Who Should Invest in Florida Real Estate?
Florida is one of America’s great vacation destinations. Every year, millions of people come from all over the world to take advantage of Florida’s beautiful beaches, sunny climate and world-famous landmarks, like Disney World or Universal Studios in Orlando. This thriving and robust tourism industry and the reliable flow of traffic also make Florida a great place to consider investing in real estate.
Owning a piece of the Sunshine State isn't for everyone, though. There are three main groups of people who should consider investing in this market: families who regularly enjoy vacationing in Florida, those who frequently spend extended periods here, or those who see the year-round earning potential of short-term vacation rentals. If you fall into any of those groups, you’re well-positioned to capitalize on the favorable rates of return typical of Orlando's hot real estate options.
Of course, you need to weigh every investment decision on its fit for your wallet and your lifestyles. Before you take the plunge into Florida real estate, here are some things you need to consider to ensure that you make the right decision for yourself and your family.
How often do you plan to stay in Florida?
Frequently:
If Florida is a frequent vacation spot for your family, and you plan to visit for a few days at a time during different parts of the year, it makes sense to consider buying rather than renting Florida real estate. Instead of flushing money down the drain by booking hotel stays or short-term rentals for each vacation, you can build equity and make that money work for you so you can truly enjoy your holiday.
Lodging costs for plush hotels or other local accommodations across regular visits can add up quickly, especially if you gravitate towards Florida more than a few times a year for prime-time travel. By taking the time to choose a property that suits your needs, you’ll always be able to come home to your own abode (furnished precisely the way you like it) to enjoy the sun and fun in Orlando.
For longer vacations:
Similarly, families who plan to take annual Florida vacations that last two to three weeks or longer can benefit from investing in their own property. This vacation pattern can also justify investing in a place that can quickly begin to pay for itself, especially if you usually choose to visit during peak season. When you’re not in town, consider listing your property with a property manager as a short-term rental for additional income to offset the initial purchase price.
Not at all:
Even if you don’t plan to vacation in Florida, buying the right property in the right location can easily translate into a steady stream of income. Thanks to Orlando’s year-round, remarkably sunny, tropical disposition, and the constant draw of Disney World, Universal Studios, SeaWorld, and the like, the massive earning potential makes this investment particularly attractive for true investors. Orlando investors know that they won’t have a problem keeping their properties occupied.
When you couple that potential revenue with capital gains and other tax incentives, prospects in Florida are some of the best real estate bets in the world. Consistent growth in this real estate market continues to point to Orlando as a low-risk investment selection. As Orlando keeps developing, the market continues to appreciate predictably as investors add to their portfolios to keep up with the rising demand for vacation properties.
Why choose Orlando?
Orlando has real estate options to suit every purpose and many budgets. Elegant single-family homes abound to cater to those seeking luxurious accommodations. For added convenience, others may opt for resort-style condominiums that make ownership hassle-free. Take stock of the features and amenities that you desire for your vacation or rental property. You’re sure to find that your wish list will be met or exceeded by what Orlando has to offer.
As Florida’s population booms thanks to the influx of Northerners seeking Florida’s scenic beauty and warm climate, its economy thrives, especially in the Orlando area. Thanks to this robust growth, investing in Orlando remains a smart choice for many. Developers are continually building incredible communities near Orlando's main attractions as the demand for nearby housing options grows.
People from all parts of America—from New York to California and everywhere in between—are well-suited to invest in Florida. In fact, Florida’s real estate also attracts a global audience, from Asia to the Middle East to South America. Sycamore Resorts will offer luxury condos a mere ten miles away from Disney World, ideally positioned for those who vacation in Orlando or desire to invest in their future.
For further information, please feel free to contact NobleGate Realty to help make your dreams of owning property in Orlando a reality.
Published on 2020-05-04 15:48:47