Florida has always been the holidaymaker’s paradise. This state in the southwestern US has miles and miles of white sand beaches to which the rich and well heeled flock to every year. Tourism and hospitality industries are highly developed. You can strike gold with investing in real estate in Florida.
The beaches of Florida are like no other anywhere in the world. The warm, sunny weather and mild winter make it an attractive destination round the year. As the tourism boom caught on, associated industries like hospitality and family entertainment have seen consistent innovations to attract more customers. Luxury hotels, beachside resorts, golf courses, movie theaters, family amusement parks and museums keep Florida humming with tourist traffic. Therefore, owning real estate either as residential or commercial purpose can bring returns that are extremely profitable.
Condos, apartments and houses are the most common form of residential property in Florida. The main reasons to Florida real estate investing are:
- It has a sustainable economy because of its consistent top ranking as preferred choice for family holidays and business meetings.
- While it might seem that the beachfront is saturated with high-priced properties, the truth is much land is still available for development. This means affordable properties at lower rates can be bought if only one took the effort to scout out.
- Florida has well developed infrastructure. It also boasts of good educational facilities.
- The state has nil income tax and low tax on real estate. The returns from real estate therefore translate as higher balance with the bank.
- Home mortgage rates are the lowest in the country hovering around 6% for a 30-year loan.
There are just a couple of things you should watch out for. Pick up properties in areas with good growth potential. Move away from the herd approach of sticking only to glamorous localities. Local law in Florida prohibits passive investing. So, choose a property option that would bring good rentals as well as make you comfortable living there.