[janetvj]

I am hoping to retire within the next year and if all goes as planned I will be moving from Maryland to Florida. I visited the Gulf Coast to get an idea of where I may want to settle, and although I'm tempted by the "beachy" areas around Ft. Myers and Port Charlotte, I'm a little worried about the instability of the property values in those areas. But after heading a little further north, I found myself in the town of Inverness, and was really intrigued. It seems less "touristy", and the lakes are beautiful. I'm really into biking and hiking, and the Rails to Trails through town seems perfect. Does anyone have any suggestions and/or cautions about this area? Where should I be looking?

[DanBev]

Very large impact fee.Check taxes and insurance!!

[janetvj]

Help me out a little - do you mean that the taxes and insurance are higher in Inverness than in the other parts of Florida? If this is the case, why? I would think that based on the location, the odds of getting wiped out by a storm are less than in a coastal area. I appreciate your input - these are things I need to know before taking the plunge.

[DanBev]

At present I have not had ins on my home now since hurricane bankrupted my insurer,several years ago.For me the cost was to high,at first could not find.Impact fee's in Inverness run around $15,000 to build.A lot of area's are adopting this fee.Our area adopted this in Jan. not as radical as Inverness.Taxes on a $175,000 home probably around $4000,Not cheap living in FL unless you have lived in same home for many years,I have lived here in North Florida 20 years,my taxes $500 plus $225 for fire and rubbish.This is done thru state law.The housing bubble which has now burst caused price escalation hence higher taxes.

[janetvj]

Thanks for the info. I'm looking at a price range in the low $100,000's, so with the Homestead Exemption the taxes would run about $2,250.00 per year. The insurance is an issue, but even so, without a mortgage I factor in about $300 per month for housing. Right now, my housing costs are over $1,100 per month. Plus, I pay $250 to $300 a month for electricity (and this is for a 1100 square foot townhouse). And the overall cost of living is less there than in the Baltimore area. I wouldn't be able to live on my retirement income here, but it's a real possibility in Florida.

Anyway, I really do appreciate your response. If you or anyone else has any other suggestions, I'm all ears.

[runswithscissors]

Mortgage free and with an income you should be fine in Florida. But the stability of any neighborhood is my issue as well INCLUDING the stability of any HOA that is part of the neighborhood.

I can't speak to homeowners here, my renters policy is 300 per year and I chose high coverage. The state provided one, (for worst case people) however was over 800. What a joke.

The insurance is an important factor in Florida budget wise. Maybe someone who lives there will chime in.

There is also Alabama that is not as favorable in the income tax area but offers extreme value in the property ownership area. They are trying to attract retirees there. And it's not "far" from a beach.

[mainship]

Originally Posted by DanBev

Very large impact fee.Check taxes and insurance!!

Impact is only on new construction, with all the empty homes reducing prices, hardly need to build a new one, taxes are still lower than most northern states. Insurance is something else, but is improving, starting to see, price reductions and if this is another easy hurricane season maybe they will take on more homes from the state pool.

[daniellefort]

Originally Posted by janetvj

Help me out a little - do you mean that the taxes and insurance are higher in Inverness than in the other parts of Florida? If this is the case, why? I would think that based on the location, the odds of getting wiped out by a storm are less than in a coastal area. I appreciate your input - these are things I need to know before taking the plunge.

Well you know about my home for sale. Our insurance last year was $1650 and just got our bill this year and it was $1320. The premium actually went down which is very rare. We got it down again to $1000 taking off some of their ridiculous coverages we didn't need. Our taxes are just over $200 a year but we've been in the home for 7 years too. Impact fees are $14,000 only on homes to be built. I think taxes are much cheaper than most parts of the state but insurance all depends on where your located in proximity to the coast. I live across from the lake and it really has no effect on our premium.

