Florida is a hub. A hub for tourism, year-round friendly weather and investment opportunities. Even with those perks, you should have questions.
What is the housing market like?
Which locations are thriving?
What are the advantages and adversity I’ll face?
The good news, is that Florida is currently a desired real estate market.
The prices of investment property in Florida is rising; thus, it is a seller’s market. The state seems to have recovered nicely from the effects of Hurricane Irma in 2017. Florida has also retained economic stability. A large factor tied to this is the tourist industry. A record 111.8 million people visited Florida last year from the United States alone. A record number of tourists seeking shelter means Airbnb rentals are on the rise -- as are long-term residents looking for rental properties.
So, what are the advantages and hurdles of investing in Florida properties?
- Florida offers affordable investment prices: In relation to the demand, the prices of rental properties is reasonable.
- Development opportunity: From vacation homes to apartment homes and beachfront property, the opportunities are everywhere.
- High return on investment: When the Florida market is thriving at the rate it currently is, pounce and let the money roll in.
- Securing a loan: Due to the strict nature of lenders, mortgage loans are hard to come by in Florida. When preparing for this step, make sure all your financial assets are in place and are up to the standard needed for the property you want to invest in.
- As the saying goes: Location is everything. Your specific rental and investment strategy will help lead you to what location is most beneficial.
Some other tips include: purchase a property with outdoor space, work with a real estate firm who know the ebbs and flows of the industry and balance your risk. Some people will still be looking for places to live when the economy isn’t thriving. When searching for property, always target high rental areas – ones that have a high rental rate, even during economic downturns.