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.