Older homes vs newer homes and building codes? (Sarasota, Bradenton: credit, new home)

[Sunshine Rules]

FL Insurance rates are influenced by a variety of factors, including the following:

value of the home (replacement cost)
year the home was built
type of structure - block, frame
age and style of the roof (many insurance companies will not cover a home if the roof is 15 years of age or older)
the wiring, plumbing, age of AC (especially on older homes)
swimming pool
location of the home - is it an area known for sinkholes? Close to a fire station? Within a wind zone?
smoke detectors, sprinkler systems, burglar alarm system, gated community or not
does the home have hurricane protection for the windows and doors
personal factors such as your credit scores, if you are a smoker, previous claims history
breeds of dogs you may have
will you operate a home based business
the insurance deductible you select, coverage levels

Another large factor is whether the property is in a flood zone and/or wind zone (wind zones are along the coastlines, each county has wind zone maps).


As you can see, without knowing a lot more information about the specifics of a home, it is very difficult to suggest insurance rates.

[Hollytree]

Thanks for all that- I realize each situation is going to be different- but I was just hoping to hear from some people what they do pay.

[craigiri]

Originally Posted by Hollytree

Thanks for all that- I realize each situation is going to be different- but I was just hoping to hear from some people what they do pay.

2K for high deducts (10K or more) for hurricane wind...no flooding. Property worth about 270, but house is only 160.

Old house 1200 sq ft - one mile inland from the Bayfront.

I would be paying 1/2 that much for the same house if I got the right windows and roof tie-downs.

Note - I did get vastly different prices from the different companies. Use a highly rated Florida company....some of them, like the company Geico works with, have very low consumer ratings.

one listing at
https://www.reviews.com/homeowners-insurance/florida/

Some florida homeowners actually self-insure! Of course, this means you paid cash for the property and don't have a lot invested in the home. We could do that because it is a "winter cottage" for us and we keep little of value in the home. The lot itself is worth at least 60% of the total and the lot is not going anywhere (22+ feet above sea level).

Some homeowners get upset at the high rates and deducts that end up coving almost nothing....so they just insure themselves! I knew one owner out on the islands with a million dollar house who self-insures because they have well less than a million invested and the lot is now worth well over a million. They figure if the house gets blown down they'd build on it (they know contractors) and be able to sell the resulting house at a profit well over what they have invested in the house.

[gypsychic]

Originally Posted by craigiri

2K for high deducts (10K or more) for hurricane wind...no flooding. Property worth about 270, but house is only 160.

Old house 1200 sq ft - one mile inland from the Bayfront.

I would be paying 1/2 that much for the same house if I got the right windows and roof tie-downs.

Note - I did get vastly different prices from the different companies. Use a highly rated Florida company....some of them, like the company Geico works with, have very low consumer ratings.

one listing at
https://www.reviews.com/homeowners-insurance/florida/

Some florida homeowners actually self-insure! Of course, this means you paid cash for the property and don't have a lot invested in the home. We could do that because it is a "winter cottage" for us and we keep little of value in the home. The lot itself is worth at least 60% of the total and the lot is not going anywhere (22+ feet above sea level).

Some homeowners get upset at the high rates and deducts that end up coving almost nothing....so they just insure themselves! I knew one owner out on the islands with a million dollar house who self-insures because they have well less than a million invested and the lot is now worth well over a million. They figure if the house gets blown down they'd build on it (they know contractors) and be able to sell the resulting house at a profit well over what they have invested in the house.

Just curious, how do you know your property is valued that way? That seems awfully high for a lot in Paver Park (I believe that is where you said you live?) I am genuinely curious. The lots in my area (near the bayfront) aren't even that high. Maybe I am misunderstanding your post about the value.

[Hollytree]

Originally Posted by craigiri

2K for high deducts (10K or more) for hurricane wind...no flooding. Property worth about 270, but house is only 160.

Old house 1200 sq ft - one mile inland from the Bayfront.

I would be paying 1/2 that much for the same house if I got the right windows and roof tie-downs.

Note - I did get vastly different prices from the different companies. Use a highly rated Florida company....some of them, like the company Geico works with, have very low consumer ratings.

one listing at
https://www.reviews.com/homeowners-insurance/florida/

Some florida homeowners actually self-insure! Of course, this means you paid cash for the property and don't have a lot invested in the home. We could do that because it is a "winter cottage" for us and we keep little of value in the home. The lot itself is worth at least 60% of the total and the lot is not going anywhere (22+ feet above sea level).

