I hope you’ve been enjoying my posts lately. I thought I might do something different today and rustle up a few bits of info from around the WWW. These are some of the news items and blog posts that have been popular over the last few weeks. Leave me your thoughts.
$3 million homes go on sale in Princeton
Sellers are putting together a VIP list to put out updates and information about the homes for sale, as well as offering invitations to parties and events … Read More…
Foreclosure aside, a handful of actors and sports stars have lowered the asking prices of their multimillion-dollar listed homes in an effort to lure … Read More…
UK Housing Market May Not Recover Peak Until 2014
Rightmove has listed 934000 homes for sale so far this year, a 45 percent decrease from the same period of 2007, said Tom McGuigan, the company's spokesman. … Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.
Ok so you might find the next few links interesting. These are from around the web, just random snippets that I’ve picked up in my reading, but I found some very cool information in them. You might too. Here goes…
Madoff Homes for Sale, Now at Discount Prices – DealBook Blog …
The real estate slump has even hit Bernard L. Madoff. Federal marshals have cut the prices for his Manhattan penthouse and his home in Palm Beach, Fla.
More of the Hottest Celeb Homes for Sale – OK! Magazine – The …
Got an extra few million in your back pocket? Great! You can use it to buy one of these celebrities' extravagant homes and replicate their luxurious 2009112.
Nearly new condominiums and single-family homes for sale in …
A rundown of “nearly new” condos and single-families for sale in Montclare on Chicago's Northwest Side.
Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.
Have a great day!
The answer to this question will be different for each person, but it is a vital one. There are thousands upon thousands of homes for sale in Florida with median prices as low as $89,300 in the Cape Coral/Fort Myers MSA, $113,000 in the Port St. Lucie area, $107,400 in Ocala, $164,200 in the Sarasota/Bradenton MSA and $245,700 in the West Palm Beach/Boca Raton MSA. The affordability factor is at an all time high, but, even at these bargain prices, you don’t want the ownership of a second home to become a financial burden because you didn’t fully understand the amount you could afford to pay or the true costs of owning a vacation home in Florida. If you are already paying for a first mortgage and you don’t plan to have additional income from renting out your second home, you will definitely need to be cautious about your finances. This article will help you determine the total cost of owning a second home in Florida.
Understand the Full Cost of Your Vacation Home in Florida
One of the most important things to remember about this kind of purchase is to understand what the true amount of money is that you will have to spend on a second home. It is not enough to understand what amount of money will be involved in the initial purchase, although that is a good place to start. There are two different types of costs involved in owning a second home: the initial or start-up costs, and the recurring or occasional costs.
Initial or start-up costs will include items like:
· The down payment
· The closing costs
· The cost of any furnishings, appliances, and accessories
· Installation of a security system, if applicable
· Insurance premiums
· Repair Costs
But then there are a number of other costs that you need to consider. Some of these will occur regularly, but others may just be ones that you need to be prepared for having to pay only on occasion. Examples of these include:
· Utilities (water, gas, electric, cable, telephone)
· Insurance
· Taxes (property taxes, income taxes on any rent)
· Association or Condo Fees
· Landscape Maintenance ($100-$150/month is typical in Florida)
· Building Maintenance and repair costs
· Pool Service ($50-$100/month is typical in Florida)
· Insurance deductibles (if you ever have to make a claim)
· Home Watch Service ($50-$100/month is typical in Florida)
· Travel to and from your new home from your primary home for you and your family members or friends.
These are just examples of the kind of expenses that you may be facing. You need to think about the kind of lifestyle that you will want to enjoy at your second home and make sure that you’ve identified any of the costs, either initial or recurring, that you will need to add to your second home budget.
It is a fabulous time to buy any one of the thousands of the homes for sale in Florida and we would love to see you do it, but only if you feel totally comfortable with the affordability factor!
Maria Norton is the creator of Florida-Retirement.Net, a website designed for those who are considering retiring to Florida or buying second homes there. She is a licensed real estate broker and a 20 year veteran of the Relocation Industry. She provides comprehensive, personalized & free, Florida Relocation Services. She has also published 4 eBooks: A Guide to Establishing Florida Residency, The Florida Beach Book, How to Create the Perfect Retirement & HOW TO BUY A VACATION HOME IN FLORIDA, which are available on the website at http://www.florida-retirement.net.
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