The Hidden Cost of Staying Put: What Does Your Florida Home Really Cost You?

When people think about the cost of their home, they usually start with one number:

What is it worth?

That’s an important number.

But if you’re retired or approaching retirement, there may be another number worth knowing:

What does it cost me to keep living here?

And I’m not talking only about your mortgage.

For many Florida homeowners, the true cost of staying put can be surprisingly different from what they see on their monthly bank statement.

Your house has a monthly cost, even when the mortgage is paid off

Consider everything that goes into keeping a home running:

Property taxes.

Homeowners insurance.

Flood insurance, if applicable.

HOA or community fees.

Electricity and water.

Lawn and landscape maintenance.

Pool maintenance.

Pest control.

Air conditioning service.

Repairs and replacements.

And then there are the big-ticket items that don’t happen every month but eventually happen anyway:

A roof.

An air conditioning system.

A water heater.

Exterior painting.

Plumbing.

Windows.

Appliances.

The list goes on.

As a Florida Realtor I’ve noted that insurance, taxes and HOA or condominium costs are increasingly important parts of the affordability equation for my buyers and many Florida homeowners.

The expenses don’t always arrive on schedule

That’s what makes homeownership particularly interesting in retirement.

You might have an inexpensive year.

Then the roof needs attention.

Or the air conditioner quits.

Or the pool equipment needs replacing.

Or your insurance premium changes.

Or the community announces an assessment.

Suddenly, the house that felt inexpensive to own doesn’t feel quite so inexpensive.

And that’s before you put a value on your own time.

What is your time worth?

Here’s a question that rarely appears on a household budget:

How much of your time does your home require?

Maybe you spend Saturday morning dealing with the yard.

Maybe you’re coordinating contractors.

Maybe you’re waiting for the pool service.

Maybe you’re researching insurance.

Maybe you’re doing repairs yourself because you don’t want to pay someone else.

None of those things are necessarily bad.

You may enjoy them.

But if you don’t, they have a cost.

Not necessarily a financial cost.

A life cost.

What would you rather be doing?

Traveling?

Playing golf?

Going to concerts?

Spending time with grandchildren?

Meeting friends for dinner?

Volunteering?

Simply having fewer things on your “to-do” list?

The equity question

There is another piece of the conversation that deserves attention.

Many longtime Florida homeowners are sitting on substantial home equity.

That can be comforting.

But equity sitting in a house doesn’t necessarily improve your day-to-day life.

If a home has become more expensive or difficult to maintain than you want, it may be worth asking:

What could I do with some of the equity if I weren’t putting so much of my money into this property?

The answer will be different for everyone.

For one person, it might mean buying a smaller home.

For another, a move to a maintenance-free community.

For another, renting.

For someone else, it might mean staying exactly where they are and simply making a plan for future expenses.

There is no universal right answer.

Try this simple exercise

Take the last 12 months and estimate what you actually spent on your home.

Include:

• Property taxes
• Insurance
• HOA or community fees
• Utilities
• Landscaping
• Pool
• Maintenance
• Repairs
• Pest control
• Major improvements
• Anything else that belongs on the list

Then add one more line:

“What would I have done with this money if I didn’t have to spend it on my house?”

Don’t judge the answer.

Just write it down.

You may discover that your current home is still exactly what you want.

Or you may discover that your priorities have changed.

Staying put can be a great decision

There is absolutely nothing wrong with staying in a home you love.

In fact, if your home is affordable, manageable and well suited to your lifestyle, staying may be the best choice.

The point isn’t to create a reason to move.

The point is to make sure that “staying” is a choice rather than simply the default.

A thoughtful housing decision should consider more than the home’s value.

It should consider what the home costs you financially, physically and emotionally.

Because retirement is about more than where you live.

It’s about what you want your life to look like while you’re living there.

When I help someone think through a potential move, I don’t start with, “Let’s sell your house.”

I start with questions.

What is working?

What isn’t?

What does the current home cost?

What would you like your life to look like five or ten years from now?

Only then does it make sense to talk about whether a move might improve the picture.

Life changes are hard. Home changes don’t have to be.