Some homeowners get upset at the high rates and deducts that end up coving almost nothing....so they just insure themselves! I knew one owner out on the islands with a million dollar house who self-insures because they have well less than a million invested and the lot is now worth well over a million. They figure if the house gets blown down they'd build on it (they know contractors) and be able to sell the resulting house at a profit well over what they have invested in the house.

Thanks! That's the kind of info I'm looking for...

[craigiri]

Originally Posted by gypsychic

Just curious, how do you know your property is valued that way? That seems awfully high for a lot in Paver Park (I believe that is where you said you live?) I am genuinely curious. The lots in my area (near the bayfront) aren't even that high. Maybe I am misunderstanding your post about the value.

I am taking the value by the fact that at least two houses - older, but in fair and good condition - within two blocks have signs in front that say "coming soon" and show a pic of a 599K house!

In other words, these homeowners (and the houses are occupied and in decent looking shape) must have been paid a decent sum to allow their house to be torn down......

In a sense I am saying that the older houses are not worth anything....much. When you figure that a person may have to replace all the sewer, roof and other things.....to bring a house up to modern spec is really costly.

They just did do with a house on Pelican. I think it is up on the market for 579K. It is a worse location than some areas (more traffic).

Also, the lot is worth 150 or so even to me! That is, if my house was flattened I'd get something simple built for 250K and have 400 "invested" (150K lot value and 250K house), while new houses within a couple blocks are not selling for that little (they are 490-625, but are larger than I would build).

[gypsychic]

Originally Posted by craigiri

I am taking the value by the fact that at least two houses - older, but in fair and good condition - within two blocks have signs in front that say "coming soon" and show a pic of a 599K house!

In other words, these homeowners (and the houses are occupied and in decent looking shape) must have been paid a decent sum to allow their house to be torn down......

In a sense I am saying that the older houses are not worth anything....much. When you figure that a person may have to replace all the sewer, roof and other things.....to bring a house up to modern spec is really costly.

They just did do with a house on Pelican. I think it is up on the market for 579K. It is a worse location than some areas (more traffic).

Also, the lot is worth 150 or so even to me! That is, if my house was flattened I'd get something simple built for 250K and have 400 "invested" (150K lot value and 250K house), while new houses within a couple blocks are not selling for that little (they are 490-625, but are larger than I would build).

Thank you for clarifying - wow things sure have increased in value! I know there are a couple of lots available where I live (Whitfield Estates Bayside) that have really high prices - we'll see if they sell. A house just one house over from me recently sold for well over $600,000 and it's not even on the water (although it was renovated and added on to several years ago)

[craigiri]

Originally Posted by gypsychic

Thank you for clarifying - wow things sure have increased in value! I know there are a couple of lots available where I live (Whitfield Estates Bayside) that have really high prices - we'll see if they sell. A house just one house over from me recently sold for well over $600,000 and it's not even on the water (although it was renovated and added on to several years ago)

Don't we all look back on the Great Recession and think "we should have snapped up some lots"??

But, yeah, a drive though Alta Vista and Arlington Park this morning revealed perhaps 10% of the houses are now those newer block ($450-$625K) >2300sf models. I think in a decade it will be 25% or higher, although I hope a lot of the old houses remain (much lower profiles, mid-century modern, etc.).

Just noticed the 299K older home on Pelican under "pending" this morning, so it's still possible to buy something decent for those who don't need 2000sf up and all the newest things (like large bathrooms). As you probably know, the true mid-century modern middle-class homes have small baths, etc.

[gypsychic]

Originally Posted by craigiri

Don't we all look back on the Great Recession and think "we should have snapped up some lots"??

But, yeah, a drive though Alta Vista and Arlington Park this morning revealed perhaps 10% of the houses are now those newer block ($450-$625K) >2300sf models. I think in a decade it will be 25% or higher, although I hope a lot of the old houses remain (much lower profiles, mid-century modern, etc.).

Just noticed the 299K older home on Pelican under "pending" this morning, so it's still possible to buy something decent for those who don't need 2000sf up and all the newest things (like large bathrooms). As you probably know, the true mid-century modern middle-class homes have small baths, etc.

Yes, I live in such a house. The "master" bath is probably less than 30 sq ft! And I have been in other homes of this era (mid 50s) where it was pretty much the same. Oh well, been living with it for 10 years now so I guess I can go awhile longer. At least until we just can't do a "house" anymore.

[hotkarl]

The big McBathroom thing is a recent phenomenon.
Way back when, bathrooms were smaller because they were not intended to be a hang out.
Go in, do your business and get out.