Saving Money in an Increasingly Expensive South Florida Housing Market

For those of us who are not billionaires - or even millionaires - in the South Florida housing market, life has gotten tougher.

It’s difficult to find an affordable house, especially when adding on the cost of homeowners’ insurance and property taxes, the Sun-Sentinel notes.

It also costs more to drive a car and see a doctor. And we have new bills for services we “need” such as high-speed Internet.

So how does one live the Florida life - more cheaply? Getting a Florida mortgage you can afford isn’t a piece of cake, but two Fort Lauderdale Sun-Sentinel writers have pulled together some tips on how to save money on both housing and insurance. Here’s what they have to say…

HOUSING

My parents still live in the house near Lake Worth they bought for $15,000 in 1965. I’m not aware of any such bargains today.

Even with the slowdown in the South Florida real estate market, consider yourself fortunate if you find a single-family home with three bedrooms for under $300,000.

The Collier Manor, Cresthaven and Pompano Highlands neighborhoods in northern Broward County contain plenty of older properties that are ideal starter homes, real estate agents say. In Sunrise, consider the Sunrise Golf Village and the area near the Sawgrass Mills mall. The Westwood communities in Tamarac also are a possibility.

In Palm Beach County, single-family homes under $300,000 (still affordable for the would-be Florida home loan seeker) are available in the area north of Boynton Beach Boulevard, west of Congress Avenue and east of Jog Road.

The central corridor of the county also has affordable housing in such developments as Polo Club Estates, near Summit Boulevard. Cabana Colony in Palm Beach Gardens is one of the few areas in the northern county under $300,000.

Don’t expect perfect paint jobs and manicured lawns, and some neighborhoods and nearby schools are better than others. But savvy buyers who do the research can find deals, if not steals.

- Paul Owers

INSURANCE

Many home and condominium owners are seeing their homeowners’ insurance costs double or even triple, but there are ways to save on your annual premium. Here are some tips:

Look at your deductibles: This is something I did, on my agent’s advice.

Increasing my “all-other-perils” deductible from $500 to $1,000 - what you’d pay out of pocket if you had a fire, theft or water damage claim - saved me roughly $200 a year.

Make sure you’re getting the credits: Got hurricane shutters or impact-resistant windows? A hip roof? Florida insurance companies should give you discounts. Lately, insurance agents have been urging clients to get home inspections to see whether there’s potential for premium savings.

Check with your agent on any inspector recommendations, but remember that you’ll have to pay for the inspection, a cost of about $150.

Shop around: Sounds impossible, sure, but a few months ago a reader told me he faced a steep increase from State Farm Florida Insurance Co., but found another company willing to insure his home for much less.

- Kathy Bushouse

Continue reading in the Sun-Sentinel …