What do you look for when you want to invest in real estate? Is it a location? Price? Or is it the neighborhood?
There are so many factors to consider, and it can be hard to find options that meet all your requirements. You often end up needing to make compromises somewhere along the way.
However, there are some places where you can find a surprisingly reasonable compromise, and Florida might be one such example. It has always been a favored option for people investing in real estate, but have you ever wondered why?
Well, in this article, we will look at why property in many cities in this state might be a good pick for you. Let’s dive in.
It’s Perfect for Both Residential and Commercial Interests
Typically, people have to make a tough choice when investing in real estate. Areas with prime residential offerings may not be the best option commercially, and vice versa.
Sometimes what’s available may not meet your needs. Thankfully, you can easily find land for sale in Florida and construct your own property. After all, construction costs aren’t as expensive as in some other parts of the country, and you gain a lot of flexibility.
According to Land Broker Co-op, you can even find multi-acre lots for under $100,000. That’s quite a steal. This means if you ever wanted to build a highly specific dream home, you could do it even with a somewhat constricted budget.
Likewise, if you are thinking of something more commercial, many of the plots make use of Florida’s strategic location on the map. This is a state that connects North, Central, and South America. You have access to the Latin American market, which is only getting bigger.
The logistics are also excellent, with the network of roads, rails, and waterways being more than capable of handling trade. Some may forget, but it’s important to remember that this is a state with major financial and business centers. The aerospace and defense industries also have a long and rich history in Florida.
The Laws Favor Property Owners and Landlords
If you are looking to invest in real estate because you intend to rent out the property, there are few better choices than Florida. Why is this important? Well, if you were to take a look at some of the horror stories that landlords have to share, you would be shocked.
Many states have laws intended to protect tenants, but these can be so biased and unfair that they become a pain for landlords. In Florida, the eviction process is far quicker in cases of non-payment of rent or lease violations.
If your tenant hasn’t been paying on time or violating other aspects of your agreement, you can give them a three-day notice.
Similarly, landlords are allowed to charge late fees for overdue payments (if it has been stated in the lease agreement). Florida also doesn’t have any rent control laws, so if you feel like your property commands a certain rent expectation, you are free to charge your tenant whatever you like.
Many other aspects, like access to the property, lease termination, and laws governing security deposits, all lean to the landlord’s side. When you consider how much stress a problematic tenant can create, these landlord-favoring laws are more than welcome.
Real Estate in Florida is Rapidly Appreciating
Investing in real estate here is one of the best choices based on the data that we currently have. For instance, seven cities in Florida have seen more than a 50% increase in home value between 2020 and 2022.
Think about that for a moment. In a span of two years, the value of the property grew by 50%. In Cape Coral, the appreciation hit an amazing 63%. That means if you bought a home in 2020 for $251,231, within two years, it would almost double to $408,313.
The state consistently makes it into reports that feature some of the best real estate markets, and when you take a look at the data, it’s not hard to see why. Yes, in recent times, there have been other states and cities that have also attracted attention (Detroit, Michigan, anyone?). That said, Florida still remains a very strong contender.
In conclusion, Florida is often seen as a great place to retire, but it is so much more. There’s plenty of scope to ensure that your investment gives you more than you might expect in returns. Whether it’s the beneficial landlord laws or the excellent commercial prospects, you have it all in the Sunshine State.