Moving from New Jersey to Ft lauderdale Miamai area. (to rent, insurance)

[cseptak]

I am a nurse looking to move into the south florida area with my husband this summer, we currently live in New Jersery and are sick of the cold. We are looking to buy a townhouse for about 250,000.....my question is what are your monthly expenses like in the south florida area..... so far we have learned that property tax is somewhere around 2% of the cost of your house and property insurance might be around that also....i am hoping to make around $50,000 a year working in ft lauderdale and my husband will make $30,000....we are also first time home buyers so any input would be greatly appreciated!

[chisoxfan]

Originally Posted by cseptak

so far we have learned that property tax is somewhere around 2% of the cost of your house and property insurance might be around that also....i am hoping to make around $50,000 a year working in ft lauderdale and my husband will make $30,000....we are also first time home buyers so any input would be greatly appreciated!

The property tax estimate sounds accurate ... the estimate for insurance might be a little high depending on where you buy (it's a slightly more competitive market west of I-95), what type of coverage you choose (higher deductible = lower premium) and discounts you might qualify for (if the home has storm shutters, for instance, you'll get a discount).

Have you thought about renting here for the first year? There are two good reasons to consider it. One, you may be able to get a better deal by waiting. Given the state of the housing market here, it's hard to imagine home prices rising in the next year, and they very well may fall quite a bit more. Two, it will give you an opportunity to see if you like the area long-term. South Florida is a love-it-or-hate-it type of place, and renting will give you more flexibility if you decide the area's not for you.

As for your estimated income of $80,000/year, it depends on your circumstances. If you have kids, it's not easy to live here on that. If you are DINKs (dual income, no kids), you should be able to do OK as long as your spending habits are prudent. You certainly won't have to live a no-frill life, but it does mean saying no to those "offers you can't refuse" from all the Mercedes, BMW and Lexus dealers down here.

[doggiebus]

I agree with Chrisoxfan rent for a year. Prices in South Florida have only begone to fall so in a year prices hopefully will have stabilized. Also this way you can get to know the areas better. If you buy now and end up not liking the neighborhood you pick, your stuck, unless you want to go through the whole process again.

[Need2SellH20Home]

Originally Posted by cseptak

I am a nurse looking to move into the south florida area with my husband this summer, we currently live in New Jersery and are sick of the cold. We are looking to buy a townhouse for about 250,000.....my question is what are your monthly expenses like in the south florida area..... so far we have learned that property tax is somewhere around 2% of the cost of your house and property insurance might be around that also....i am hoping to make around $50,000 a year working in ft lauderdale and my husband will make $30,000....we are also first time home buyers so any input would be greatly appreciated!

Prices have really fallen and there are great deals out there. It may be worth looking around while renting. People are desperate to sell. I know I am one of those people.

[AJGIANTS]

Originally Posted by Need2SellH20Home

Prices have really fallen and there are great deals out there. It may be worth looking around while renting. People are desperate to sell. I know I am one of those people.

Wife and I are in the same situation- Live in NJ and will be moving to FtL area later this year. In fact she is a nurse as well. We are going to rent for a year or 2 and get a feel of the area. Then pick one of the suburbs outside FtL.

The last 2 Jersey winters have not been excessively snowy- they have been cold and damp and dreary and seem to never end. We Cant wait to move!