Florida is one of the most popular states for people looking to invest in real estate, and for good reason! Florida's housing market and economy are strong and it's a beautiful place to live. But when deciding on a Florida real estate investment property, there are some important things to consider.
If you want to make the most out of your Florida investment property, make sure you consider these three factors.
1. Determine Your Investment Goals
The first and most important thing you need to think about is what your ultimate investment goal is. This will drastically change what type of property you're looking for and which regions you should consider.
Is your goal to buy a Florida property and hold it for the long-term appreciation value so you can sell it for a big profit down the line? Do you want to buy a property with the main goal being to rent it out or use it as an Airbnb property to make profits right away? Are you looking to buy a property that you'll end up living in after retirement?
These are questions you need to ask yourself before starting your search for a rental property. For example, if you hope to buy a property and rent it out until you retire to Florida, your priority should be looking for a property that you love and want to live in. But if you don't plan on living in the house or unit, you should mainly be focused on the home's value and whether other people will want to live there.
2. Compare the Value of Different Regions
Each region in Florida has something unique to offer, and it's up to you to decide what you value the most. For example, Miami has a unique and vibrant culture unlike anywhere else in the country. People of all ages and backgrounds live there and the city attracts millions of tourists each year making the economy very strong.
The Tampa Bay area is another great region of Florida that you should consider. The city of Tampa is growing in popularity and has a lot to offer when it comes to affordable housing, exquisite restaurants, exciting music venues, and unique neighborhoods.
Just outside the city, you'll find Pinellas County, which includes popular cities like Clearwater and Dunedin. These cities offer beautiful beach homes and houses just a stone's throw from the nearest shore. The residents in the Pinellas County area like to say "we live where you vacation", and it's true! Investing in an area with a ton of tourist activity is always good for the investor.
There are tons of other regions in Florida to consider, so be sure to do your due diligence and take a closer look at what each city has to offer.
3. Compare Individual Property Value
When investing, you're going to have to make some tough decisions while narrowing down your search for the perfect rental property. You might find a property that you really love but it costs a fortune and might not appreciate in value as much as a property that you aren't as interested in.
When looking at individual properties, you need to consider a few different things:
- Current asking price
- Property taxes
- Quality of neighborhood
- Market trends
- Surrounding businesses
- Quality of the property itself
Each of these factors either adds or takes away value from a property. For example, you may find an affordable property in an up-and-coming neighborhood, but it's in need of some serious renovations that'll cost you a fortune. You have to weigh those costs against what you think the value of the home will be in the future. Once you determine that value, you can compare to other properties that have caught your eye and decide which one offers you the most short or long-term value.
Make the Most Out of Your Florida Real Estate Investment
If you're considering a Florida real estate investment property, you're on the right track. Because of Florida's massive economy and strong housing market, you're already setting yourself up for success. But it's important to determine your investment goals and consider what each region of Florida has to offer before making a decision.
Here at Professional Real Estate Management and Investment Services Inc, we strongly believe that Pinellas County has the most to offer real estate investors. With award-winning beaches, top-notch public schools, an always-growing economy, and an influx of new local businesses, Pinellas County is the perfect place to invest in.
If you're ready to invest in your future, we're here to help. Contact us today to learn more about our investment services!