Part 3/7:
For the Cape Coral property, we decided to utilize $300,000 from the sale of our previous home in California as a down payment. This amounted to a 32% stake in the new house. The mortgage was set at a fixed rate of 3%, a fortunate circumstance in today’s changing interest landscape. Additionally, property taxes were calculated at a hefty $800 monthly, paired with homeowners insurance costs of $450 monthly.
Factoring all these elements together, the monthly payments for maintaining the Cape Coral property came down to approximately $3,900. As we rapidly assessed, moving to Florida would create a financial strain given the cost combined with the state’s high living expenses.