Why you should move to Florida • May 9, 2024

Top 10 Reasons to Move to Florida: Learn why many are relocating to Florida.

by Corrine Jorgenson

If you visited Florida on a recent vacation and have given some thought as to living here year-round, you are definitely not alone! There are many great reasons to become a Florida resident. Whether you’re seeking your first career as a Millennial fresh out of college or you’re looking for your perfect retirement destination, come check out what Florida offers. The following are our TOP 10 reasons to move to Florida.

Top 10 Reasons to Move to Florida

Florida Offers Top-Rated Beaches
Spanning 1,350 miles of coastline alongside the Atlantic Ocean and the Gulf of Mexico, Florida is home to many of our nation’s top-rated beaches. Many of these beaches receive awards and accolades each year by popular review sites such as Trip Advisor, Dr. Beach, Conde Nast Traveler and others.
Top Panhandle Beaches
- Pensacola Beach
- Destin Beach
- Panama City Beach
Top Gulf Coast Beaches
- Clearwater Beach
- Saint Pete Beach
- Siesta Key Beach
- Sanibel Island Beaches
Top Atlantic Coast Beaches
- Amelia Island Beaches
- Daytona Beach
- Fort Lauderdale Beach
- Miami Beach
To view a list of Florida’s most popular beaches by coast, be sure to check out our Top Beaches of Florida page.
Florida Does Not Have a State Income Tax

One of the biggest benefits of living in Florida is the lack of a state income tax, which allows you to keep more of the dollars you earn. In lieu of a state income tax, the state of Florida earns revenue from the many millions of tourists which visit our state annually year through a 7% sales tax (state level) and a 5% tourist tax (county level) on revenues from hotel stays and short-term rental properties (for stays of 6 month or less). Once you become an official Florida resident, you will then be thankful for the many tourists as they continue to pay your share of state taxes.
Florida Has Great Year-Round Weather

When you think of Florida, you likely think of sunshine, beaches and great weather year-round. Known as the “sunshine” state, Florida enjoys 250 days of sunshine each year making the average year-round temperature 72’ in south Florida and 67’ in north Florida. Via this great weather, take up watersport activities such as stand-up paddle boarding or kayaking for a vigorous workout or rent a small boat for the day and explore the Intracoastal waterway and its remote sand bars. If tennis, pickle ball or golf are more your game, many towns offer year-round courts and courses to check out.
Florida Offers Reasonably-Priced Real Estate & Cost of Living

Even with higher interest rates, Florida’s real estate market continues to remain strong and new housing developments continue to break ground. This strong demand has caused home prices to rise in recent years and the average Florida home price in late March 2024 is now $397K. As the average home price in America is only $354K, Florida home prices are still reasonably-priced at just 12.1% above the nation’s average. Florida’s real estate prices continue to hold steady in this economy as many relocating to the sunshine state are coming from New York, New Jersey and California where average home prices are respectively 30%, 45% and 121% above the nation’s average.

To view how Florida’s real estate prices compare to all 50 states, including the annual cost of living, check out our how expensive is it to live in Florida page. Also be sure to visit our Florida real estate page where our relocation experts provide their current real estate market outlook, trends taking place as well as provide relocation advice.
Florida Has a Very Strong Economy & Employment Market

Florida’s economy and job market have been, and continue to be very strong, due to its top industries of tourism & hospitality, defense & homeland security, real estate & development, and multiple others. In calendar year 2023, Florida achieved 135 million tourists, just below it’s all-time high of 137.4 million tourists in 2022. Currently, Florida’s economy is ranked as the 4th largest out of all 50 states, based upon its Gross State Product (GSP) of $1.1 Trillion, just behind California, Texas and New York. To learn more about Florida’s economy and its top growth industries, visit our Florida’s Major Industries & Largest Companies page.
Florida Has Many Amusement & Theme Parks
Florida is currently home to 8 of the “Top 20” amusements parks in the entire nation as well as 3 of the “Top 20” water parks in the entire world. While Florida is well known for Walt Disney World and Busch Gardens, there are actually many more popular theme parks to explore. Many of these parks offer Florida resident discounts and have on-site accommodations for overnight and/or extended stays.
Florida Amusement Parks
Walt Disney World

