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Thread: What Would You Do?

  1. #1
    Join Date
    Jul 2012
    Location
    Punta Gorda, FL
    Posts
    3,028

    What Would You Do?

    Boy, has this been a learning experience!

    We're in Punta Gorda now, staying in a vacation rental. We've been here about 1-1/2 months looking for a house to buy.

    For most of my adult life I've dreamed of retiring to a warm climate, a house with a pool and a dock with a sailboat tied to it that I can sail out to open water. Punta Gorda is about the only place in the US that has that within my price range. Barely a day went by when I didn't think however hard it was to work construction, it would one day lead to that dream.

    Prices here are starting to climb. But I found that house in a beautiful location. It's an older house ('64) but it's turn key. The owner has taken very good care of it and the view is awesome! - for a canal view.


    So after decades of working construction and I get this? It's a no-brainer! Right?

    Well, here's the rub - that little slice of paradise comes with some very stringent rules.

    In a nutshell, if you equal or exceed 50% of the building value for any repairs, alterations, additions, or improvements to the building over any 5-year period, you are required to bring the entire building up to current code. That includes elevation, as determined by the governing bodies. Every older house here doesn't meet today's elevation. Even houses built in the 80's fail.

    A storm comes through and does substantial damage. You may have to demolish the house and rebuild to meet code. And there is no insurance policy that will cover that for all homes, especially those that don't meet elevation specs. That beautiful view above is from one of those homes.

    So you have two choices:

    1. Walk to the nearest tavern and toast the death of a dream

    2. Take your chances like so many down here do. And there's a lot here who do.

    What would YOU do? This is not advice for me. I just want to know what YOU would do if faced with this dream realized or dream dead scenario.
    “Travel is fatal to prejudice, bigotry, and narrow-mindedness..." - Mark Twain

  2. #2
    buy the house you want.

    insure it out the wazoo.

    learn from locals WHAT to expect when a storm comes, and when you should start taking action.

    sit back, have a tropical drink with rum - and relax.

  3. #3
    Join Date
    Feb 2008
    Location
    Wake Forest, North Carolina
    Posts
    1,981
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    Well Julie,

    From reading your posts here on the creek for a few years, you don't strike me as a girl that gives up on something very easily.

    PHM

  4. #4
    Join Date
    Dec 2009
    Location
    El Dorado Hills, CA
    Posts
    1,311
    Go ahead and buy your dream house. It takes a lot of repairs to add up to 50% of the house value, especially if you do them yourself.

    Steve

  5. #5
    Join Date
    Sep 2007
    Location
    Upstate NY
    Posts
    3,789
    It really doesn't sound all that dangerous. If the house is in good condition, why would you need extensive repairs? It has gotta be 10:1 against ever having a serious storm.

    But if you can't afford to take the loss after a storm, then maybe it is too big a bet. Depends on your finances and how badly you want it.

  6. #6
    Join Date
    May 2007
    Location
    Fort Smith, Arkansas
    Posts
    1,984
    I wouldn't do it except for the opportunity to make some money reselling the house in a year or so if prices are rising enough. Maybe not even then because of the risk. Boats soon become big holes in the water into which you throw money. Views become just background after a while. Real life intrudes and spoils the dream. Go to the local Pub and have the landlord pull you a pint of his best dark ale.
    My three favorite things are the Oxford comma, irony and missed opportunities

    The problem with humanity is: we have paleolithic emotions; medieval institutions; and God-like technology. Edward O. Wilson

  7. #7
    If the house is in good condition, why would you need extensive repairs?
    3 hurricanes hit florida one summer/fall H season.......my sister and husband had to repair roof themselves in between .....lucky to get materials, not enough time to get estimates, get insurance ok, til the next storm........power out part of the time......I thought I was going to have to buy materials up here and take them down....that summer was a mess......3 years later there were still blue tarps in the area

    have you looked into recreation vehicule........a lot of trailer courts down there....just be sure to be able to drive away.........florida is hell on air conditioning unites and wood structures
    Last edited by charlie knighton; 09-22-2015 at 8:52 PM.

