Florida has always been a popular vacation spot, but many people don’t think of Florida when considering where to buy a house. In reality, there are many benefits to purchasing a Florida home even beyond the warm weather and year-round sunshine. Here are the five best reasons to consider buying a home in Florida.
1. Property is Cheaper than You Think
Unless you’re looking for a beachfront property, buying a home in Florida is probably cheaper than you expect. Contrary to popular belief, the cost of new homes in Florida is below the national average in many parts of the state. In addition, the cost of living in most of Florida is also relatively low.
2. No Income Tax
Florida is one of just seven states with no individual income tax. This means you’ll save money on taxes moving from just about any other state to Florida, and you could save especially big if you’re in a higher income tax bracket. Since the regulation against a state income tax is written into Florida’s Constitution, this is unlikely to change anytime in the near future.
3. It’s an Outdoorsman’s Dream
Florida has balmy weather nearly year-round and a wide variety of outdoor activities that let you take advantage of the consistent climate. The state is famous for its golf courses, but you’ll also find plenty of tennis facilities as well as parks to practice other outdoor sports. If you love to go on walks and hikes, Florida is full of nature trails, rivers and lakes, and you can also experience the stunning wildlife of the Florida Everglades.
4. Beaches are Everywhere
You don’t have to live in Miami to have access to world-class beaches. Thanks to the shape and geographic location of the state, you can head out to a beach and be back the same day no matter what part of Florida you live in. And because the weather is beautiful year-round, you can enjoy a beach vacation regardless of the season.
5. Tax Breaks for Primary Residents
If you list a house in Florida as your primary residence, the state will give you two separate property tax breaks. You’ll be exempt from the first $50,000 of the house’s value for property tax purposes, although school district taxes only get a $25,000 exemption, and you’ll also benefit from Florida’s “save our homes” cap. This regulation prevents the value of your home (for property tax purposes) from increasing by more than the percentage change in the CPI (consumer price index). If the change in CPI is above 3 percent, your home’s value is protected from rising more than 3 percent.
For these reasons and more, buying a house in Florida is a great idea. Not only is it a good financial investment thanks to the lack of income taxes and tax breaks for primary residents, but living in such a balmy, beautiful state also promotes a fun, laid-back lifestyle. If you need a change of setting or are just looking to save money on taxes and cost of living, consider buying a Florida home.