Universal Studios Florida

Epcot

Animal Kingdom

Universal Islands

Gatorland

Legoland

Fun Spot America
Florida Water Parks
- SeaWorld Orlando
- Volcano Bay
- Discovery Cove
- Aquatica Water Park
Florida is a Great State to Retire In

When most people think about a warmer climate to spend their retirement years, they usually think Florida, Arizona or Texas. In a recent study performed by WalletHub, a popular finance site, their panel of experts named Florida as the #1 state to retire in for 2024 based upon its overall affordability, quality of life and access to top health care.

In fact, each year, multiple cities within Florida are commonly rated as top retirement destinations including Naples, Sarasota, The Villages and Vero Beach. Many of these destinations, which offer lifestyle amenities catered towards baby-boomers, offer maintenance-free homes, RV parks, area golf courses, fishing piers and an abundance of outdoor activities to enjoy. When compared to all 50 states, Florida actually ranks highest in the nation with just over 21% of its total population being 65+ years of age, according to US census data.
Florida Offers Many Festivals and Outdoor Events to Attend

As a Floridian, you’ll be able to enjoy endless outdoor events year-round. Popular events include music concerts, famer’s markets, arts and craft shows, antique and exotic car shows, polo matches and sand sculpting contests just to name a few.
Florida is Home to Many Professional Sports Teams

If you’re an avid sports fan, Florida has got your bases covered (pun intended) with many sports teams spanning football, baseball, basketball and hockey. The Tampa Bay Buccaneers, Tampa Bay Rays, Jacksonville Jaguars, Miami Dolphins, Florida Panthers, Orlando Magic and Miami Heat are all based in the sunshine state. Also, with Florida’s warmer year-round weather, many MLB teams have their spring training here including the New York Yankees, The Atlanta Braves and the Baltimore Orioles. Many spring training games are open for public attendance and typically draw large local crowds.
Florida offers Endless Attractions & Day Trips to Explore
Whether you relocate to east, west or central Florida, there are many popular attractions to discover, and many are all within a single one-day trip. If you move to the east coast of Florida, popular attractions include the Daytona International Speedway, Las Olas Blvd and Everglades National Park. In central Florida, popular attractions include Walt Disney World, the Kennedy Space Center and Sea World. On the west coast of Florida, attractions include the Florida Governor’s Mansion, The Ringling Estate (Ca’ d’Zan) and the Edison & Ford Winter Estates.

To view a full list of Florida’s top and most popular attractions by region, check out our Florida’s Top Attractions page.
West Coast Attractions
- Florida Governor’s Mansion
- Museum of Florida History
- The Ringling Estate (Ca’ d’Zan)
- Edison & Ford Winter Estates
Central Florida Attractions
- Walt Disney World
- Kennedy Space Center
- SeaWorld Orlando
- Orlando Fire Museum
East Coast Attractions
- Daytona Int’l Speedway
- American Police Hall of Fame
- Everglades National Park
- Las Olas Boulevard
Compliments of Moving to Florida Guide

Property Insurance • May 9, 2024

Sales Tax Holidays, Insurance Premium Breaks Ahead

by Corrine Jorgenson

The governor signed a package that includes sales tax holidays and a one-year exemption on residential property and flood insurance premium taxes.

CAPE CANAVERAL, Fla. – Florida is once again giving back some of the tax money it collects to residents.

As usual, the annual “sales tax holidays” are going into effect — periods during which sales tax isn’t levied on certain types of spending.

New this year: A one-year elimination of the tax on residential property and flood insurance premiums.

House Bill 7073, signed into law Tuesday by Gov. Ron DeSantis, had support from Democrats and Republicans. No one in the state Senate or the state House of Representatives voted against it.

