Last Updated on Apr 20, 2022 by James W
Despite what you see on the news or internet, Florida is not filled with crazy alligator-owning citizens. On the contrary, it’s one of the friendliest states in the U.S, particularly in Southern Florida. Hence, the reason people from the colder North and Midwest are moving to places like Fort Lauderdale.
If this is a destination you have considered for you and your family, here are some financial tips you need to know.
The good news is Florida does not overtax those who decide to move to the state. The average sales tax rate is seven percent. However, that is offset by zero income tax. In addition, Florida has not instituted a death or estate tax on inheritances.
Homes and apartment costs in the Fort Lauderdale area are average or sometimes lower than in the rest of the country. Particularly if you live in the suburbs that surround the city. On top of this, the property taxes in the area remain incredibly low. The fact is, they haven’t changed in the last decade. Thus, you get more for your money when you buy a home or condo.
Buying a Home
Despite the low costs of homes and property taxes, don’t go out and buy one as soon as you arrive in Fort Lauderdale. An impulse buy can be detrimental in the long run. Especially if you don’t research the area where you find the house.
For instance, without prior research, you may discover the school district is not up to your expectations. In another example, the rate you pay for utilities might be higher because you are located in a different county than Fort Lauderdale. Needless to say, a thorough investigation of the area is of utmost importance.
Establish a Retirement Fund
Another important item when moving to Fort Lauderdale is starting a retirement fund. Or, conversely, rolling one over to the new job. This is going to be important for you and your family in Florida, especially due to the lack of an estate/death tax.
It’s best to think about it in terms of what is done with the retirement account once you can start withdrawing from it. Those funds can be rolled over into an estate account to take care of your family after your demise. Because there are no taxes connected to the estate, your family will receive all of its value to take care of their bills, mortgage, etc., when you pass away. Overall, it’s an enormous gift for them.
Ready to Move?
If this information has enticed you to relocate to Fort Lauderdale, then you need to start research right now. Take a look at the city’s neighborhoods and school districts. See if there is temporary housing available while you continue to search for a permanent place.
When ready, look for a reliable moving company that will relocate your household items with care. Make sure they can handle intra- and interstate moves. In addition, find out if they charge by the truckload or weight of the materials being shipped. In general, get a list of all potential costs related to a short- or long-haul move.
Finally, be patient. While the relocation may seem like a long process, you’ll be basking in the warmth and ocean breezes of Fort Lauderdale before you know it.