Did you know that Florida's population is expected to grow 1.41% by 2026 with an average of 849 people moving to the state each day? This statistic shows you the immense desire to not only live in Florida but also to own property there.
But, if you are still wondering if buying a home in Florida is worth it then you have come to the right place.
Read on for 5 of the benefits of real estate investing in the sunshine state.
1. Many Available Options
Florida real estate has a range of housing options available, from beach-front condos to single-family houses in the suburbs. The inventory of houses also spans many cities that offer various price ranges and styles of homes, making the market for buying expansive.
2. State-wide Economic Potential
As a real estate investor, you can cash in on the growth of Florida's economy. For example, the GDP has increased 48% in the last 10 years and has reached $1.1 trillion.
This growth is largely due to the unique culture of Florida, from its tourist hot spots to the year-long tropical weather. Tourism has and always will be a guaranteed source of economic potential, which makes Florida real estate investment an almost sure thing.
3. Rental Opportunities
Given the increase in population and the potential for continued economic growth from tourism, the rental opportunities in Florida are better than in most states. You will find this especially true in tourist hot spots like the Orlando real estate market.
This means that you can easily find tenants with some marketing effort. And, by renting your property you are making money through two mediums: as a landlord through rent and as a property owner through appreciation.
4. Affordable Prices
The average cost of a home in Florida is roughly $382,000, which is lower than the national medium. Plus, the cost of living is only slightly above average even though the state hosts some of the best entertainment sites in the country.
So, when you buy property in Florida you are getting a great deal with a lot of potential for an ROI, plus the chance to live within modest means.
5. Tax and Mortgage Benefits
Another great benefit of Florida properties is the state's incentives. Florida makes it easy to get home loans as it thrives on real estate investments. Plus, mortgage rates are extremely low for Florida investors.
The state also offers tax benefits like no income tax, which helps when you register yourself as a sole proprietor by using an LLC to manage your rental properties.
And when you buy your first home in Florida, there are several tax credits that you can take advantage of.
Getting Started with Real Estate Investing
Now that you know the benefits of real estate investing in Florida it is time for you to start your property search. Begin by browsing our list of available homes for sale.
Then contact us for more information about how to make an offer.