The total of the tax relief is $1.07 billion, the governor’s office said. By contrast, the total state budget as passed by the Legislature totals $117.46 billion, an amount that’s likely to come down somewhat when DeSantis acts on the budget for the fiscal year beginning July 1.

He said Tuesday that would happen “probably in the not-too-distant future.” He’s been using the time since the Legislature passed the budget on March 8 to travel the state and tout his support for popular provisions in the spending plan, generating many days of positive publicity.

On Tuesday, he and others at an event Cape Canaveral in Brevard County talked up this year’s version of the annual tax-reduction law. “This tax relief package will provide much-needed relief for Florida’s families,” DeSantis said.

Provisions include:

— A one-year exemption on taxes on residential property and flood insurance premiums. Florida imposes a 1.75% tax on most Florida insurance premiums, according to a legislative staff analysis. The tax would be waived for 12-month policies with an effective date between Oct. 1, 2024, and Sept. 30, 2025. During the legislative session, the value of the insurance tax cut was estimated to average $60 per homeowner, and $75 for those with flood insurance.

— Disaster preparedness sales tax holidays from June 1-14 and Aug. 24-Sept. 6 for a range of items such as tarps, batteries, flashlights, portable power banks and generators. Pet supplies are also included. The first one coincides with the beginning of the Atlantic hurricane season and the second precedes the Sept. 10 peak of storm season.

— Back-to-school sales tax holiday from July 29-Aug. 11 for school supplies, computers and clothing.

— Tool-time sales tax holiday from Sept. 1-7, for power tools, hand tools, toolboxes, and other items. “Some people are handymen, are in business in this, but other people just have it around their house and that’s fine, use it. We really want to do that,” DeSantis said.

— “Freedom Month” sales tax holiday from July 1-31, for a range of recreational and time-off pursuits such as pool floats, fishing supplies, outdoor equipment and admissions to museums, theaters state parks.

The sales tax holidays have various limits for different items, such as clothing priced at $100 or less, or computers priced at $1,500 or less during the back-to-school holiday, or manual can openers that cost $15 or less, or generators that cost $3,000 or less for the hurricane sales tax holidays.

Specifics about each holiday are online at floridarevenue.com/SalesTaxHolidays.

The law is crafted in a way that attempts to minimize sales tax breaks for tourists. The holidays don’t apply to sales within theme parks, entertainment complexes, public lodging or airports.

Some of the tax reductions go to businesses.

The state will increase the amount it allocates to give tax credits to companies that make charitable contributions to child-welfare organizations and provide a tax credit for employers that operate or support child-care programs for their employees.

Businesses that hire people with disabilities would also get tax money in the form of credits. “If you look at some companies that have done this, like Publix, they’re providing opportunities for all these great people that have unique abilities and have certain challenges and these are very productive citizens and they do a great job,” DeSantis said.

DeSantis also touted savings for frequent users of toll roads, something that’s in the still-unsigned state budget but the governor said on April 1 would go into effect immediately. The provision spends $450 million of state money for a one-year renewal of a program that gives 50% toll discounts to motorists who use the state’s toll roads at least 35 times a month.

By Anthony Man

Florida Realtors • December 5, 2023

‘Buy Now, Refinance Later’ Mortgage Deals Luring New Homebuyers

by Corrine Jorgenson

Lenders are offering free refinancing to get buyers into homes but proceed with caution and read the fine print.

NEW YORK – Some lenders are getting creative and offering free refinancing to buyers willing to take the leap and purchase a house amid America’s crushing combination of lofty home prices and high mortgage rates.

The selling point? It can be summed up by the real estate slogan that seems like it was created for 2023: “marry the house, date the rate.”

Essentially, fall in love with your home, but remember that you can break up with your costly mortgage rate when you find a lower one in the future.

Mortgage rates retreated some in November but are still historically high, with the average rate on a 30-year fixed-rate mortgage at 7.22% as of Thursday, according to Freddie Mac. The last time they were this high was two decades ago.

