What are some unsuspecting costs in the area? (taxes, insurance, Etc.) (Hollywood: HOA fees, homeowners insurance)

[LookingHome]

We are comparing the cost of living if we move. We are currently living in Louisiana, where car insurance is high, property tax is low, we have income tax, and so on.

So a few things I thought of asking:
What is property tax like? I'm so far liking the area of Weston, looking for approx. $400,000 house, just for an idea.
Does Florida have state income tax?
What is car insurance like? We have a 2011 Honda minivan and a 2007 Nissan Pathfinder, if that helps.
In Florida, I kind of assume everyone needs flood insurance...what does that run? Is that separate from hurricane insurance? If there's even such a thing?

I'm trying to assess if there are some mega differences that would slap us in the face! When looking in another area, we realized property tax was quite the slap in the face...like adding an extra zero on the end!!!

Any other things you can think of as we try to budget? Thanks!

[SierraDog]

There is no state income tax here. Property tax is higher, but varies depending on your location.

Car insurance is probably the same or maybe even lower.

Flood insurance is not required everywhere. If it is, it's so cheap as to be inconsequential, maybe $300 annually or so, for Weston.

The real insurance cost is windstorm, which is major. We're talking like $3,000 or more per year for a single-family home in Broward, depending on the age of the house and its features. Weston homes are newer and most would probably be well-rated in a storm, so estimate around $3,000 to $4,000.

I'd say that the costs are really not as significant as the lifestyle factors. In other words, many folks love it here, but many have gripes about the area. Take your time in your decision, and visit several times.

[vigo]

Flood insurance may be $300 in Weston but we pay over $2300 in Hollywood east of US 1 (Lakes area). It all depends on where you live and how much your house and contents are insured for.

[cfbs2691]

I moved here from the midwest and my car insurance doubled.
While there is no state income tax, groceries are much more expensive here.
Check out myfla.com
I remember being shocked at how much it cost to register my car, but it was so long ago, I can't remember the details.
That website should help you find pretty much any info you need.

[jhlcomp]

Look at Broward County Property Appraiser's Network for property tax info. Check with your insurance company vis a vis auto insurance - for reference use one of the zip codes for weston 33326. Homeowners insurance is another experience but that willl be included with your mortgage.

[Nolefan34]

There is no State income tax in FL which is the only positive. Car insurance, Property taxes, and food are all very expensive here. Food is more expensive here than anywhere I've been including New York City. The main grocery stores are Publix and Winn Dixie. Publix is high quality, but extremely expensive. Winn Dixie is slightly cheaper, but lower quality food. The restaurants are outrageously expensive for average food. The best food we have here is Latin food and Italian. You're going to dump $20+ per meal for dinner just about anywhere. The only places cheaper are Chinese restaurants and the fast food chains. The Chinese is not very good here either.

[harry chickpea]

If you are looking at a $400K house in the current market, you will likely be fine. Weston - does it have HOA fees? Property tax will be high, a lot of homes are protected from tax increases, so those that aren't protected get smacked. Windstorm insurance is a biggie that you cannot avoid if you have a mortgage.

Food costs - depends on how much time and energy you put into shopping. There are Aldis and Sav-a-lot stores, Tunies is much cheaper than Whole Foods. Sedanos can have good prices as well. Penn Dutch used to be fantastic for meat and fresh fish pricing.

Car insurance - totally nuts, as are the drivers. We pay a fraction of what we paid there for FAR better coverage. Electric, if you have a pool, can run $300 or more some months. The little niggling things used to tick me off, like a tax on satellite tv. There is no infrastructure required by a municipality for it, and such a tax is simply extortion and should be illegal. Water and sewer can run $100 a month if you irrigate. Oh yeah, ask about the water management district and the rules and fines.

I wouldn't invest $400K in a house now. You do have a possible upside, but if Greece and Spain do fall (quite likely over the next year), it would pay to be more liquid. Also - read any mortgage document VERY carefully. Where houses used to be secured only by the house, chances are you'll be on the hook even if your house goes upside down and the economy tanks.

For us, we saved big time by moving out of the area. We sold at the very end of the bubble, the current owners of the place have had to default on their mortgage, and the home is worth less than half what they paid.

We, OTOH, own our place, pay a tenth of the property tax for far more land, skipped property insurance, and have generally decimated expenses.

In your shoes, I'd be looking for owner financing of a less expensive place a little closer in that Weston, and outside of any HOA. YMMV