How Much Does it Cost To Move To Florida

How Much Does it Cost To Move To Florida

Moving to Florida, how much does it cost to do so? Well, if you are planning a relocation here to Florida, this video may be for you because I'm going to talk about how much it cost to move to Florida. So, stay tuned.

Alright. So, how much does it cost to move to Florida?

COST OF SELLING YOUR CURRENT HOME

Well, first, let's talk about the cost of selling your current home if you do currently own one that you need to sell before you move. You need to take in consideration all the repairs that you might need to do before selling. Make sure everything's in the condition that needs to be in order to sell such as maybe your roof is intact and not leaking. Make sure your HVAC is good, water heater is good. Make sure all your plumbing and electrical work is good. If you're aware of any wood rot, you might want to check that out too, but I mean, you termite damage. But any obvious concerns with your property go ahead and address that as soon as you can if you can before putting your home on the market just to save time and the effort of getting that done later on while you're under contract with a buyer already that's ready to purchase your home. And, they're more than likely going to ask for those repairs anyway. So, you might want to go ahead and look at the cost of any repairs that your home may need, any updates. Maybe you have a completely outdated bathroom or your bedroom or your flooring is that you have maybe raggedy carpet that needs to be replaced. You just might want to just take a look overall and see what needs some good updating, maybe some paint. You might want to look at any damages to your drywall, just little simple things like that. Make sure that's taken care of prior to especially taking pictures. And putting your home on the market. So, you also want to think about the cleaning too. If you are able to clean your home on your own, or if you want to hire a cleaning company to come and clean your home for you. I might want to look at the cost of that. You also, even if you're already moving out of the home before selling, you're still going to have to look at keeping your utilities on for showings and for inspections. So, make sure that you leave your electricity and your water on. But after you move out until the next buyer takes ownership. You want to think about the cost for the professional photos. Of course, if you have a realtor, they would take care of that for you. Or, if you're doing a for sale by owner transaction, you just might want to look at the cost of how much it would cost to get the professional photos done. Or, if you want to stage, if you've already moved out of your home thinking about staging just to make your home look nicer. Give people the idea of what it would look like with the furnishings inside the home. Lawn care, your landscaping, want to make sure that's in good shape too because curb appeal does matter. And you also need to consider your closing costs and commission fees if you're hiring a realtor. And, you also want to keep in mind that, that can be up to $30,000 or more. Just really depending on your whole situation when it comes to, you know, the condition of your home and the things that need to be done in order to get it ready for the next buyer.

NO STATE INCOME TAX

Next, as far as moving to Florida, of course, a lot of you already know. There's no state income tax in Florida. It is really great to be able to save on that. Now there are some states where, like, California where it's up to 12.3% for state income tax. In New York, it's up to 8.82%. So of course, that's always a big plus when it comes to living in Florida because you don't have to pay that state income tax. Also, I need to know that there's the lower property tax in Florida. It is lower than the US average. The US average is about 1.08%. Here in Florida, the average is 0.98%. So, the average annual tax in Florida is $1,752. But, of course, that varies between the different counties here in Florida. Now, when it comes to purchasing your home, you need to think about the closing cost, you need to consider your down payment if you have one. Origination fees, title insurance, appraisal, survey, attorney fees, transport fees, taxes, homeowners insurance. So overall, your total closing cost when purchasing a home can be up to 3% at the purchase price. So, if you haven't started saving up that money already, make sure you start to do so. It might take you a little bit to be prepared to cover your own closing cost when you are purchasing your next home.

HOA FEES

Another thing you want to look at in your next home in Florida is, if there's HOA fees. If you live in a community that has a homeowner's association. Well, the purpose of HOA is to maintain the community. So the fees do depend on the community and the type of property that you're purchasing. So the fees do tend to be a little higher if the community does have amenities to maintain such as a swimming pool or fitness center, playground, picnic area, or a gate guard. But, it also covers insurance and maintenance and repairs, grounds keeping. And, if you're purchasing a condo, the HOA that may cover some utilities as well. They might cover the water and sewer trash, maybe even Internet. So you want to make sure you understand what the HOA covers if you are purchasing condo. That way, you know what other expenses when it comes to utilities that you'll be responsible for outside of your monthly or quarterly or annual HOA fee.

PACKING AND MOVING COST

You also want to think about your packing and moving fees and your cost. Of course, the cost is going to depend on how you are packing and moving. So, if you want to hire a company to do everything for you as far as packing and loading and moving it and unloading for you. You might want to call around and get some quotes on that and how much that would cost you or you can just pack everything yourself and then just hire a mover to move all your belongings for you. Or again, just do it all yourself just to cut out that cost. It's just going to take a lot more time and a lot more work. A lot more sweat to get all that done on your own or just get some friends and family to step in and and help you out, take maybe they might take a beer's payment or maybe some dinner. But, it'll say definitely save you money if you do everything on your own if you're able to. And, you also need to consider the cost of the truck or trailer if you're using one. The size can vary in price as well in the trailers. If you have an open trailer or closed trailer, and the daily charges to use those and storage fees if you do need to pack up and put your belongings in the storage temporarily. So, you might want to check into the daily rates for that. And if you are traveling, of course, a big thing lately is the gas prices. So, you may want to take into consideration how much money you think you will be spending in gas to get to your new location. So that's just going to depend on the distance and of course, the type of gas that you use. My vehicle takes premium, so of course, that hits the pockets pretty well. So, I have a lot of respect for all these that has the unleaded gas. I do need to switch back over to regular unleaded just to save on this high gas prices these days.

TEMPORARY HOUSING

Another thing to consider is temporary housing. Let's just say you are already needing to move out of your current home and you didn't find another place in time. Whether you are purchasing or renting your next property, but you're just not able to sign a lease or close on a house in time. You may need to consider a short term rental or maybe a like a Airbnb. Or a place that allows a month to month lease just so you're not tied in for a year and just be obligated to stick around in that area for a year. You didn't need that much time to find your next place. So, you just need to look into what these other rental companies have to offer. They do have a 6 month lease or some even have a 7 or 8 month lease. And then, of course, you have your 12 month lease you'll be locked in for at least a year. So, you might want to consider the prices of those and what works for you, what you can afford. Of course, short term rentals, the prices can just really, really increase during the peak season. So, if you are relocating to Florida, especially if you're going to a highly desired tourist area, those fees for Airbnb or short term rentals will be almost doubled than it would be in the off season. So, that can really hit your pockets pretty hard as well. It's kind of hard when you're trying to save up money for your down payment and all your closing costs. And, anything that you need for your next home or, you know, your whole traveling deal that you have to have the money that you're putting into the travel and then have the turnaround and spend money for temporary housing that can pretty much hurt your pocket's pretty good. So, take all that into consideration.

Again, just to recap, think about the cost that's going to take to prep your home and sell it, just know that you're going to save on not having any state income tax here in Florida, lower property taxes. Keep in mind your closing costs for when you are purchasing. Again, give you up to 3% of your purchase price. HOA fees, your packing and moving costs, your gas and again the temporary housing. There's probably a couple other things that I may have missed, but of course that just gives you a general idea of the major cost that it takes to relocate to Florida.

That's all I have for today. If you have any questions or want to know more, please feel free to call/text us at 850.320.7757 or email us at Admin@WhittemoreGroupRE.com

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