Florida remains one of the most popular US states. Comfortable climate conditions attract foreigners from around the world, which makes local real estate extremely popular. In this post we offer top 10 reasons to investe in local real estate.
CONTENTS
- Steadily growing economy
- Favorable climate
- A wide range of housing options
- Affordable prices
- Value capitalization
- Good liquidity
- Great demand for rental property
- High market potential
- No restrictions for foreigners
- Simple procedure for property transactions
- What is important to consider as a future real estate investor
Steadily growing economy
The state does not only profit from the tourism sector. Also, manufacturing industries, science and facilities are developed here, which ensures the development of infrastructure and makes life comfortable.
Favorable climate
In Florida, most days are sunny, low temperatures are extremely rare.
A wide range of housing options
Florida is not only about Miami with luxury seaside villas. There are many other locations where you can choose a property within the your budget and matching your goals.
Affordable prices
In the Florida market, you can find housing options which cost a few hundred thousand dollars. Homes with the highest prices are located in South Florida, but they are still not as high as the cost of housing in New York or California. Local developers offer off-plan housing at very attractive prices. By investing in property under construction, you can get a significant profit by the time it is completed.
Value capitalization
Investing in real estate has always been a great long-term investment solution. Housing in popular areas rises in price every year, which allows you to resell it at higher prices.
Good liquidity
Demand for high-quality residential property in Florida is consistently high. This allows you to profitably resell an apartment at any time.
Great demand for rental property
Florida remains one of the most popular resort destinations among foreigners. The tourist season here has no time limits, which allows you to receive passive income from renting out real estate throughout the year. Experts believe that demand will continue growing for several reasons:
- lack of active housing development capable of satisfying growing interests;
- active migration of the population because of which the number of residents of the state is increasing;
- low unemployment rate;
- attractive mortgage rates.
These factors attract not only holidaymakers, but also those who consider the state as a place to live.
High market potential
Historically, in the US market, real estate is used a long-term investment. The current return on investment is about 6.5%. Even taking into account inflation of 2.5%, a long-term property investment remains profitable. This can especially be observed in resort areas, which are popular holiday destinations.
No restrictions for foreigners
US citizenship is not required to purchase property in Florida. There are also no restrictions on getting a mortgage loan.
Simple procedure for property transactions
The professional help of brokers will make the process of choosing a home fast and smooth, and making the transaction safe.
What is important to consider as a future real estate investor
Buying overseas property requires a lot of efforts. Investing in real estate in another country is always associated with risks. Being aware of economic, legal and technical aspects can help reduce the risks. The USA is no exception. For example, foreign investors do not always know that the buyer can be not only an individual, but also a legal entity. Buying property as a legal entity ensures more opportunities for owning property. It also saves money on taxes. These are just examples of what future buyers may not be aware of. Therefore, working with a professional broker helps you save money and efforts and ensures a safe transaction.