Key features of the real estate market in Florida
Due to the lifting of many pandemic restrictions, the number of foreign and local investors coming to Florida has increased significantly. The real estate market in the Sunshine State is showing growth again. Due to high demand, real estate prices here rose by 31.4%. Today, an apartment in Florida is a reliable and profitable investment project. In this case, the decision to buy real estate in Florida is considered not only by U.S. citizens from colder regions, but also many foreigners, among whom can be found residents of European and CIS states.
The benefits of investing in Florida real estate
Florida has always been and remains the most popular state for buying real estate. This is due to the fact that the region has a number of alluring advantages.
If we talk about the location of the state, it benefits from the following aspects:
- A comfortable climate with an average annual temperature of 25°C and plenty of sunny days;
- Long beaches with white sand on the ocean;
- A number of major 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;
- Florida taxes are lower than some other states;
- Wide range of properties for every budget: from small studios to luxury villas by the ocean;
- Excellent social infrastructure in all cities of the state.
Disadvantages of buying real estate in Florida
Today, any US citizen or foreigner can buy a home in Miami, Hollywood or other Florida cities, but to complete the transaction you will need to contact a number of professionals, such as a real estate agent, tax advisor, lawyer, appraiser, mortgage broker, etc. For some people the purchase process may seem complicated, but all these specialists provide high security of the transaction and protect the buyer from potential fraud.
Mortgages for Foreigners
In the U.S. it is possible to buy property on credit even for foreigners. For many investors it is very profitable and convenient, so many deals are made with the use of mortgage funds.
If you plan to buy on credit then you should contact the credit organisation and get an official confirmation of the credit conditions. Only after this step, you can proceed to the selection of a suitable object.
It is possible to register the property by an individual or a legal entity. There is one disadvantage: you can take a house loan only if you have a permanent income in the United States. Agencies offer a full package of services: from the selection of suitable options to help with the paperwork at the place of purchase. A standard contract is signed with the agency, which specifies all the rights and responsibilities of the parties signing the contract, the terms and conditions of payment, the criteria for selecting a company that will mediate and guarantee the transaction in the United States. If you execute a power of attorney at the U.S. Consulate, you can personally and not have to leave your country of residence to view the selected options.
Choosing Florida real estate with comfort
So you decided to invest in real estate to preserve capital and obtain passive income from the rental of Florida and Orlando apartments or houses. The next step on your way to the cherished square footage is to find the most suitable option for you in Florida Real Estate. Here you will find the most current offers from developers and real estate agencies. An interesting feature is that the most popular type of housing in Florida for residents of European countries is apartments. From an investment point of view, this can be explained by the higher demand for them among tenants. Also, apartments are usually cheaper than private houses. An important criterion for pricing is the neighbourhood in which the house is located. On the website Florida Real Estate, you can compare today the current prices for different properties in popular Florida resorts and choose the best option for purchase. One key thing to remember would be to choose apartment insurance to protect your investment.