Florida Home Buyers BLINDSIDED By Something Terrible Happening in Florida

many people dream of moving to Florida last year alone 735,000 people moved to the state but at the very same time about 500,000 people have moved out of Florida now you may think it's all sunshine and smiles because many think that Florida is an idealic place but there's also a dangerous and dark side to Florida and some people who have chosen to live here are finding out only the hard way that moving to Florida has changed a lot so today I'm here on location and I'm going to give you the full tour so that you can avoid the pitfalls that are costly so give me a thumbs up if you're good with that now every day unsuspecting buyers are buying homes here in Florida now many of them have massive regret only because they just did not know today as a buyer you need to be realistic about what things are going to actually cost because it's bad enough that some of these people have overpaid but now some people are getting completely wiped out so here's the truth and it comes directly from people who have gotten Fed Up and they've moved out of state now this is the truth about what's really happening in Florida now warned this may not be what you want to hear but I'm going to show you 11 Florida money trap issues and here they are in descending order number 11 now man you're saying that Florida has become too Hardy and pompous they keep telling me suddenly the rich and the entitled are moving in and taking over with attitude and I get it now some of you have told me that you're sick and tired of them looking down there snot at you and that's really sad to hear because this is spreading to more parts of Florida in places that used to be super laidback you can see what's happening there's a lot of money that's moving in from outside the state with this rude sense of entitlement number 10 hurricanes tropical storms and lightning strikes that equals High insurance cost increases today Florida insurance companies are saying rates could increase by 40% by 2025 it's happening even a year and a half after the storm you've been paying those sky- High insurance insurance rates and even if you file a claim go ahead and try collecting number eight Florida accounts for 79% of all the insurance lawsuits in the United States while the other 51 states account for 21% why is this well Florida hurricanes are nothing new guys take a look at these numbers think about the states that hurricanes hit the most often now look at South Carolina for example which has 75% fewer hurricanes and that makes a huge difference in the actual cost of living and a more relaxed lifestyle this is not just the news headlines guys some of you are written me and you shared the truth about how much you're overpaying for these ridiculous bills now one retired couple they told me their insurance bill was $3800 a year and now it's $9,000 a year and another lady said her insurance was $500 a year and now it's $19,500 a year now the problem with Florida insurance is there's no cap so can you imagine what this is going to look like in 5 or 10 years now if you've been affected by this go ahead and put it in the comments number seven just know that since Florida is the number one state in the nation for hurricanes this affects the entire State of Florida not just the coast of Florida now this may not be what you want to hear but it's the truth Citizens insurance is the insur of Last Resort but it's now the largest insur in the State of Florida and now they'll require you to pay for additional flood insurance policies even if you're not in a flood zone Financial ruin from floods or financial ruin from additional High insurance premiums I don't know what do you think put it in the comments number six do you even need insurance I mean sure some people do have Buu Buck this isn't affecting them in any kind of way but if there's any kind of a mortgage that you're going to have on your property usually the mortgage company is going to require homeowners insurance as part of the mortgage terms to get financing now these policies must include a minimum basic policy which includes the house itself and the contents inside the house look even if you're loaded with money and you pay cash as we've seen recently you could have a total loss of your investment and you're going to write a check for that demolition of your house and then when you rebuild you're going to have 100% of that cost coming out of your pocket as well you'll have an empty lot and you'll start over now many people even if they consider themselves rich don't want to take on that much risk considering the odds that are happening in Florida nowadays it's the average citizen that's fed up and just can't do this anymore but it's not just the insurance it's the other tremendous costs of owning that are actually blindsiding many unsuspecting home buyers number five roof replacement costs are Sky High and they're only going higher now look one woman she told me that replacing her three-bedroom two bath house roof was 42 ,000 it's really happening in most other states you'll see that asphalt shingles they'll last 15 or 20 years but metal roofs they'll last even longer but Florida with its blistering heat repeated storms winds hail it's hard to get that much time out of a roof I mean even after a storm the big issue is trying to get an honest roof contractor to show up without ripping your nose off now one gentleman told me he got a quote for his new house after a storm and it was 73,000 that's in Central Florida