Current conditions have created an incentive for lenders to find new ways of attracting buyers and driving business as demand stagnates. The sale of previously owned homes tumbled to a 13-year low in October, according to the National Association of Realtors.

Is there a downside for homebuyers?

For someone ready to buy a home, it might seem only logical to lock in a free, future refinance deal – but there are some things to keep in mind.

First, it’s important to keep in mind that there is no guarantee rates will drop any time soon. Furthermore, if the housing values fall and the dollar amount of your loan is higher than the market value of the house, the lender might require cash to offset the negative equity.

Buyers should make the decision – a monumental one for many people – based on the finances they have now, and even if they do refinance in the future, they should still feel comfortable making payments at today’s rates, National Association of Realtors Deputy Chief Economist and Vice President of Research Jessica Lautz told Nexstar.

“Rates may lower, and this could provide an opportunity for monthly savings, but it may depend on how long the homeowner plans to own the home and the closing costs of the refinance if this is the best financial move for them at the time,” Lautz said.

Real estate investor Brad Smotherman advises buyers to make sure they’re working with a reputable company, because the financing process comes with stacks of paperwork that can easily hide crucial details.

SOURCE: By Jeremy Tanner

Local Events • December 1, 2023

Local Holiday Events 2023

by Corrine Jorgenson

Fort Lauderdale

Festival and Market-Christmas near the beach Dececember 9

Victorian Christmas Tours-Stranahan House December 14 – 23

Fort Lauderdale Winterfest Boat Parade – December 16

River Walk Annual Christmas Light Cruise December 18

Pompano Beach

Music Under the Stars with Christmas Tree lighting December 8

Yuletide Parade December 7

The CHAOS Greater Pompano Beach, Lighthouse Point, Deerfield Beach Holiday Boat Parade December 15

What you should know about Title Insurance • October 27, 2023

Insurance That Ends the Day You Buy It?

by Corrine Jorgenson

Title insurance protects current owners against future title problems resulting from actions of previous owners. What it does and how it works can be confusing.

KEY BISCAYNE, Fla. – Unlike homeowners or auto insurance, real estate title insurance coverage periods end on the day they are issued and extend backward in time. However, the policy’s protection period extends forward and stays in place until the property is sold to a new owner.

Title insurance protects house and condominium owners against future claims based on what could have already happened before they bought (prior acts by previous owners). Yes, I know this is already confusing, though stick with me for a bit longer.

Because it is so misunderstood, many buyers look at title insurance as just another vague (and possibly unnecessary) expense they have to pay at closing.

I am not an attorney – for detailed information and applicability to specific situations, speak with a Florida-licensed real estate attorney.

Owning real estate is about the rights an owner may exercise concerning the use, occupancy, and disposition (resale) of a specific piece of property. Those rights are transferred each time the property is sold to a new owner.

Title

A general concept that expresses the ownership of something. It refers to an understanding and acceptance of the owner’s rights.

Deed

The written document that specifically describes and acknowledges ownership of real property. Deeds are recorded in the county where the property is located.

Depending on the location and type of property, the history of owners may go back a couple hundred years. This is especially true in older U.S. East Coast cities and towns whose histories may go back to the 1700s.

It is very important to note that the title issues we’re discussing today attach to the property, not to individual owners. Undiscovered title defects remain with the property through all ownership transfers until they are found and resolved.

Title insurance protects current owners against future title problems resulting from the actions of previous owners.

Challenges to an owner’s full right and ability to sell a property might come from:

Improper boundaries from an inaccurate survey
Buildings encroaching on easements, setbacks, or lot lines
Open and unresolved building permits
Delinquent taxes, unsatisfied mortgages, foreclosures started
Errors in identification of the property or buyer/seller
Previous owner’s spouse, ex-spouse, or heirs claim ownership
Liens seeking payment – property repairs, unpaid spousal/child support, COA/HOA assessments

Problems such as these that can prevent or restrict an owner’s ability to legally use, occupy, or sell the property are title defects, also called “clouds” on the title. Many title defects or encumbrances are found in public-record documents such as liens, court judgements, and mortgages. Like deeds, these are recorded with the county where the property is located.

