|
|
03-22-2016, 08:43 PM
|
#21
|
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
|
See if they have rental restrictions. If they do not, you may be near a bunch of snowbirds, or worse yet, year round renters.
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
03-22-2016, 08:51 PM
|
#22
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
|
Quote:
Originally Posted by aaronc879
Although you didn't specify, i'll assume you'll be in a building with people living above you. When is the last time you lived in a place with neighbors above you? You may find the noise to be very bothersome like I have. I am planning to move soon and if I move to another multi-floor building, I will make sure i'm on the top floor. Try to visit the place when there are as many people home as possible to see what the noise level is like.
|
Top floor (of two-story), end unit... so only one common wall. We have had someone above us for the last 2 1/2 months.... no issues. Sorry you have been having trouble.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
03-22-2016, 09:05 PM
|
#23
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
|
Quote:
Originally Posted by Bamaman
My daughter was living in a house outside of St. Augustine, and it originally cost $250K. The house was on the retail market for $185K, and there have been no offers since it was put on the market 3 years ago. The whole development has had excessive foreclosures destroying property values.
Another big problem is that the property taxes and HOA fees are $5,500 per year--excessive. I have no idea how much the homeowners insurance would be, but you can bet it's a very high amount.
The HOA fees, taxes and homeowners' insurance should be very carefully considered when shopping for any property in Florida. The only good news is that the state has no state income taxes, but they make up for it in other ways including high sales taxes.
|
HOA fees (including basic cable), property taxes, electricity, insurance, and monitoring while we are away will be about $7k a year.... but during the season rents are $3-4k a month (plus 10% tax) so 3 months rent would cost me $10-13k
Actually tax rates here are quite reasonable compared to home.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
03-23-2016, 03:48 AM
|
#24
|
Full time employment: Posting here.
Join Date: Jan 2006
Posts: 956
|
Quote:
Originally Posted by pb4uski
Top floor (of two-story), end unit... so only one common wall. We have had someone above us for the last 2 1/2 months.... no issues. Sorry you have been having trouble.
|
That's good. We share two walls in our townhouse, and we occasionally hear noise, but we are retired, so no worries.
Sent from my XT1254 using Early Retirement Forum mobile app
|
|
|
Need advice on buying condo in Florida
03-23-2016, 06:35 AM
|
#25
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 5,177
|
Need advice on buying condo in Florida
My previous landlord has a condo in Naples, FL. He has a renter from Germany who rents his place for three months every summer and that pays his maintenance fees, etc and he basically gets to use the condo for free the rest of the year.
According to him, there are a lot of renters from Europe in the summer months and will rent if the apartment is furnished with more modern furniture.
Sent from my iPhone using Early Retirement Forum
|
|
|
04-12-2016, 01:34 AM
|
#26
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
|
Update.... we finally came to terms with the seller yesterday and are now working on a P&S agreement. Since it was an FSBO we ended up splitting the benefit of no agent commission. In fact, I think I did a bit better but it is hard to tell given variability in the sales comparables over the last 15 months.
What is customary for an earnest money deposit?
I talked with a friend who owns in the same association and the association is sound but I will be looking at financials as well. We plan to have an inspection and hire an attorney to handle the title search and closing.
I'll have to sell some stocks that I have sort of been wanting to sell anyway to simplify our portfolio. We'll have a nice gain but will not pay any federal capital gains tax but it will reduce what I can do for Roth conversion for 2016 in half.
We'll probably defer becoming FL residents until we are on Medicare in 5 years as health insurance is much more than any state income tax savings we would benefit from.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
04-12-2016, 04:42 AM
|
#27
|
Recycles dryer sheets
Join Date: Nov 2013
Posts: 475
|
Congrats PB! I am looking forward to escaping the Vermont winters once the kids are off to college in 2018.
Sent from my iPad using Tapatalk
|
|
|
04-12-2016, 06:37 AM
|
#28
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
|
Quote:
Originally Posted by pb4uski
What is customary for an earnest money deposit?
|
Around here it's $1,000.
Good luck!
|
|
|
04-12-2016, 06:42 AM
|
#29
|
Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
|
Quote:
Originally Posted by pb4uski
Update.... we finally came to terms with the seller yesterday and are now working on a P&S agreement. Since it was an FSBO we ended up splitting the benefit of no agent commission. In fact, I think I did a bit better but it is hard to tell given variability in the sales comparables over the last 15 months.
|
Another snowbird ..
