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Buying Florida or Alabama? The BORDER OF INDECISION

Friday, January 6, 2017   /   by Amy Norris

Buying Florida or Alabama? The BORDER OF INDECISION

If you have every been one of the happy people to come visit our beaches, you know that both areas of our coast are wonderful.  But as much as the bras hang on the ceiling of the Florabama, you may have indecision hanging on your mind for which state to buy in.  Naturally, we would advise you to consult your CPA, attorney, and realtor, etc. for your personal situation. Here are are some things to think about:

Orange Beach/Gulf Shores, Alabama..What you need to know

  • 1/3 of cost for property taxes generally when compared to FL
  • $$$ RENTAL INCOME - Higher gross annual rental income if your buying a gulf front home or condo
  • More BeachFront/GulfFront homes that are truly ON the beach..not across from the beach
  • New Luxury condos with fabulous rental income
  • No property taxes for some that retired
  • Usually easier to resell than FL properties due to taxes
  • Lots of restaurants and things to do: Tanger Outlet Shopping, 2 Starbucks, 2 theaters and The Wharf just to mention a few!
  • Great new developments coming Pre-Construction and New Homes & Condos
  • New OWA project OWA
  • New $80 Million hotel project proposed for Gulf Shores $80 Million Hotel
  • Investment/Rental Property 3-4% capital gains taxes on resales** https://revenue.alabama.gov/incometax/nonresidentwhfaq.cfm (does NOT apply if you are an AL resident or have alot of write-offs)

Perdido Key, Florida.. What you need to know

  • No income taxes in Florida!  Great you'll say!  But wait! Property taxes are typically 3 times more here in than in Alabama (we can look up tax info for you!)
  • Lower hurricane insurance rates than AL
  • Disney lovers love having the FL address for discounted FL resident tickets
  • Near NAS so lots of military discounts
  • Groceries have no sales tax (so that is about a 9% savings over Orange Beach, Gulf Shores and Foley)
  • Prestige to tell your friends you have a property in Florida
  • Lots of great rent restricted condos (especially upscale condos offering privacy)
  • Lower density
  • Great new developments coming Pre-Construction  and New Homes & Condos
  • Investment/Rental Property - No Alabama 3-4% capital gains taxes on resales** https://revenue.alabama.gov/incometax/nonresidentwhfaq.cfm (does NOT apply if you are an AL resident or have alot of write-offs)



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