Wood Frame vs. Concrete Block - Ocala Florida

[Fabian G.]

Hello Everyone,

I am looking for investment properties in the Ocala, Florida area. A foreclosure to a very attractive price came recently on the market. 

The location and neighborhood are good, my only concern is that the house has a wood frame. The house was built in 1994.

I am not looking to flip the house but to get rental income for many years. Would you recommend to stay away from wood frame houses? How much more maintenance / insurance do I need to calculate for wood frame buildings compared to concreate block?

Many thanks in advance!

Sincerely,

Fabian

[Dave Grimson]

I have insurance experience all over Florida and can give you a general idea....

Say the cost of an average 1500-2000 sq ft concrete block home would be around $1200/yr.  Compare that to the same home but wood frame you would be looking at around $1750

Some insurance companies wont even touch wood frame homes in Florida - some will write frame homes but only if they are newer (usually less than 20 years old).  They all have different underwriting guidelines but ALL will charge a premium for it.

Bottom line is you need to talk to a good agent who can write with multiple carriers.  ASI (american Strategic Insurance) and Florida Family insurance are two that I know will write wood frame homes.

If you need help with quotes, I can set you up with one of the agents at my current company - we run insurance agencies for banks/credit unions all over the country, many of which are in Central Florida. Just send me a message

Hope that helps, 

Dave Grimson