Florida Real Estate Question

[lynn71092]

I am about 2 1/2 years from retirement and with the housing prices down in Orlando I would like to purchase something now but not live in it until retirement. One I have been looking at would need some serious renovating so I could go down 4-5 times a year to do some work on it. So does anyone know what the Florida real estate laws are about purchasing a home but having no one live it it for several years. I would put in an ADT security system but I was wondering what the laws are.

 

[abdmom]

I don't know about FL, but I know when I moved out of my MN house last year prior to selling it, my insurance rates tripled. Insurance companies don't like empty houses. Mine had a security system, a police officer who visited once a week, a real estate agent who visited frequently and people working on the house.

 

[Cindy's Mom]

What would be the difference between what you are doing and what a snowbird does that are vacant all summer long?

 

[Lisa loves Pooh]

You can have a home and not live in it. Snowbirds do it all the time.

The one thing you have to be very very careful with is your insurance. They need to know if your home will be vacant (totally empty) or unoccupied (furnished, but not year round occupancy like a snowbird).

I priced my home for vacancy for new insurance as we will need to switch when it isn't primary--our home is already secured and while it does provide savings...it doesn't provide so much that the inusrance company will ignore that it sits empty.

However, my estimate, in relation to what I pay now...wasn't really that far off.

But we pay through the nose due to hurricanes anyway. Key reductions in homeowners are mostly related to how hurricane protected your home is.

But there is no law that prevents you from owning a Florida property. You won't get homestead exemption (I believe) until you are residing into it. We will lose ours when it becomes secondary.

 

[lynn71092]

You can have a home and not live in it. Snowbirds do it all the time.

The one thing you have to be very very careful with is your insurance. They need to know if your home will be vacant (totally empty) or unoccupied (furnished, but not year round occupancy like a snowbird).

I priced my home for vacancy for new insurance as we will need to switch when it isn't primary--our home is already secured and while it does provide savings...it doesn't provide so much that the inusrance company will ignore that it sits empty.

However, my estimate, in relation to what I pay now...wasn't really that far off.

But we pay through the nose due to hurricanes anyway. Key reductions in homeowners are mostly related to how hurricane protected your home is.

But there is no law that prevents you from owning a Florida property. You won't get homestead exemption (I believe) until you are residing into it. We will lose ours when it becomes secondary.

Thanks so much, that really helps!!!