Fondly referred to as The Sunshine State, Florida boasts warm and dry weather; offering a much-welcomed break from the bitter cold of winter.
Having an investment property or vacation home readily available, seeking the sun in winter has never been easier!
Part of knowing how to make money from rental properties is being able to find the best places to invest in real estate. If you are looking for houses to buy for investment in 2021, consider purchasing an income property for sale in Florida. The Florida real estate market is one of the most vibrant and most profitable in the US.
For many people, Florida is the most popular choice of location. Not only this, but some Florida investment properties are situated close to Disney World, ideal for families looking for the perfect base for their dream holiday.
There are many factors to suggest that purchasing Florida investment properties is a rewarding experience. For example, the state offers people with a lucrative return on investment on their properties. This means while you may spend more initially on your chosen property, your return on investment will be worthwhile.
This is mainly due to the area being one of the most famous tourist attractions in the world, combined with the weather and attractions available for holidaymakers and sunseekers. If investing in Florida properties is something you're interested in, now is a better time than any to invest.
Let‘s consider some reasons why buying a house in Florida is worth considering in 2021
Population growth – Also known as the ‘Sunshine State’, Florida is the third most populous state in the US. According to the US Census Bureau, the state experienced an increase of about 241,256 residents between July 2019 and July 2020. This population growth means a steady supply of tenants if you plan to buy rental property to rent out traditionally.
Job growth – Florida boasts a thriving economy boosted by industries like healthcare, aerospace, and international banking. It is home to a number of Fortune 500 companies like Auto Nation, Hertz, Office Depot, and Lennar Corp. According to the Bureau of Labor and Statistics, Florida has one of the fastest job growth rates in the US. Therefore, investing in homes in Florida is a great way to make money in the short term and to grow your wealth in the long run.
Unique lifestyle – With its beautiful weather, stunning beaches, and numerous landmarks, Florida is often considered as one of the most desirable places to live. As a result, it keeps attracting more short-term and long-term visitors, which creates demand for both rental strategies.
Vibrant real estate market – According to Zillow, the median home value of a Florida house was $270,560 in January. This was an 8.6% increase over the previous year. Such figures show that Florida is one of the cheapest states to buy a house, with the potential to make a good return on investment
With its great weather and varied attractions, Florida continues to attract many local and international visitors. According to Forbes, 6.6 million people booked a vacation home via Airbnb in 2019, with hosts generating total revenue of $1.2 billion. With the rollout of the Covid-19 vaccine, this trend is expected to resume in 2021. Moreover, Florida is one of the most Airbnb-friendly states in the US. Under the current state laws, cities are not allowed to regulate Airbnb. If you are looking for an ideal Airbnb location, Airbnb Florida fits the bill.
Based on Mashvisor’s real estate data, here are some of the best places to invest in Florida real estate for the Airbnb strategy:
When stepping into the world of Florida investment properties, you need to factor in things such as property maintenance and management. Will you be taking this on yourself, or will you hire an external company to take on some of this responsibility for you? This decision will come down to whether you choose to live in Florida or not.
If you're choosing to rent your investment property out to tenants, you will be responsible for any questions or queries they may have for the duration of their tenancy. It also means you'll be responsible for ensuring the property remains in good condition. This is particularly the case for properties that feature private or communal pool areas.
Understanding contracts of your Florida investment property can be complicated, especially if you're a first-time buyer. Ensure you're fully confident with your contract before signing any paperwork.
With so many factors to consider when investing in Florida investment properties, it's important that you seek the services of professional real estate experts. The person you choose to help you find your perfect property may be one of the most important decisions you make in this journey.
If you're looking to find the perfect Florida investment property and you'd like the support of an established agency, please feel free to get in touch. Our team of experts will be able to listen to your needs to devise the best possible plan for your investment journey.