With the lifting of many pandemic restrictions, the number of foreign and local investors coming to Florida has increased significantly. The real estate market of the sunny state again shows growth. Due to high demand, real estate prices here increased by 31.4%. Today, an apartment in Florida is a reliable and profitable investment project.
Advantages of investing in Florida real estate
Florida has always been and remains the most popular state to buy real estate. This is due to the fact that the region has a number of advantages.
If we talk about the location of the state, it benefits due to the following aspects:
- A comfortable climate with an average annual temperature of 25°C and plenty of sunny days;
- Long stretches of white sand beaches on the ocean;
- A number of large national parks and reserves.
From an investor’s perspective, Florida has the following advantages:
- Local legislation that effectively protects the rights of buyers and controls the activities of companies involved in the construction and sale of real estate;
- Taxes in Florida are lower than in a number of other states;
- A wide range of real estate for every budget: from small studios to luxury villas on the ocean;
- Excellent social infrastructure in all cities of the state.
Disadvantages of buying real estate in Florida
Today to buy a home in Miami, Hollywood and other cities in Florida can any U.S. citizen or foreigner, but for the transaction will have to contact a number of specialists such as a real estate agent, tax consultant, lawyer, appraiser, mortgage broker, etc. For some, this may seem to complicate the buying process, but all of these professionals ensure that the transaction is highly secure and protects the buyer from possible fraud.
Mortgage for foreigners
In the US, buying real estate on credit is available even for foreigners. For many investors it is very favorable and convenient, so many transactions are made with the help of mortgage funds.
If you are planning to buy on credit, then first you need to contact the credit organization and get official confirmation of the terms of the loan. Only after this step you can proceed to the selection of a suitable object.
Choosing real estate in Florida with comfort
So, you have decided to invest in Florida real estate in order to preserve capital and get passive income from renting out apartments or houses. From an investment point of view, this can be attributed to the higher demand for them among renters. Also, apartments are usually cheaper than private houses. An important criterion for pricing is the neighborhood in which the apartment building is located.