Though there can also be unrecorded title issues that will derail a closing. These are found in building/zoning department and other third-party files, not just legally recorded documents. Common examples of these are municipal code violations and fines, unpaid utility bills, owners’ association charges, and open building permits. A municipal code search is part of the pre-closing process that attempts to find any outstanding issues.

In a title search, earlier deeds, court records, property indexes, municipal records, and other sources of information (both recorded and unrecorded) are closely examined to reveal any possible ownership defects, encumbrances, and restrictions that may have attached to the property over the years.

Any of these could prevent the current owner from legally and freely selling the property. They could also limit the anticipated future use of the property by a new owner.

Most defects found in a title search can be legally “cured” by the settlement attorney or title company prior to a sale’s closing.

Once the title company or closing attorney’s office is satisfied that a property has clear title (no unresolved defects/clouds), a title insurance commitment and policy may be issued which will protect the new owner from problems that arise from the kind of complications mentioned above.

So … if title agents and attorneys have already checked for title defects, why is insurance needed?

Because even with a careful and diligent title search, there can be hidden hazards from the past that affect both the seller’s right to transfer and the new owner’s future property rights.

Hidden title hazards may include:

Forged documents, fraud, or other criminal acts
Mentally incompetent previous owner
Improper trustee, corporate officer, or LLC member authorization to sell
Seller entered into contracts with multiple buyers
Inaccurate property description; deed transfer issues
Undeclared marital status, unknown Florida Homestead claimant
Similar or identical owner names (unrelated, Sr, Jr)
Probate issues, undisclosed heirs, unknown wills

An owner’s title insurance policy does not protect current owners from title or deed issues that attach to the property caused by their own actions. (Remember – the coverage period extends backward from the issue date)

In any title insurance policy, there are some exclusions that are not covered. An example of this might be excluding challenges to lot lines if a new survey was not performed as part of the purchase. It is very important for buyers to fully understand the exceptions and exclusions in their new owner’s title insurance policy. Ask your settlement agent to explain them in detail.

An owner’s policy is for the full value of the real estate purchase and lasts as long as the current insured owners or their heirs have uninterrupted ownership interest in the property. Remember – a sale to another owner is what ends coverage for a current owner’s title policy.

If a claim against ownership arises, the title insurance company is there to address any legitimate title defects and valid claims against legal transfer not found and addressed in the title search, and to cover the costs of defending the owner/policyholder’s property rights.

Title insurance premiums are a one-time, single payment made at closing. In Florida, local practice and the purchase contract determine whether the seller or buyer pays the new owner’s title insurance premium at closing.

Although owner’s title insurance is not required in Florida (though highly recommended), when there is mortgage financing, lenders want to protect their investment in the property from errors, defects, and adverse claims to ownership, so they require a separate lender’s title insurance policy as a condition of approving the loan.

A lender’s policy carries an additional separate premium, and has different coverage amounts and terms. Buyers are responsible for paying the lender’s title insurance premium.

SOURCE: By Christopher Carter

Copyright © 2023 IslanderNews.com, The Florida Real Estate Blog, Key Biscayne, FL. This report was first published in The Florida Real Estate Blog by Chris Carter, a real estate broker associate, and former Key Biscayne resident.

Market Updates • September 28, 2023

Start Spreading the News: Fla. Tops NY in Home Values

by Corrine Jorgenson

Start Spreading the News: Fla. Tops NY in Home Values

By Kerry Smith

Study: Fla. leaped past New York to be No. 2 in housing values, trailing only Calif. S. Fla. (No. 5) and Tampa (No. 18) made the “top 20 most valuable metros” list.

SEATTLE – The total value of the U.S. housing market surged more than $2.6 trillion over the past year, according to a Zillow analysis, largely due to rising home prices and the value of new construction.

Florida has been at the forefront of that value gain, according to the data used in the study. In the latest analysis of total real estate value, the Sunshine State took over the No. 2 spot, bumping New York State down to third place. California retains the top spot with more than $10 trillion of value – nearly 20% of the U.S. total.

