Carrying Costs of a Miami Beach Homeg

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Carrying Costs of a Miami Beach Home

Saturday, May 23, 2009

Many of my clients live overseas or out of the state of Florida and use their Miami Beach home as a vacation home. I handle property management of some of my clients’ Miami Beach Homes so I have a good general idea of the carrying costs of a home. To give you a quick example let's use a home with a selling price of $4,000,000. Florida property taxes are the biggest cost in maintaining a home here in South Beach. Whether you are a U.S. resident or foreign national your taxes will be the same; approximately 1.9% - 2% of the home’s assessed value. Here’s a quick example of annual carrying costs on a Miami Beach home that has a market value of $4,000,0000: Property taxes - approximately 2% of the selling price = $80,000 per year Insurance (flood, wind, theft) = $30,000 per year (rough estimate) Utilities - Water, Electric, Direct TV =$8,000 per year Pool Maintenance $400/month = $4800 per year Landscaping maintenance $500/month (on average) =$6000 per year Housekeeping (maintenance) $150/month =$1800 per year Property Manager $400/month.

The total carrying cost of a $4,000,000 Miami Beach home is approximately $135,000 per year. I hope didn’t scare you off with these figures! The bulk of the carrying costs of a Miami Beach home are in the property taxes and home insurance. Florida does not have a state income tax, so a large portion of the tax revenue for roads and schools comes from property taxes. Feel free to call or email anytime with questions regarding Miami Beach real estate.

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