Tuesday, October 25, 2016

The Cost of Living in Key West

KEY WEST, Fla. - Oct. 21, 2016 - PRLog -- Per Fred Mullins, Top Producing Member of Team Mullins at Coldwell Banke Schmitt in Key West and owner of www.lowerkeys-homes.com,"There's really no mystery to the cost of living in Key West. In fact, many people move here to enjoy the island lifestyle and vacation like feel every day of the year. Over 1,000 people move to the Sunshine State every day and there's plenty of reasons why. Of course, the wonderful weather plays a big role, as does the relatively low cost of living. Here's the real scoop on the cost of living in Key West:

Low tax rates. The state of Florida does not have an income tax, only a small sales tax (which does not apply to necessities, such as food.) In addition, your homestead exemption will do wonders to lower your property taxes. That's a huge amount of annual savings and even more as the years go by.

Build equity faster. Because land is finite in Key West and it's such a highly desirable place to live, you will build equity much faster compared to other parts of the country. If you buy under your budget, you'll be able to amortize your mortgage faster, creating equity sooner.

Utilities are less expensive. There are no harsh winters in Key West. In fact, winters are very mild. This means you won't be turning on the heat much and there are months where no air conditioning are needed to stay completely comfortable. Say goodbye to servicing your furnace and all that it costs.

Vehicles last much longer. The phrase "garage kept" is something that's a wonderful sales pitch but in Key West, your vehicle won't be subjected to salted roads. Vehicles simply last a lot longer here than in the midwest and northeast.

No need to spend money on winter clothing. That heavy winter clothing which goes out of style and needs periodic replacement won't be necessary in Key West. You won't have to maintain a mudroom, scrape ice, or shovel snow. Or pay to have the driveway cleared and other winter expenses.

More outdoor recreation means better health. Key West offers a lot to its residents and with so many outdoor recreational opportunities, you'll be able to stay active, reducing your healthcare costs.

Fred Mullins, P.A. holds an MBA, B.S., real estate license United States Coast Guard Master Captain's license and commercial pilot's license. With over 20years of cross functional experience in real estate, international asset management and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys.For help with buying or selling Real Estate in the Lower Florida Keys,see http://www.lowerkeys-homes.com

The Mullins Team

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