In a list of the top 20 U.S. metros based on the total value of their real estate, two Florida metro areas make the list:

5. Miami-Fort Lauderdale: $1,269.8 billion, up $100.5 billion since June 2022 – 8.6%
18. Tampa: $521.1 billion, up $18.5 billion since June 2022 – 3.7%

While “total real estate value” is always a squishy concept – the equivalent of an automated appraisal for every piece of property in America – the trending changes don’t surprise many real estate professionals.

The total value of the U.S. housing market – the sum estimated value for every U.S. home – is now slightly less than $52 trillion, or $1.1 trillion higher than a previous peak reached in June 2022. A small chunk of that growth can be attributed to a 0.7% rise in the average value of a U.S. home during that time, but the main value change comes from new construction.

“A steady flow of new homes hit the market this spring and summer, helping chip away at the deep inventory deficit and boosting the total value of the market,” says Orphe Divounguy, Zillow senior economist. “Enough buyers remained to keep the market moving. … New home sales rose this year while existing home sales fell, and (new homes) should make up a bigger piece of the home sales pie for as long as rates remain elevated.”

The four most valuable metro areas have remained largely unchanged over the past five years: New York, Los Angeles, San Francisco and Boston. But a new entrant from Florida, Miami, claimed the fifth spot, jumping all the way from ninth as recently as May 2021. Miami’s value surge pushed Washington, D.C., out of the top five.

Metros gaining the most value

Of the six markets where housing gained the most value since the start of the pandemic, four are in Florida:

Tampa: Up 88.9%
Miami: Up 86.6%
Jacksonville: Up 82.4%
Orlando: Up 72.3%

Zillow attributes large population growth as one reason for Florida’s strong new construction figures, but stronger competition for existing homes also played a role.

California remains a behemoth with more than $10 trillion of value in its housing market; nearly 20% of the national total. Florida, New York, Texas and New Jersey round out the top five.

20 ‘most valuable’ metros and percentage changes since June 2022

New York: Up 4.2 %
Los Angeles: Up 0.1 %
San Francisco: Down 8.8%
Boston: Up 3.4 %
Miami-Fort Lauderdale: Up 8.6 %
Washington: Up 3.2 %
Chicago: Up 6.9 %
Seattle: Down 5.1 %
San Diego: Up 1.0 %
Dallas-Fort Worth: Down 0.3 %
San Jose, Calif.: Down 5.2 %
Phoenix: Down 2.1 %
Philadelphia: Up 6.8 %
Riverside, Calif.: Down 3.1 %
Houston: Up 3.5 %
Atlanta: Up 3.7 %
Denver: Down 6.0 %
Tampa: Up 3.7 %
Sacramento, Calif.: Down 5.4 %
Portland, Ore.: Down 4.0%

Florida Realtors • September 22, 2023

Study Reinforces Need to Help ‘Hometown Heroes’

by Corrine Jorgenson

By Kerry Smith

A comparison of teacher salaries to home values within 20 minutes of work found a high of 18% affordable in Fort Lauderdale and Jacksonville but only 4% in Miami.

ORLANDO, Fla. – The average U.S. teacher can afford just 12% of homes for sale within commuting distance of their school, according to a report from Redfin. That’s down from 17% last summer and 30% in 2019, before the pandemic homebuying boom drove up housing prices.

In addition, the average teacher can afford just over one-quarter (27%) of available rentals within commuting distance of their school. The study defines “commuting distance” as a home that can be reached within 20 minutes during rush hour.

In two U.S. cities – San Jose and San Diego – no commutable homes are affordable on a local teacher’s median salary. However, three metros had a share above 50%: Detroit, Cleveland and Pittsburgh.

In Florida, a Hometown Heroes program – strongly backed by Florida Realtors® – aimed to help teachers and other lower-paying yet vital metro jobs, such as nurses, firefighters, first responders and more. The program now serves a wider audience after 2023 legislative changes. Redfin’s study appears to reinforce the need for workforce housing programs in Florida and the nation.

