Media & Blog

Feburary 26th, 2025 - NEW LISTING - "What Every Buyer Needs to Know About Florida's Cost of Living” 

Sun, Sand, and Sales Tax: What Every Buyer Needs to Know About Florida's Cost of Living Before Downsizing from Toronto

When thinking about moving from Toronto to Florida, there are a lot of things to consider. The sun and sand are attractive, but what about the cost of living? Florida can be very different from Toronto in many ways, especially when it comes to buying a home. Let's look at what you need to know before making the big move.

Understanding Florida's Housing Market
Florida has a wide range of homes to choose from. You can find anything from beachside condos to spacious suburban houses. But prices can vary a lot based on location. Popular spots may cost more, so it's important to look around and see where you want to live.

In Toronto, the real estate market can be quite competitive. So, if you're moving to Florida, you might find that you can get more house for your money in some areas. But remember, with more space comes more responsibilities, like maintenance costs.

The Sunshine State's Sales Tax
One thing that might surprise Torontonians is Florida's sales tax. While Toronto has a combination of GST and PST, Florida has a state-wide sales tax, without income tax for state residents. This means you might find everyday shopping a bit different. It's important to understand how this will affect your overall budget, especially when buying large items for your new home.

When planning your finances, keep in mind that while you might save on income taxes, daily expenses could be different. Make sure you consider all these aspects to maintain a balanced budget.

Cost of Utilities and Services
In Florida, utilities such as electricity can be higher, especially in the summer when air conditioning is a must. It's good to know what to expect when it comes to monthly bills for electricity, water, and internet. Researching average costs in your chosen area can help you prepare.

Toronto’s utilities might not have prepared you for Florida's annual need for cooling. Talk to locals or real estate experts to get a feel for what these costs might be and how to manage them efficiently.

Healthcare Considerations
Healthcare works differently in Florida compared to Toronto. In Toronto, health care is covered by the government, whereas in Florida, you'll need private health insurance. This is an important factor to think about when calculating your overall living costs.

It's wise to compare insurance plans and make sure you choose one that fits your and your family's needs. Having the right coverage can give you peace of mind.

Environmental Factors to Consider
Florida is known for its warm weather and beautiful beaches. However, it also experiences hurricanes and has a distinct wet season. It's important to have a plan for these weather events and be prepared for any impact they might have on your home and lifestyle.

Consider investing in good home insurance that covers flood and storm damage. Understanding the local climate will help keep you and your home safe.

Lifestyle Changes
Moving to Florida offers a change in lifestyle. The pace might be slower, and you might spend more time outdoors. From golfing to beach outings, there's a lot to enjoy.

Think about what you love to do in your free time and see how Florida can match that lifestyle. Maybe you'll pick up a new hobby like sailing or exploring national parks.

Steps to Take Before the Move

Research Locations: Spend time studying different areas in Florida. What suits your lifestyle: a bustling cityscape or a quiet beach town?

Create a Budget: Factor in the cost differences for housing, utilities, and taxes. Keep an emergency fund for unexpected expenses.

Visit First: If you can, visit Florida beforehand. Experiencing it firsthand can help confirm your choice.

Connect with Local Experts: Find a trusted real estate advisor. Having someone who understands local markets and conditions is key to finding the right home.

Review Healthcare Options: Look into doctors and medical facilities near where you want to live. Make sure your health needs will be met.

Plan for the Move: Moving can be stressful but planning ahead helps. Make a checklist to keep things organized.

Final Thoughts
Deciding to leave Toronto for Florida is a big step. It's important to weigh all the factors, from costs to lifestyle changes. With careful planning and the right support, you can find your ideal home and enjoy all that Florida has to offer. By focusing on the essentials and keeping your priorities in line, you can make your move smooth and satisfying.

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https://youtu.be/jWIOIYQ7Rxc

 

 

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