  8. #8
    Join Date
    May 2015
    Location
    Greensboro, NC
    Posts
    667
    I've lived in Florida, too hot for me. I'd go to Savannah and look around if you want to live on or near the ocean. Generally good weather in the winter and not too terribly hot like Florida in the summer. It's not unusual for the weather to be in the 90's in central Florida in February! Summertime? I hope you like living indoors because that's where you'll spend most of your time. That's what I would do.

  9. #9
    What would I do? I would evaluate the risks.

    I'm a sailor and I'm retiring to the Florida coast. How much money do I have? How much am I going to spend on my non-code house, that I can't insure the way I could if it was code; and apparently can't afford to bring up to code?

    How much can I spend on my boat (Or do I already own one?). How much money can I realistically hope to earn from my woodworking hobby? Do I have any other sources of income?

    How's my health? Based on my history, and my family history, what can I reasonably expect in terms of independent longevity?

    How much do I need this? Could it happen anywhere else? Georgia, Alabama, Mississippi, Texas, Mexico, further south?

    What about my spouse/partner? Am I counting on them to be a part of this? Are they as committed as I? Do they share my passion? Or not?

    Once I had a good handle on my net assets, what I could afford to lose, what I was willing to lose, and what I was unwilling to lose, the decision would make itself.

  10. #10
    I'm not familiar with coastal areas, but homes in river flood hazard areas around here are routinely elevated if substantially damaged or improved. It's a nationwide requirement and just the way it is. Flood insurance is available to anyone through the federal government (NFIP), including homes that aren't elevated, but the lower the structure the more you pay for a policy. Elevating the structure reduces the risk of damage and, hey, it also gives you an even better view. And at least in Illinois, if a building has flood insurance and is substantially damaged, insurance will pay to elevate it to meet code.

    If it's your dream house and you can afford it, buy it.

  11. #11
    Join Date
    Dec 2014
    Location
    Lake County, IL
    Posts
    147
    If I've worked my whole life to get into my dream house, it doesn't seem like a good bet to jump on it if it can't be insured for full replacement value. It would really stink to have it all taken away in one fell swoop. When I retire, I'm looking for a sure thing and low stress, and not have to wonder if every tropical storm is going to be the one to wipe me out. Just another flatlander's perspective, although I was living in an extended stay hotel in Tampa the summer of 2004...

  12. #12
    Join Date
    Aug 2010
    Location
    USA
    Posts
    5,582
    I'd go with it and buy the house. Its been there since the 60's afterall. The 50% valuation thing wouldn't bother me.

  13. #13
    Join Date
    Jan 2011
    Location
    Northern UT
    Posts
    762
    Quote Originally Posted by Shawn Pachlhofer View Post
    buy the house you want.

    insure it out the wazoo.

    learn from locals WHAT to expect when a storm comes, and when you should start taking action.

    sit back, have a tropical drink with rum - and relax.
    Make sure you check on insurance ahead of time. There was a big stink a few years ago about all the major companies pulling out of FL.

    When they say 50% is that based on current prices, what you paid for it, or something else? Does it include the cost of the lot? If so, you are getting more of a buffer on the rebuild requirement. Some locations the lot is a major part of the value.

  14. #14
    Join Date
    Nov 2011
    Location
    South Bend IN 46613
    Posts
    843
    If it was my dream to live in this house, I would grab the dream while I had the chance. I would enjoy every day of it, for however long it lasts. We are never and have never been guaranteed tomorrow.
    [SIGPIC][/SIGPIC] "You don't have to give birth to someone to have a family." (Sandra Bullock)




  15. #15
    Join Date
    Mar 2010
    Location
    Elizabeth City, NC
    Posts
    190
    I agree with Moses.

    Many years ago I got an elite job for the area I lived in in England. This was the type of job people kept until retirement, the company was that good. Then my cousin planted a seed in my head about living in America. I thought long and hard about it. I was talking to a colleague at work about it, and his reply (I was 23 at the time, he was in his mid fifties) "I had a dream like that once but never did it". At that moment I made my decision, and I replied "Well you know what, I am going to do it. If I fail, when I am older and some young person asks me advice, I will say go ahead it never worked out for me but I tried, it may work for you"

    Here I am still stateside, bottom line you never know what the future brings and we only get 1 life to live our dreams.
    I am not saying go kill all the stupid people......
    I'm just saying let's remove all the warning labels and let the problem sort itself out.

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