In a city-by-city breakdown, some Florida metros beat the national average for nearby home affordability, while others fell short. According to study authors, California is the least affordable place for teachers looking to buy a home, while Florida is the least affordable for teachers looking to rent.

Teacher home affordability in Florida metros

Fort Lauderdale: 18% of homes within reasonable commuting distance are affordable, a 17 percentage point decline since 2019, with rentals down 4 percentage points over the same timeframe. Median teacher salary: $60,463
Jacksonville: 18% of homes within reasonable commuting distance are affordable, a 41 percentage point drop over the same two years, with 35% of commutable rentals affordable. Median teacher salary: $65,612
Miami: 4% of homes within reasonable commuting distance are affordable, down 13 percentage points over two years, with only 2% of nearby rentals affordable. Median teacher salary: $60,463
Orlando: 5% of homes within reasonable commuting distance are affordable, down 24 percentage points since 2019, with only 4% of nearby rentals affordable. Median teacher salary: $49,561
Tampa: 12% of homes within reasonable commuting distance are affordable, down 44 points in two years, with 13% of nearby rentals affordable. Median teacher salary: $63,365
West Palm Beach: 15% of homes within reasonable commuting distance are affordable, down 19 percentage points in two years, with 6% of nearby rentals affordable. Median teacher salary: $60,463

The average U.S. public school teacher salary rose 2% in 2021-2022 from the prior year to $66,745, but when adjusted for inflation, teachers are making $3,644 less than they were a decade ago, according to the National Education Association.

Each U.S. school has an average of 796 homes for sale within commuting distance, down 24% from 2022 and down 46% from 2019.

“The shortage of affordable homes is exacerbating the shortage of teachers,” says Redfin Senior Economist Sheharyar Bokhari. “Many teachers who can’t afford to buy a house near work are either renting and missing out on the opportunity to build wealth through home equity, or leaving education in search of more lucrative careers.”

home updates • September 22, 2023

5 Important Things to Consider Before Buying a Fixer-Upper Home

by Corrine Jorgenson

Purchasing a fixer-upper property can be an exciting and rewarding
experience. HGTV is filled with programs of amateurs knocking down walls
and tiling bathroom floors. The fact is that this is much harder than it looks
and before diving headfirst into this kind of project, it’s critical to consider
whether you are prepared for the venture.
5 Important Things to Consider Before Buying a Fixer-Upper Home
1. Financial Planning – The first step in buying a fixer-upper home is to
establish a realistic budget. Include the purchase price, repairs costs, and
any expected expenses for renovation or restoration. Once you have
created a “known” list, then add extra for unexpected issues that will arise.
2. Time and Effort – Renovating a fixer-upper takes time and effort,
even if you hire a general contractor to oversee the project. Consider the
overall scope of the project and evaluate your skills and level of time
commitment.
3. Structural Condition – Before making an offer, thoroughly inspect
the property’s structure and foundation. Recognize the impact of any issues
uncovered and make sure to budget for the proper corrections.
4. Real Estate Market and Location – Even a beautiful home in a
terrible area is a bad investment. Consider such factors as property values,
market trends and the potential for future appreciation. Work with a
financial planner to make sure the investment fits your long-term goals.
5. Legal Considerations – Before writing the offer, familiarize yourself
with local building codes, permit requirements, and zoning regulations.
Ensure the changes you anticipate align with local requirements.
Purchasing a fixer-upper home can be a wonderful investment and
worthwhile project. By evaluating your budget, time commitment, property
condition, and potential appreciation, you can be sure to choose the right
situation for your goals and experience.

