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Florida Gets Real
All the Florida fit to print for residents and future ones.
MOVE TO FLORIDA MONEY TRAP
I was traversing a tube of traffic with sun-bathing alligators on either side.
That’s Everglades Parkway, more familiarly known as Alligator Alley. It connects Naples in Southwest Florida to Miami on the other side of the state.
I was traveling the virtual tube — two narrow lanes on either side of a brown-grassy median with fencing on both sides to keep the gators out.
I was coming back home from the Port of Miami after a Caribbean cruise with my family. Counting the cars because Alligator Alley is pretty desolate and boring to drive.
How many people in the vehicles were newcomers to the Sunshine State or visitors thinking of moving here?
People on the move on Alligator Alley got me thinking of people on the move to the state of Florida…
What are the mistakes newcomers make? After selling real estate for years, how can I chip in with some helpful advice for people moving here?
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THIS WEEK’S FLORIDA STORY
I have three big mistakes people make in moving to Florida.
The first is to be a futurist if you’re of retirement age.
Think of you ten years down the line instead of now. Think, specifically, of universal design features and mobility issues.
When building a new house, plan for design features that will accommodate a less mobile senior.
And what are some of these universal design features?
Single-level floor plan that eliminates the difficulty of using steps in a home
Wider doorways, up to 32-36” wide instead of the standard 30, that make entering and exiting a home with a walker much easier
Step-free entries that eliminate easy-to-miss tripping hazards for seniors
Walk-in, step-free showers that are safer and will also add to the resale value of your home
Retrofitting a home later can cost you between $15 to $30k in modifications. It’s easier and cheaper to plan these design features with a builder at the onset of construction.
WHAT THIS MEANS…
Yes, thinking of the future you helps.
Also thinking of the thing that destroys future retirement budgets faster than anything else and it has nothing to do with the cost of your home.
I’m talking about climbing insurance costs.
We wrote about homeowners insurance in our first issue. Let’s discuss the policy that can surprise Florida newcomers the most — flood insurance.
If You Currently Live in Florida
Moving away from the water can save you money.
Say, by the stroke of luck, that you find a new home priced around $350-400k near the beach.
Being in a coastal flood zone could push your premium into the thousands every single year.
Two homes just 30 miles apart could have drastically different insurance quotes because of flood insurance.
If You’re Thinking About Moving to Florida
Do your insurance homework BEFORE moving in.
Get insurance quote during the inspection period.
If you’re buying a resale, what the current homeowners pay might not apply to you due to grandfathered-in policies that may be cheaper because they were written under older guidelines.
Explore wind mitigation upgrades to a new home or resale, such as impact windows, newer roofs and reinforced construction. These home features can cut insurance costs by as much as 10-40%.
Check out the My Safe Florida Home program that offers grants for wind-resistant upgrades.
For the My Safe Florida Home state program, you have to qualify and apply properly.
Do your homework — whether it’s choosing a new home that’s not in a flood zone or paying for wind mitigation upgrades — to lower your insurance costs and save money.
WHAT EVERYONE GETS WRONG
Everything in a Florida region costs about the same, right?
Equivalent homes in Southwest Florida cost the same? Collier County, where Naples is located, costs about the same as Lee County to the north, where Fort Myers is located, right?
One Thing People Get Wrong
The total cost of homeownership changes considerably from county to county. The median home price in Naples in Collier County is $588k, while it runs $364k in Fort Myers and Lee County.
Property taxes also vary widely and are more expensive in Collier than Lee County.
Practical Tip
Counties make home costs variable, as does the type of construction
New construction with better insulation, updated HVAC systems and more efficient windows means lower monthly bills and fewer surprises when it comes to utility costs.
What We’re Watching
Biggest Cost Buyers Overlook: Community Development District (CDD) fees, which pay for infrastructure costs in new communities and are added to your annual property tax bill, vary widely from county to county
FLORIDA BOUND WITHOUT GETTING FLORIDA BOMBED
I travel Florida roadways like Alligator Alley and think about all the people on the move to this state.
From seniors not planning for mobility issues to assuming all comparable homes in a region will cost roughly the same, people can fall into traps that a little planning and legwork can fix.
And I have more mistakes people make when moving to Florida! I will write about them a future issue, so stay tuned!
Who Are We?
Team John Garuti is one of the leading Florida real estate teams and has sold hundreds of homes in the state.
As Team Leader, I read and act on every reply.
— John
