the property up to code.
After looking at multiple possibilities for a vacation home in Florida I decided on Longboat Key. I had the very fortunate opportunity to work with Mike Renick and his team in finding the right place for myself and my family. Ihad heard positive things about Mike, but the services and supports he and his assistant, Eric, and the other team members offered went above and beyond even my expectations. They were available at all times to answer questions, research properties, and to offer numerous recommendations for all the services needed to make a purchase and to close quickly and efficiently. Whatever was needed, from e-signing forms to videoing the interior of a condo, was provided, so even when you were geographically far away, everything that needed to be done could be accomplished as if you were actually there. Emails, texts, and phone calls were returned quickly and you were always kept in the loop if any issues came up. I would enthusiastically recommend Mike Renick and his team for anyone looking for a real estate team. They are the ultimate professionals who do everything in their power to ensure that your needs are met quickly and effectively. Your satisfaction is their number one priority. I truly made the right choice when I picked them!!
– boscom, Zillow Review
Insurance Binding Failures
Insurance binding can fail if the property doesn’t meet certain standards, particularly in coastal areas like Englewood. The Office of Insurance Regulation oversees these standards, and a failure to secure insurance can halt a deal. I once saw a deal collapse three days before closing because the insurance binder was denied due to outdated wiring. This left the buyer scrambling to find alternative coverage or risk losing their deposit.
Where It Usually Blows Up
The inspection period is where these issues typically surface, and the timing can be brutal. Discovering major repair costs or compliance issues late in the process can lead to unexpected expenses and jeopardize financing. Buyers risk losing their deposits or being forced into costly renegotiations if these problems aren’t addressed promptly.
What I Tell Clients Before They Risk Money
- Understand Local Building Codes: Compliance with Florida Statute 553 is non-negotiable.
- Get a Thorough Inspection: Uncover hidden issues before they become deal-breakers.
- Verify Permits: Ensure all work has been properly permitted to avoid future fines.
- Secure Insurance Early: Confirm coverage to prevent last-minute surprises.
- Prepare for Renegotiations: Be ready to adjust terms if significant issues arise.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What if unpermitted work is discovered?
Unpermitted work can lead to costly fines and delays, as it must be brought up to code per Florida Statute 553. This can result in renegotiations or even contract termination if not resolved quickly.
How does insurance affect my deal?
Insurance is critical, especially in coastal areas like Englewood. If you can’t secure a binder due to property issues, the deal may fall apart, risking your deposit and requiring you to find alternative coverage fast.
Mike Renick and team are the best!
– Anita Hudepohl, Google Review
What To Do Right Now
Schedule a comprehensive inspection and permit check before making an offer to avoid unexpected repair costs and compliance issues.
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