Quote:
Originally Posted by braumeister
Around here it's $1,000.
|
That's what I'd offer
|
|
|
04-12-2016, 07:11 AM
|
#30
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
|
Quote:
Originally Posted by MichaelB
Another snowbird .. ....
|
Yeah, that's the rub though.... we'll be writing out a big check and paying monthly expenses but don't plan to use it for other than a couple days between now and next fall.... but the annual expenses are less than what we would pay to continue to rent so we'll come out ok.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
04-12-2016, 07:28 AM
|
#31
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,638
|
We closed on our ocean front condo at the end of March. Starting moving in last Friday and awaiting furniture deliveries and some plumbing repairs scheduled for this week. All windows have ocean views and the neighbors are great. We made a good decision. Some updating is required but nothing is so bad it has to be done immediately, though wallpaper removal has taken top priority so we can paint on our next trip down. If I didn't have doctor's appointments up in PA next week, I may never leave.
We were asked for a 10% deposit, but we just laughed and put $15K down to show we were serious and wanted a quick closing. We've had $3k held in escrow to cover needed repairs, but they'll get half of it back pretty soon.
Sent from my iPhone using Early Retirement Forum
|
|
|
04-12-2016, 09:32 AM
|
#32
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
|
Quote:
Originally Posted by jabbahop
Congrats PB! I am looking forward to escaping the Vermont winters once the kids are off to college in 2018. ...
|
Yes, that was the main motivation and depending on how it appreciates in value we could well come out better than paying rent for 3-4 months even after considering opportunity costs.
I have long said that our beautiful Vermont summers were our dividend for putting up with the harsh winters, but now I can get the dividend without owning the stock! Doesn't get much better than that.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
04-12-2016, 09:38 AM
|
#33
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
|
Quote:
Originally Posted by Dash man
We closed on our ocean front condo at the end of March. Starting moving in last Friday and awaiting furniture deliveries and some plumbing repairs scheduled for this week. All windows have ocean views and the neighbors are great. We made a good decision. Some updating is required but nothing is so bad it has to be done immediately...
|
That sounds wonderful. Oceanfront wasn't in the budget but we are 30-40 minutes to a number of nice beaches.
We're in the same boat... we can move in and use it immediately but some updating would be nice. Luckily I'm pretty handy so I can do a lot of the simple stuff myself.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
04-12-2016, 09:46 AM
|
#34
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
|
Another question: In a FSBO transaction with no financing contingency (all cash deal) how long should it take to close? Is 30 days reasonably possible?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
04-12-2016, 09:48 AM
|
#35
|
Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
|
Quote:
Originally Posted by pb4uski
Yeah, that's the rub though.... we'll be writing out a big check and paying monthly expenses but don't plan to use it for other than a couple days between now and next fall.... but the annual expenses are less than what we would pay to continue to rent so we'll come out ok.
|
Come down more often. As you visit more frequently, the cost per trip declines, so you are actually saving money.
Quote:
Originally Posted by pb4uski
Another question: In a FSBO transaction with no financing contingency (all cash deal) how long should it take to close? Is 30 days reasonably possible?
|
Now it's all up to the seller. Are they ready to move? That's really the critical thing now.
|
|
|
04-12-2016, 10:21 AM
|
#36
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2007
Posts: 9,953
|
Quote:
Originally Posted by pb4uski
Another question: In a FSBO transaction with no financing contingency (all cash deal) how long should it take to close? Is 30 days reasonably possible?
|
Are you in a hurry, as long as you have it by next winter you are happy correct. You will have a few less bills to pay in a slower closing.
|
|
|
04-12-2016, 10:26 AM
|
#37
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
|
Seller is ready to move as far as I know... they rent it and are selling it turn-key so the only thing they need to do is remove a few personal items that they said they want to take.
Good point on the bills. While I know that I don't have to attend the closing it just doesn't fell right to not attend and inspect the property until I arrive 6 months later so I planned to fly down for the closing and a few days of vacation. Since I feel compelled to attend I planned to try to time it with my 85 yo Mom flying back north so she doesn't have to fly alone (though she does it all the time).
Perhaps I'm overthinking it.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
04-12-2016, 10:33 AM
|
#38
|
Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,199
|
In my experience, the only time-consuming item is how long the title company takes to do its title search. BTW, I highly recommend buying title insurance if you haven't already arranged for that.
|
|
|
04-12-2016, 02:24 PM
|
#39
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
|
I do plan to buy title insurance.... in fact the title insurance premium is about 2/3rds of our closing costs. Though I have to admit it is difficult to see much likelihood of title problems for a condo that was developed and first sold in 1989.
Around here a title search only takes a day unless there are complications.... which is rare.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|