Serious Sanibel Question (Miami, Fort Myers, Miami Shores: amusement park, home owners insurance, mortgage)

[m_evergreen]

I invite anyone who has time to debate this to tell me what your thoughts are.

My SO's father has invited us to live with him in his home on Sanibel. He is experiencing some health problems and may need help. We would be helping with the bills.

Right now we both have jobs in the Cleveland OH area as a security guard and a team lead for rides at the local amusement park respectively. We also have a mortgage payment, car loan and all of the bills homeowners confront. We're just making our payments, sometimes we fall behind for months.

I can think of many advantages to selling the house and moving to Sanibel, but I'm concerned about the expense of living there. If we are helping with the bills, and traveling to new jobs across the bridge will we end up in over our heads financially, or is the real expense of living there in the buying of a home?

Anyone with any thoughts please let me know. This is a difficult decision for emotional reasons as well, so it would be good to have as many facts straight as possible.

Thank you,
-M

[florida1]

Well, the toll is $6 to come onto the island and free going off. The main expense is buying a house though. Gas is a little high. There is no income tax. I would definatley look into available jobs though because pay can sometimes be a little iffy down here. If you can find a good job then you will live comfortably. The biggest expense by far is buying the home and the property taxes and insurance that go with it.

[m_evergreen]

From what I've seen property taxes seem to average around $370 a month there. Do you have any idea of what house insurance averages? I've heard it's pretty steep because of weather threats, but what does steep average out to? I really want to take everything into consideration.

I might be able to transfer to the Fort Myers branch of my current security company, although there's no guarantee of pay as pay varies per assignment. I'd probably have to cross the bridge every day for work in that case. I don't know if there would be anything on the actual island.

Thank you very much for your input florida1!

[florida1]

Definatley no jobs on the island as it caters to retirees and tourists. As far as home owners insurance, I really can't help you there. I live pretty far inland and I would imagine Sanibel would be much, much different considering its elevation and proximity to the coast.

[hiknapster]

I think that if your family member wants you to move in with him and take responsibility for some of the bills, you are going to have to ask him exactly what bills and how much. He can tell you how much his insurance is. You are going to need to know this before you even consider moving.

[roseward]

Be careful about property taxes. When my dance teacher got her father's home in Miami Shores (can't remember if he sold it to her or willed it), the property taxes jumped to $15K a year. If you go to the county Property Appraiser's website, it'll usually caution that property taxes for a home can be substantially different for the new homeowner.

Does anyone know how to avoid the jump in property taxes when transferring property to one's adult children--such as adding a child's name to the current title, selling the home to the child for $1, etc.?

Take care,

Tanya

[Magnolia1354]

FYI, Sanibel is Margaritaville.

[hiknapster]

Originally Posted by roseward

Be careful about property taxes. When my dance teacher got her father's home in Miami Shores (can't remember if he sold it to her or willed it), the property taxes jumped to $15K a year. If you go to the county Property Appraiser's website, it'll usually caution that property taxes for a home can be substantially different for the new homeowner.

Does anyone know how to avoid the jump in property taxes when transferring property to one's adult children--such as adding a child's name to the current title, selling the home to the child for $1, etc.?

Take care,

Tanya

My MIL did that at one point. We are not sure why, probably some sort of scam. I see it on the appraiser's website. However, her taxes did not go up. That was in Lee County.

[jrsully5]

You can buy a sun pass, more affordable for commute across bridge. If this person has been living on the island for a long time, his mortgage might not be as expensive. Awesome island, but not many income opportunities. Not far from

[Lindsey_Mcfarren]

Considering the jobs you mention, its posible you might find something on the island itself. That would save you some money in tolls and of course in gas.

Frankly I think Sanibel and the adjacent island of Captiva is the most idyllic spot I have ever been to. I wish I had a relative who lived there.

The downside is the crowding from tourists, its a VERY popular place, especially in the spring when they have this sea shell weekend. Sanibel also has no traffic lights which is quaint but a little strange at the same time. The locals want to keep the island small but its so popular for tourists.

Back in 2004, they were hit pretty hard when hurricane Charlie came through but thats the only one that I recall causing a problem.