He has already made the decision: he will invest in real estate in the United States. In addition, he has identified a great opportunity in South Florida. You also have ideas about the type of property that meets your expectations. To start materializing this project, you just need to find that property. Next, we will review the reasons to buy one of the houses for sale in Florida. In the same way, we will explain what options you can find according to your needs, aspirations and possibilities.
Reasons to Buy Homes for Sale in Florida
Tax benefits
In the United States there is no Wealth Tax, as in many countries in Latin America and Europe. In Florida there is no State tax, which makes it an attractive place for real estate investors from other countries and states within the United States. The payment of profit tax of a Corporation in Florida, is between 15% and 20% unlike 30% or 40% of many countries.
There is also great stability in terms of tax laws. The last reform was made in 2017. Before this, more than 30 years passed without substantial changes. On the other hand, this makes it much easier for the investor to assume the cost of acquiring a property and paying taxes. Learn more about the tax benefits of buying homes for sale in Florida, here.
Valuation and business
The South Florida Metropolitan Area has more than 6 million inhabitants and is the eighth largest urban center in the United States. That, added to its tourism activity (68 million visitors in the first half of 2019), positions Miami as the number one city for the growth of small and medium businesses. These characteristics make the place a great bet for the valorization of the real estate. In 2019, the valuation of real estate in Miami reached rates close to 3%. Likewise, tenants received up to USD 3,500 per month on average (Norada, 2020).
The Magic City
The cities and areas that make up and surround Miami have a life of their own. The destination has apartment buildings and luxury homes with sea views. This is mixed with homes in the suburbs bordering the famous Everglades. Thus, Miami has the privilege of being an unparalleled place, which also accommodates all tastes and needs.
Buying homes for sale in Florida is an ideal option to live with family, retire or stay during business trips. Likewise, it is an unparalleled destination to rent your property and make it a good business. The Magic City is versatile and therefore the opportunities it offers are enormous.
What type of real estate should I acquire in Florida?
There are many characteristics of homes for sale in Florida. However, to make your search easier, below we suggest a number of criteria you can use to acquire the right property:
Objective
It could be said that there are three main ways to enjoy your investment. The first is to inhabit it. The second is to sell it at a higher price after a while. The third is to rent it. It is very important to keep in mind what your goal is.
For example, if you are looking to earn a monthly income, you can rent the property both long-term and short-term through platforms such as Airbnb. For this, it will be necessary to look for the most demanded areas for this activity. The school system is very important when making this decision. An area with an A or A+ rating in terms of schools will help your income and capital gain. More than 90% of students go to public schools that have no cost since they are paid with taxes.
A good option for this are cities like Weston or Doral with excellent school systems. If you want to invest in more touristic areas or near the sea, Sunny Isles Beach or Miami Beach are tourist, entertainment and nightlife districts. If you are looking for a retirement home or family home, there are other options. That is the case of Weston or Parkland, more internal locations, close to the Everglades. There, you’ll find luxury condos and homes, with the tranquility you need and convenience options within close distances.
Location
Location is everything. Probably, your intention is to invest in an apartment with sea view. For that, you can find several options in Downtown, Miami Beach or Sunny Isles. Another great alternative is Brickell (the financial center). You can also find options in the upscale Coconut Grove neighborhood near Key Biscayne. On the other hand, Sunrise and Weston are planned spaces for pleasurable and luxurious living in the suburbs that will allow you to get away from the noise and activity of downtown. Here you will be able to identify the different places in the area.
Style
Surely you are already clear if what you want is a large property with a garden or an apartment in a building. As you may notice, the mix of features of homes for sale in Florida is quite wide.
When buying housing it is important that you review the footage, the number of rooms and the number of bathrooms, which are basic characteristics. Then, you can filter by as many others as the type of view, year of construction, lot size, balconies and amenities.
Keep in mind that the area of the property influences the style. For example, beach access is a definite draw that tends to be more modern. Otherwise in coastal areas where there are variations, such as in the Historic District in Downtown, with more classic buildings. Even the style of Coconut Grove or Miami Beach is different. Brickell with its modern style and tall and luxurious buildings, is a very desired option for investors.
In a city like Miami, which has a privileged climate for most of the year, any option is favorable. The most important thing is to identify your tastes and potential according to the use you want to give it.
Price
Depending on all of the above features, the price of homes for sale in Florida can vary widely. Corporate and busier tourist districts may have higher prices. Likewise, the most secluded places tend to have lower tickets. However, it is possible to find a 70-square-meter apartment priced at $210,000 in Brickell, or a 900-square-meter house in Weston for about $3.3 million.
The options are multiple. And since it is a life decision, transcendental for your finances and your future plans, it is necessary to take it well informed. Therefore, it is best to have expert advice or a real estate agent who knows the market. Thus, you can make the most of the benefits granted by the state of Florida as an investor. Remember that a good decision will make your wealth not only under care, but also increase.
References
Florida Revenue. (2020). Property Tax Information for Taxpayers. Retrieved from: https://floridarevenue.com/property/Pages/Taxpayers.aspx
Arora, R. (2019). Why Miami Is the Top City for small business growth in 2019. Forbes. Retrieved from: https://www.forbes.com/sites/rohitarora/2019/05/08/why-miami-is-the-top-city-for-small-business-growth-in-2019/#3e40c7969119
AirDNA. (2020). Vacation Rental Data. Retrieved from: https://www.airdna.co/vacation-rental-data/app/us/florida/miami/overview
Santarelli, M. (2020). Is Miami the best market for real estate investment in 2020? Norada. Retrieved from: https://www.noradarealestate.com/blog/miami-real-estate-market/
