Home Tips Second Home in Florida

Second Home in Florida

Plan your Budget

Recurring charges should be taken into consideration for your future purchase, namely:

Annual taxes
Maximum 2% of municipal assessment. Since you are not a permanent resident of Florida, you are not entitled to the "homestead exemption". The tax amount may therefore be higher than the one indicated in the property listing.

Condo or association fees

  • Condo fees: Confirm inclusion and exclusion of other charges. Property prices have come down compared to 2006 prices, but this is not the case for condo fees. As you get closer to the sea shore, monthly condo fees get higher. Why? Insurance for the building and common areas must be included in the condo fees. Higher insurance costs are mainly due to the greater risk of hurricanes and higher property maintenance costs.
  • Association fees: Some single family homes or townhouses may be located in a community. Fees are then charged to maintain common areas such as pool, community room, tennis courts, etc. Sometimes these fees include cable or maintenance for your lawn.

Insurance

  • In the case of condos, the cost of insuring the building and common areas is included in the condo fees. So you only need to protect your own unit, its content and civil liability.
  • In the case of single-family homes, your insurance must cover the building and you need to confirm whether protection is required for a "flood zone". Referrals to insurance brokers can be provided if needed.

Electricity
Cost based on usage

Water tax
Based on usage, normally included in condo fees, but to be budgeted for single-family homes

Internet and cable
Confirm whether or not these are partly or completely included in your condo or association fees. If you wish to have French-speaking stations, check for adequate orientation and if