Purchasing a Second Home in Fort Lauderdale: Pros and Cons

Looking into purchasing a second home in Fort Lauderdale? You’re not alone. This market has become one of the top choices for people relocating within Florida and beyond. From canal-front homes to high-rise condos near the Brightline, the options are diverse and fast-moving. Miami Movers For Less often helps clients settle into their second property here, not just for vacations, but for long-term investment or future retirement. The benefits are clear—but so are the risks if you don’t dig into the fine print. Before you commit, let’s go through what’s really happening on the ground, what you should expect to pay, and what hidden costs might surprise you later.

Pro: Can You Still Snag a Canal-Front Home Under $600K?

In areas west of the Intracoastal like Riverland or Lauderdale Isles, you’ll still find waterfront single-family homes for $500K to $600K. These aren’t crumbling leftovers either—many have docks, sea walls, and legal water access to the ocean. For now, they’re some of the last affordable canal homes in South Florida. Movers in Fort Lauderdale say buyers from Miami, New York, and Chicago are scooping them up in cash, driving prices higher each quarter.

Wait too long, and you’ll likely need $700K+ for the same access. Buying now means you can use it for high-season rentals or hold long-term while values climb. Homes in these pockets are zoned for residential use with few rental restrictions, which makes them rare and valuable.

What Neighborhoods Still Offer Affordable Canal Homes?

While waterfront prices are rising, some pockets west of the Intracoastal still offer deals. Here’s where to look before prices push even higher:

• Lauderdale Isles – Direct ocean access, homes from $550K–$650K, no fixed bridges
• Riverland Village – Quiet canals, strong resale demand, close to I‑95
• Citrus Isles – Smaller inventory but walkable and often overlooked
• Croissant Park – Not fully on the water, but with growing value and rental interest
• Chula Vista Isles – Gaining traction due to lower price-per-foot for dock space

Pro: What’s Driving the Price Jump Near the Brightline Station?

Since the Brightline station opened downtown, condos within walking distance have seen major value growth. Resale prices in the area jumped 51% between 2018 and 2023. That’s no coincidence. Investors and second-home buyers love the train access to Miami and West Palm, especially when combined with short-term rental potential. Remote workers can use the space during the week and rent it out on weekends.

Business travelers now target Fort Lauderdale over Miami for easier traffic and better downtown walkability. Local movers in Florida have seen these buyers choose newer mid-rise buildings with modern amenities and flexible lease terms. Many condos here have been renovated or newly built, keeping insurance costs lower compared to aging beachfront towers.

Which Brightline Condo Buildings See the Highest ROI?

Not all condos near the station perform equally. Focus on these buildings with solid rental demand, low HOA fees, and good transit access:

• Society Las Olas – Popular with digital nomads, newer construction
• 100 Las Olas – Luxury tower with short-term lease options, walkable zone
• NuRiver Landing – Mid-priced units, consistent rental returns
• The Symphony – River views, near performing arts center, high occupancy
• Esplanade on the River – Lower density, fewer restrictions, long-term potential

Pro: How Can a Second Home Make You a Florida Resident?

If you spend more than 183 days a year in your Fort Lauderdale home, you can establish Florida residency. That comes with zero state income tax, which can save high earners thousands annually. This makes purchasing a second home in Fort Lauderdale more than just a lifestyle upgrade—it’s a financial move. Many retirees or remote workers use their second home as a primary base for taxes while keeping another property elsewhere.

You’ll need to file a Declaration of Domicile, get a Florida driver’s license, and update your voter registration. But once you lock that in, Florida’s homestead laws and tax breaks can help preserve long-term equity. You also get more favorable terms on property taxes, especially if you eventually turn the second home into your main residence.

What Documents Do You Need to Establish Florida Residency?

Turning your second home into your primary tax base takes more than time spent. Make sure you complete these steps:

• Declaration of Domicile – File at the Broward County courthouse
• Driver’s License – Apply with proof of address, utility bill, and social security card
• Vehicle Registration – Switch to Florida plates within 30 days
• Voter Registration – Register with your new county address
• Update Tax Records – Use your FL address on IRS and financial accounts

Con: Could a Special Assessment Blow Up Your Budget?

One of the biggest financial shocks comes in the form of special assessments. These are one-time charges issued by condo boards—usually tied to repairs, building upgrades, or compliance with safety inspections. In Fort Lauderdale, assessments between $30,000 and $50,000 per unit aren’t rare. Buyers get caught off guard when these hit shortly after closing. Inspections, especially in buildings over 30 years old, can uncover structural issues that trigger immediate repairs under new post-Surfside laws.

Broward County movers recommend asking for at least three years of condo board meeting minutes and full inspection reports before making an offer. Even if the HOA fees seem low, that doesn’t mean you’re in the clear. These charges can’t be waived, and new owners are fully responsible, regardless of when the issue started.

How Can You Spot a Risky Condo in Fort Lauderdale Before You Buy?

Surprise fees can wreck your budget, but signs of financial trouble are often easy to find if you ask the right questions:

• Read past meeting minutes – Look for recurring issues like roof leaks or garage repairs
• Review the reserve fund – Less than 10% of annual budget saved is a red flag
• Ask about 40-year recertification – Required for older buildings, often costly
• Check if major projects are planned – Elevator replacements, seawall repairs, or façade updates
• Request current assessment history – See how often and how high they’ve been in the past 5 years

Con: Is Coastal Insurance the Hidden Dealbreaker?

Insurance costs can flip the numbers on a second home fast. In Fort Lauderdale, flood and windstorm insurance are often required, and expensive. Some policies now exceed $8,000 a year, especially in older buildings or homes near water. That’s in addition to standard homeowner’s coverage, which also runs high in coastal zones. Lenders will require proof of coverage before closing, and you won’t get far without it. Properties east of Federal Highway tend to have the most issues due to proximity to canals or the ocean.

Insurers are pulling back from this region, tightening eligibility or raising deductibles. Most policies carry exclusions for seawall damage, mold, and foundation issues. And if you plan to rent the place out, expect even higher premiums for short-term use. These aren’t optional extras—they’re built into your carrying costs and need to be factored in early.

Which Properties in Fort Lauderdale Have the Highest Insurance Burdens?

Insurance costs can vary drastically based on location, age, and building type. These are red flags that often lead to high or denied coverage:

• Homes built before 1994 – Pre-Hurricane Andrew code, often need retrofitting
• Wood-frame structures near water – Prone to moisture, harder to insure
• Buildings with flat roofs – More likely to have water damage claims
• Units in flood zones AE or VE – Require mandatory flood coverage
• Condos with outdated electrical or plumbing – Drive up premiums or exclude coverage

Is Purchasing a Second Home in Fort Lauderdale Still Worth It?

Purchasing a second home in Fort Lauderdale comes with serious upside, especially if you time it right and know where to look. Canal homes under $600K still exist, but they won’t for long. Downtown condos near Brightline bring high demand and solid rental potential. Florida residency can slash your tax bill if you meet the requirements. But don’t ignore the risks. Special assessments and coastal insurance aren’t minor costs—they’re major factors. We’ve seen smart buyers win big here, but only after they’ve done their research and planned for more than the sticker price. If you’re ready, the market is still open—but not forever.