Enterprising property owners hope to jump on the money train they see rolling toward Tampa Bay by offering apartment and condo rentals for the 2012 Republican National Convention.

Nightly and weekly rentals are now being advertised online, targeting 50,000 delegates, dignitaries and journalists who will invade downtown Tampa as the event begins on Aug. 27, 2012.

Some property owners will hit it big.

Oprah Winfrey spent $50,000 a week for a home in Denver during the 2008 Democratic National Convention. Out-of-town corporate sponsors and wealthy donors often pay thousands per night to rent large waterfront homes and mansions for parties and events.

If you're thinking about purchasing an investment property or are willing to rent out your own property for a week or two, this might be a way to may some quick cash!

In June 2011, 3404 homes were sold in the Tampa Bay area with a median price of $124,000. This compares with 3,333 homes sold during the same period last year which translates into a 2% increase in the number of homes closed and a 7% decline in the median price (from $134,000 to $124,000). At the end of the month there were 21,350 homes for sale in the area; 16% of the available homes sold in the last month - this translates into an inventory of 6 months. There has been a 21% decrease in the number of homes available for sale from June 2010 to June 2011 (from 27,045 to 21,350).

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Energy efficient home renovations ideas & tips

Energy efficient renovations
Bathroom
The outside walls behind tubs or showers are often poorly insulated and air-sealed. Opening these walls as part of the remodeling project provides an opportunity to seal air leaks with caulk or expanding foam, and install insulation. Also, make sure to air seal around plumbing and electrical penetrations, especially recessed lighting. Provide for adequate ventilation in the bathroom, and make sure the vent fan discharges to the outdoors.
Insulation Basics
Insulation is one of the most effective ways to save energy. Heating and cooling costs comprise more than 50% of the energy consumed in a single family home. Adding the recommended levels of insulation will save energy, reduce utility costs and improve comfort. Proper installation is critical; gaps and compressed areas will dramatically reduce effectiveness.
Insulation provides additional benefits including noise reduction, fire resistance and safety. Factors that affect the performance of insulation, and should be considered when choosing the appropriate type for the job, are insulating capacity, fire resistance, moisture control, convective heat loss, settling and loss of insulating capacity.
Basements
If the basement space in a hot or cold climate is not properly insulated, walls will be a significant source of energy loss. Basement insulation systems must be carefully considered because of the inherent moisture problems and the resulting mold problems that may be exacerbated by inappropriately insulating a basement. Furring out and insulating the inside of the wall is often possible and cost-effective.
Roofs
A cool roof is one that has been designed to reflect more sunlight and absorb less heat—also known as solar reflectance. Cool roofs can be made of a highly reflective type of paint, a sheet covering, or highly reflective tiles or shingles. Nearly any type of building can benefit from a cool roof—however, you must consider climate and other factors before deciding to install one.
By replacing old windows with windows that let light in but keep heat out, you can illuminate and cool building interiors more efficiently. By upgrading or replacing old, inefficient HVAC equipment, you can reduce energy consumption. The climate where you live plays an enormous role on the types of energy efficient renovations you should make and an experienced local contractor will be able to examine your home and help you design a plan within your budget.

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Renting vs Owning. Which is the best choice for you NOW?

There are many advantages to buying a home versus renting. Your income, savings, and monthly expenditures play an important role in determining how large of a monthly payment you can handle.

 In many cases, the amount of money you would spend on rent can be about the same as what you would expect to pay as a homeowner, especially when interest rates are low. Once you factor in the tax benefit for owning a home, the amount saved can be significant.

Here’s an example of a buy vs rent comparison: 

*A renter rents a home paying $800 per month with an annual increase of 5% built into the lease

*A buyer purchases a home for $110,000 with a mortgage payment of $1000

*After 6 years, the homeowner’s payment is lower than the renters in this scenario.

*With the tax savings of owning (writing off interest paid), the homeowner’s payment is less then the renters payment after 3 years

*By owning, you also have the benefit of gaining value through appreciation. Although the last few years have been tough on real estate values, historical trends show that the value of real estate tends to double approximately every 10 years. 

*The homeowner’s mortgage payment on a standard fixed rate mortgage will have an increasingly higher portion of the payment going to the principal balance every month. After every month’s payment is made, the homeowner will earn a small fraction more of their home. On the other hand, the renter’s monthly payment is gone once it is paid to the landlord.

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