guys not on the coast he's now sold that Florida house and has moved to South Carolina number four property taxes I mean with Florida's explosion in home values over the last few years these tax appraisers are having a field day with this now if you bought back in the 80s or the '90s you're already grandfathered in so it's not a big deal but today if you're buying it's a totally different story so you'll be getting the new higher reassessed values and back in 2015 this property sold for $441 current owners are grandfathered in at the old tax rates they're paying $133,000 a year in taxes now it's for sale for 2,739 th000 now think about what happens when you get a property tax value to the tax assessor at that new sale price now back in 2011 these owners bought this property for $455,000 and since it's grandfathered in tax assessor has that property valued at 500,000 the owner pays $1,367 a year in taxes now when everything changes again because that property is for sale for 1 million the Trap is that many new unsuspecting home buyers will get that welcome to Florida slap when they get their updated tax bill from the assessor so I've got a question for you with the influx of all these new people in Florida and they're raising the taxes where's all this money going number three the Florida wamy now one of our clients they moved out of Florida just because her combined property tax and insurance bills were $25,000 a year she moved to Myrtle Beach South Carolina and is now living on a golf course Community just 7 miles from the beach her property tax and her insurance combined are a total of $3,800 she's using the $21,000 a year in savings to invest to travel to have fun and to have a relaxed life now if you think Florida's costs are out of control you're going to love the traffic number two now many of you are saying Florida is too crowded and Florida has changed a lot the wait in long lines at any kind of a store or the wait months to get a doctor's appointment or the traffic that just creeps along crazy slow when you fight to find a parking space and many of you have written me and you told me that Florida used to be fun and relaxed but now you're telling me that Florida has lowered your quality of life and if you're retired this time is important number one all kinds of insurance in Florida is skyrocketing now if you didn't already know this Florida car insurance it is nuts look if you cut all your expenses your coverage limits and you double your deductible you're still going to pay through the nose you want to know why well in Florida there's a high number of super slow moving drivers and you couple that with with some crazy high-speed weaving in and out traffic cars are getting flooded out and a higher percentage of cars are stolen hey this leads to making Florida car insurance one of the highest in the nation it's happening rain the marketing tells us that Florida is the Sunshine State but it also gets 56 in of rain every single year so if you live in a flat state where does all that water go watch out for flooding you will also see 1.2 million Cloud to ground round lightning strikes each year no other state experiences more lightning strikes per square mile than Florida Florida gets a lot of publicity about the 730,000 people who moved to the state but what they don't tell you is about the other 500,000 people who left so even though Florida has a positive net migration there is a reason why many people are leaving the state there are many who originally thought they were going to move to Florida but now they're having second thoughts and they're choosing alternative areas to live with lower property taxes places with lower insurance rates and places that still have mild year- round weather a lower cost of living and still a great Beach lifestyle over the last 20 years my real estate team has helped thousands of people move to those areas and they can still vacation in Florida because it's just a short drive there it's happening The Best of Both Worlds you have questions my real estate team has the answers I'm Jerry with Jerry Pinkus real estate experts give us a call at 843 839 9870 we're here to help you to avoid those pitfalls that are costly and if you subscribed I'll see you in the next super helpful video on this channel so take care you can buy this four bedroom 2 and 1/2 bath 2692 heated Square ft home right on the golf course 5 miles from the beach near the inter Coastal Waterway taxes are $1,200 a year for a homeowner and the insurance is only $1,800 a year it's a big savings compared to Florida but guess what this one's in Myrtle Beach South Carolina you can buy this three-bedroom two bath single family home two-car garage with 1763 heated Square fet in Myrtle Beach South Carolina for $285,000 you can buy this four bedroom four bath 2867 ft home in an inter Coastal Waterway Community with a community pool t quarts beautiful interior four bedroom four bath for $899,000 [Music]

Channel: Jerry Pinkas

Views: 444,640

Keywords: florida real estate market, hidden cost of home ownership, housing market update, housing news, moving to florida, move to florida, moving from ny to florida, moving to florida pros and cons, moving to florida with a family, moving to florida tips, living in florida 2023, buying a home in florida, move to florida pros and cons, pros and cons of living in florida, cost of living in florida, housing market, best places to live in florida, florida real estate

Id: F3cZ2d5UJec

Length: 11min 11sec (671 seconds)

Published: Sun Apr 28 2024