Homeowners who were devastated by Hurricane Ian have a couple of options
In the last few weeks, many homeowners in southwest Florida have been dealing with severe damage from Hurricane Ian. Those whose homes were washed away are overwhelmed trying to decide what to do next. But even people whose homes are still standing are likely facing major water damage. They may be forced to rent a house in Naples while they wait for repairs and remodels.
Naples Daily News says, “Collier government officials haven’t released any estimates of how many people are displaced from uninhabitable homes or how many are living with ripped-out drywall, beach chairs and folding tables for furniture, blow-up mattresses for beds.”
Unfortunately, too many homeowners in Florida don’t have flood insurance. In addition, experts estimate damage caused by the storm will top $20 billion or more. Even those who have insurance could be waiting for a while before their claims get assessed.
“Pretty much every establishment got water inside of it. There’s water damage in the city, businesses and residences alike,” City Manager Jay Boodheshwar said. “This is going to take weeks, if not months, to recover from because of the damage that has been caused by the flooding.”
High costs to rent a house in Naples
To make matters worse, Naples rental prices were already high before the hurricane ripped through everyone’s properties. The median monthly rental price was $3,495 for a single family home in the months before the storm. Naples had the 5th highest rents in the country.
Now, with so many people displaced and looking for temporary or new housing, rents are going even higher. Florida was dealing with low supply before the storm, and now the situation is dramatically more complicated.
In some cases, a 2 bedroom apartment costs as much as $6,500 a month! This is simply impossible for most Florida residents to afford.
So, what should displaced Floridians do if they’re waiting for their home to be repaired or they’re looking for new places to live?
Buying may be a better option for homeowners across Florida
A different solution could benefit you in the long run if you’re looking to rent a house in Naples. If your home was damaged in the hurricane, you and everyone else could easily wait 18-24 months for repairs.
By the time insurance can cover costs and contractors and get to your job, months will pass. So, instead of paying $5,000 or more to rent a house in Naples, why not buy a second home? Under normal circumstances, this would not be the best option, but the cost of renting is astronomical right now.
If you and your family buy a home now, you’ll be much more comfortable for the next months or years. When your first home is finally back to its original state, you can rent out one of your properties.
With an investment property, hopefully you can recoup some of the costs you’ve incurred because of this storm.
The Cachon Team can help you find a housing solution in the wake of Hurricane Ian
No matter what you and your family decide, we’re here to help. Carlos and Lisa Cachon at Your Home Sold Guaranteed – The Cachon Team feels your pain.
As residents of Florida ourselves, we’ve experienced the devastation and know what you’re going through. This is a difficult time for all homeowners in southwest Florida.
If you’re looking to rent a house in Naples or even buy one, let us help! You don’t have to pay sky-high rent – think about buying and reclaiming your home in Naples. We even have a special report you can get for free, titled “How To Stop Paying Rent and Own Your Own Home”, to help understand the process more.
To receive more detailed information or to talk to our team, call us at (239) 399-5432. You can also use the form on this page and we’ll get back to you right away.
Together, we can all come through this disaster and start rebuilding.