[BobBear]

My question is why?
Not much to do in Inverness, most people shop in Spring Hill, and the entertainment, theaters, etc. are south sbout 1 1/2 hr. drive !
Small clean mall in Crystal River, but like rest of Fl., adults stay away at night, too many kids!
A few nice restaurants on water, but again, more, and better down south.
Best area in Inverness to live for the money is Sugarmill Woods, a large community on the county line, and right next to the Parkway South to Tampa and St Pete. New homes are selling for 170-200,000. but a new home at the price would pay about $2000. each in taxes, and insurance.
Most homes in Citrus county seem to be mobile homes, so you got to be careful what people say about taxes and insurance. Taxes are low compared to the North, but insurance is high, and getting higher. If we get hit with more hurricanes in the next few yrs., which we will, insurance will become totally owned by the state which will drive up taxes.
If your want to come to Florida, this is a low crime area, compared to most areas of Florida, but its going to become more expensive, because of the the way the Homestead exemption is written making newer owners of homes to pay higher taxes then owners already here. Be careful, many areas in Florida have high crime rates. Florida ranks #2 in murders nationwide by the FBI stats..
The cheaper states for a retired person to live is Ark., Tenn., Miss., Ala., nd the Carolina's. But living in these states is just wwaiting to die,,,boring! And their crime rates are high too!

[janetvj]

Originally Posted by BobBear

My question is why?
Not much to do in Inverness, most people shop in Spring Hill, and the entertainment, theaters, etc. are south sbout 1 1/2 hr. drive !
Small clean mall in Crystal River, but like rest of Fl., adults stay away at night, too many kids!
A few nice restaurants on water, but again, more, and better down south.
Best area in Inverness to live for the money is Sugarmill Woods, a large community on the county line, and right next to the Parkway South to Tampa and St Pete. New homes are selling for 170-200,000. but a new home at the price would pay about $2000. each in taxes, and insurance.
Most homes in Citrus county seem to be mobile homes, so you got to be careful what people say about taxes and insurance. Taxes are low compared to the North, but insurance is high, and getting higher. If we get hit with more hurricanes in the next few yrs., which we will, insurance will become totally owned by the state which will drive up taxes.
If your want to come to Florida, this is a low crime area, compared to most areas of Florida, but its going to become more expensive, because of the the way the Homestead exemption is written making newer owners of homes to pay higher taxes then owners already here. Be careful, many areas in Florida have high crime rates. Florida ranks #2 in murders nationwide by the FBI stats..
The cheaper states for a retired person to live is Ark., Tenn., Miss., Ala., nd the Carolina's. But living in these states is just wwaiting to die,,,boring! And their crime rates are high too!

For me, the "why" is affordable housing, great weather, relaxed life-style, rails-to-trails, convenience to shopping, and the fact that it is away from the congestion and hectic pace of the city. I commute to downtown Baltimore every day, and the 10 mile trip often takes an hour or more because of traffic. I'm tired of big cities. I can always visit if I get the urge for the hustle and bustle, then go home to my little haven in the middle of no-where.

And there is no way that Citrus County can have anywhere close to the high murder rate Baltimore has, so those statistics don't scare me. In fact, I read that Maryland has the 2nd highest murder rate, behind Louisiana:

Five of the Most Murderous States

Yet, most areas of Maryland are very safe. The high homicide rate in Baltimore City and the areas outside DC (Prince George County, MD) are what throws off the stats.

I recoginze that I am going to pay more in insurance costs. But I don't think the real estate taxes are that much different from where I live. Unless I stay in my current house (there are caps to limit how much your taxes go up for homeowners, even when property values go up. The new rate kicks for the new owner when the house is sold). But you can't touch a decent house for less than $225,000 or so in the Baltimore metro area. And I've seen really nice homes in good areas in Inverness for less than half that much. In my situation, that's the difference between having a mortgage and buying a house with cash.

And thanks for the advice, but I checked out Sugarmill Woods when I visited in May. Thanks but no thanks. I won't live in a community that has such a restrictive HOA.

I don't ask for a lot of stimulation - I don't care for the "night life" (had quite enough of that 20 years ago). A nice restaurant now and then, access to biking and hiking trails, good weather, and a comfortable house where I can live and let live - that's about all I'm looking for.

Anyway, thanks for the input. I'm interested in hearing other opinions.

Janet