Vacation Home in FL

[ChefGirl]

Thinking about getting a vacation home in FL....close to Seaside.....not sure if it's wise or not..but we have been going there every year now.

Does anyone have a vaca home in FL? What are some of the things I need to consider in making such a decision? What's the property tax like out there? Insurance? Hurricane Insurance? Are utilities pretty comparable out there? Obviously we are hoping to rent it out while we are not visiting. What's the management fee like out there?

Thanks in advance everyone!

[ChristinaLucia]

We thought about doing it when things were so crazy cheap in Miami, but after I ran the numbers, insurance, HOAs, taxes, plus all the hassle we are just going to rent when we go on vacation.

[hillview]

hurricane (flood) insurance is expensive and hard to get in FL. Financing in FL was hard a few years ago (not sure about now) since the market was SO soft. Resale is likely to be a major issue for many years to come

[glbb35]

Unless you go back to the same beach year after year and never really want to travel anywhere else for a good long while I wouldn't do it. We have friends who bought a house in NC at the beach and they have been trying to sell it for years. They thought they could easily rent it out and would make money. Instead it has become a money pit. So now they go down almost every other weekend to feel like they are getting the value out of it. But they have no extra money to go anywhere else or do anything else. So same beach, same beach, same beach. To me? boring. Many of our friends have reaped the rewards of them constantly having for rent for next to nothing. It is a beautiful house too in a great area. But they window for seasons to bring in money is so different now.

I would pay off your own mortgage or put money away for college or take some great trips somewhere else instead. Just my 2 cents since you asked.

B

DS 03, 06, twins 09, 11