Are you looking for long-term investment opportunities? Or a dream home in Florida?
Florida has recently become a booming area for property investment in the U.S. While Florida hit an absolute low in 2011, it has now bounced back. The market is healthier and more successful than ever.
Savvy investors need to conduct due diligence. The only way real estate investors can maximize the potential of your investment or home-turned-rental is to research as much as you can. We are here to help you with this.
In this article, we are going to list the major reasons why it’s a good idea to invest in Florida property. You’ll learn about the local market reality, housing economy, and opportunities in this part of the Sunshine State.
Why Should You Invest in Florida Real Estate?
Taking advantage of the lucrative opportunities in Florida is easy. As tourism and the money coming from international investors are the pillars of this region, you won’t have a hard time if you decide to take the short-term vacation rental approach for your investing strategy. There are numerous additional reasons, so let’s take a closer look.
1. Wide Range of Properties
As an investor in Florida, you have the opportunity to choose from a wide range of investment properties. For instance, you can opt for a high-rise apartment, tropical mansions with massive square foot values, or traditional single-family residences. These also come in a variety of styles as the aesthetic of say Palm Beach Gardens is different from Fort Lauderdale.
Regardless of your investing goals, chances are you’ll find a good fit for your needs sooner or later. It makes sense to focus on your potential target group first, and then make your way from there.
2. High Demand for Rental Properties
Florida has a solid demand for rental properties no matter their square foot of space. One of the reasons is that Florida has many universities. A significant part of the student population seeks affordable rental housing.
In fact, investors are able to use a strategy in which you invest in a mid-size property. You can then divide that property into rental rooms for students. This is a smart way to get more out of a single investment and minimize property taxes.
However, students aren’t the only strong group of renters in Florida. In the winter months, you can rely on snowbirds as well. A significant number of people make their way into Florida to beat the northern winter blues.
3. South Florida is a Tourism Hotspot
Maybe you are looking to create a short-term vacation rental? In this case, Florida is a perfect destination for that. A lot of tourists visit the towns and cities, such as Palm Beach or Fort Lauderdale, in Florida throughout the year.
4. An Endless Amount of Things to Do
The sheer abundance of sights and activities in the Florida area is desirable for residents and tourists alike. Just take a look at some of the top things you can experience in that part of Florida:
- Naples Botanical Gardens – The visitors of this botanical gardens complex are able to see the most famous and important plants in the tropics. The 170-acre area covers over a thousand plant species, making it a superb place to spend half a day or more.
- Bill Baggs Cape Florida State Park – Did you know that one of the top ten beaches in the U.S. is located in this state park? You can also visit a lighthouse built in the 1820s that still stands strong today and continues to attract visitors from across the state and beyond.
- Naples Museum of Art – This 30,000-ft space has fifteen galleries in total, mostly focusing on modern and contemporary art. You’ll find both permanent and temporary exhibitions in this building.
- Calusa Nature Center and Planetarium – This nature center focuses on the natural history of Florida. Calusa hosts resident animals such as raccoons and skunks, making it a great place to visit with the whole family.
What Are the Top Areas for Real Estate Investments in South Florida?
Take a look at some of the key areas in Florida that ensure successful property investing. Keep in mind that this part of the state hosts a variety of neighborhoods and communities. These examples are just a fraction of what’s on offer.
Aventura
This is a well-known Florida neighborhood for shopping and recreational activities. Should you wish to invest in some high-end condos, this is one of the best areas for exactly that purpose.
Sunny Isles
If you are looking for a place popular among vacationers, then Sunny Isles may be the place to invest in. The temporary rentals in this neighborhood can be extremely lucrative. Consider looking into condo options in Sunny Isles to get more out of your Florida investment.
Coral Gables
Since this community hosts the University of Miami, you have a sizeable student population ready at hand. The student rental investment opportunities in this area of Florida are strong.
Cutler Bay
Many people highly value Cutler Bay as a place to work and live in. The area consists of numerous sprawling communities, increasing the chances of landing a high-ROI property purchase.
Additionally, this neighborhood is famous for its abundance of custom-built homes.
Miami Beach
Miami Beach is a world-famous area of Florida. The Miami housing market is an upscale one. Living in this city is glamorous. You have access to top-end entertainment options, stunning beach resorts, and the trendiest fashion boutiques. Miami real estate investment prices are higher than in many other neighborhoods in the area. However, owning an investment property here could allow for significant income potential as well.
The Bottom Line: Reasons to Invest in South Florida Real Estate
Florida is ripe for lucrative property investments. As with any other region, you must minimize investing risks. However, this area hosts a great climate, solid home appreciation rates, a sizeable student population, and plenty of snowbirds.
This mix of positive factors significantly increases the potential return on your property investment. Get in touch with our knowledgeable experts at Florida Property Management & Sales today to get more information about your investment opportunities in the South Florida area!