Should I sell my house in Florida... or keep it?

Housing Topics
21

Vivian said:
@Zoe
…and don’t forget about hurricanes…

We all saw this coming from a mile away, but folks keep buying.

22

Vivian said:
@Zoe
…and don’t forget about hurricanes…

I gave up on buying in Florida because of the storms. Might just get a cheap place in NH and commute to Boston instead.

23

Vance said:

Vivian said:
@Zoe
…and don’t forget about hurricanes…

I gave up on buying in Florida because of the storms. Might just get a cheap place in NH and commute to Boston instead.

I’ve got family near Orlando asking me to buy their place, but with the HOA and rising insurance, I’m not sure it’s a good idea. Is insurance as bad in central Florida?

24

Vivian said:
@Zoe
…and don’t forget about hurricanes…

Do hurricanes even hit Florida that often though?

25

Sloan said:

Vivian said:
@Zoe
…and don’t forget about hurricanes…

Do hurricanes even hit Florida that often though?

Feels like every other year to me.

26

@Zoe
It’s seasonal… you could rent during Spring Break, but it might sit empty in the winter. And Spring Breakers? They break stuff.

27

Clancy said:
@Zoe
It’s seasonal… you could rent during Spring Break, but it might sit empty in the winter. And Spring Breakers? They break stuff.

Yeah, winters in the Panhandle aren’t as nice as central or southern Florida, which means fewer renters. My parents used to have a condo there, and they’d use it themselves in winter because no one else wanted to.

28

@Zoe
You can always increase rent to match rising taxes and HOA fees. But if the house becomes uninsurable or gets hit by a storm, you’re in trouble.

29

Dump it. Insurance companies are bailing out of Florida.

30

Elijah said:
Dump it. Insurance companies are bailing out of Florida.

Exactly, and with the latest storm, things are going to get even worse.

31

What’s the condo worth now? After all the fees like HOA, insurance, and management, what’s the actual net income?

The untaxed $150k gain from it being your primary residence sounds great. But handling it from afar sounds expensive and stressful.

32

Sell it. You already mentioned the rising costs and worsening weather. Plus, being a landlord is a lot to manage, especially if something goes wrong with a tenant. You’ll end up stressed and possibly in court. Better to sell and invest the profit somewhere else.

33

Get out while you can. My family’s insurance in Florida went up by over 200% in one year.

34

MClarkForum said:
Get out while you can. My family’s insurance in Florida went up by over 200% in one year.

And it’s only going to get worse in Florida. Pretty soon, no one will insure homes there at all.