Apart from Rhonda Santis, Florida always had something of an appeal to me. The weather, the laid back atmosphere (because of the weather?), the bright colors. I've occasionally toyed with the idea of "maybe one day." Saw this video, and it was a bit of an awakening experience. Any thoughts? I'm guessing the realtor/presenter favors SC since that's where he's from.
He makes some good points. If you plan on moving to FL, I'd watch the videos again & make a list of ALL his points. I've lived in FL since 2012 and owned rentals (SFH & condos) for the past 10 years. BUT, I also wouldn't let it scare you from buying in FL. 1-Homeowner insurance is a MESS here. Hopefully you can pay cash & avoid insurance. I only carry liability insurance for my rentals. 2-Fully funded reserves vs. partially funded reserves is a very important topic. As he mentioned, in 2025 ALL condo associations will require fully funded reserves so would be better if you can wait until after the first of 2025 to see what the HOA fees will be. Many owners are going to be in for a big shock & I feel condo valuations will drop & SFH valuations will rise because of this new rule. Some owners will be forced to sell so it may create buying opportunities. BTW, this is a good rule IMO as current owners are getting by without paying long-term expenses and eventually someone's getting hit with an unexpected assessment fee. 3-Best if you can buy a concrete block building. I sold my stick-frame SFHs to get away from the risk of a bad hurricane or flooding. I've moved to owning condos only & only 2nd floor or higher to avoid the need for flood insurance. Concrete block buildings only. Preferably not the top floor to avoid the worst of hurricane damage (roof). You aren't responsible for the roof but your unit will be a mess. 4-Try to get some feedback about the HOA. I've been a board member where I live for the past 6 years & own 2 units so know the community well. Our HOA fees have been nearly the same for the past 7 years which is pretty unusual for condo communities. It's much better if the HOA is internally managed rather than using outside management. They have no incentive to keep costs low. 5-I haven't had any major property tax hikes he talked about & I've owned 7 properties over the past 11 years. Just normal increases to go along with rising property valuations. 6-I hope to be selling my 2 remaining condo units in the next 3-5 months & move to the gulf coast. I might rent until after the 2025 rules kick in to see what happens to HOA fees. If I find a fully-funded condo community then I'd be willing to buy prior to 2025. Renting is ~$200/month more expensive than buying with cash when you figure you can get 5% on the cash by leaving it in the bank. Worth the extra cost to wait until the 2025 rule kicks in IMO.