SOURCE AGENT CRATE

home updates • September 22, 2023

Small Design Changes that Have Big Impact

by Corrine Jorgenson

With the cooler months ahead and more time spent indoors, who
wouldn’t love a quick living space refresh? Fortunately, you don’t need to
completely revamp everything to have a new look. Small changes can have
a big impact as well.
Paint is one of the easiest ways to change the look of any space. Paint fads
quickly and designers recommend repainting every 5-7 years. This is an
opportunity to use new colors. Dark and warm to create a cozy, relaxing
space or go bright and bold to add energy or inspiration. If a larger project
is too daunting, then adding a single accent wall provides drama and
interest.
Look at updating lighting and other fixtures. It’s surprising how quickly a
lamp can change the tone of a room. Don’t be afraid of mixing traditional
furniture styles with modern fixtures. Use lighting in a new way. Highlight a
special picture or piece of art. Light a dark corner or use variable light bulbs
to provide flexibility in intensity.
Another great tip is to hit the local farmer’s markets and fairs. Style does
not need to come from the chain stores or design magazines. Add some
eclectic pillows, candles, baskets, or anything else that interests you.
Personal style is just that – personal. With fall on the horizon, spruce up
your living spaces with a few small changes.

Property Insurance • September 21, 2023

Citizens Customers Getting Buyout Letters this Week Copy

by Corrine Jorgenson

Citizens Customers Getting Buyout Letters this Week

By Lawrence Mower

About 300K Fla. homeowners with Citizens – Fla.’s “insurer of last resort” – will receive a letter that automatically transfers them to a private insurer if they don’t respond.

MIAMI – A warning to Floridians with Citizens Property Insurance coverage: Check your mailbox. About 300,000 customers of the state-run insurer of last resort are receiving letters in the mail this month with an offer to switch to a private insurance company.

If customers don’t respond by Oct. 5, the letters state, customers will be forced to go with the private company – at a potentially far higher cost.

A Citizens spokesperson said Tuesday that the vendor hired to print the letters has been inundated by the volume, meaning some policyholders are getting less than the customary 30 days to respond. Although the letters are typically dated Aug. 28, as many as a third of customers received them much later. A notice sent to a Miami Herald editor was postmarked Sept. 13, for example.

Some customers still haven’t been notified. Between 10,000 and 15,000 letters were sent out Tuesday, but everyone should receive the letters by Friday, Citizens spokesperson Michael Peltier said.

Because of the problem, Citizens is extending the deadline to respond to Oct. 10. Insurance agents have been alerted to the delays, he said.

“The goal is always to give policyholders at least 30 days, but vendor issues prevented that from happening,” Peltier said. “Worst-case scenario is folks are going to have a couple weeks.”

If customers don’t respond in time, they could be in for an expensive surprise.

Eunic Epstein-Ortiz said she received a letter at her St. Petersburg home on Monday with an offer from Tampa-based Slide Insurance, a new startup company that has increased its footprint in Florida’s ailing property insurance market.

The offer from Slide was for a premium of $7,484 – 77% higher than the $4,227 if she stayed with Citizens, according to the notice she received.

The envelope bore no indications that an urgent deadline was inside, said Epstein-Ortiz, who ran for the state Senate last year as a Democrat representing St. Petersburg but lost.

“I am completely aware, our insurance system currently is not where it needs to be,” Epstein-Ortiz said. “But offloading 300,000 people, seemingly in the dead of night, with almost no notice, with no urgency to it, is not the way to do it.”

As insurance companies have folded or reduced their exposure in Florida in recent years, Citizens has seen its policy count grow to about 1.4 million, making it the largest insurer in the state.

To reduce Citizens’ policy count, state regulators this year have approved several companies, including Slide, to assume some of the state-run insurer’s policies. Customers don’t have to accept the private companies’ offers, but if the offer is within 20% of Citizens’ rate, customers who decline the offer can’t renew their policy with Citizens.

Policyholders who receive offers can make their choice through their agent or online at citizensfla.com/online-choice.

Asked whether she and her wife would take up Slide’s offer, Epstein-Ortiz’s response was an immediate “no.”

“Why would we go to another insurer with worse coverage for twice the price?” she said. “It makes absolutely no sense.”

SOURCE Miami Herald. Distributed by Tribune Content Agency, LLC.

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