The Main Advantages of Florida Real Estate as an Investment Project
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 is showing growth again.
Due to high demand, real estate prices here rose by 31.4%. Today, houses for sale in Orlando are a reliable and profitable investment project.
At the same time, the purchase of housing in this state is considered not only by US citizens from colder regions but also by many foreigners, among whom one can meet residents of Russia, Ukraine, Belarus, Kazakhstan, and Uzbekistan.
Benefits of investing in Florida real estate
Florida has always been the most popular state for buying real estate. This is because the region has several advantages.
If we talk about the location of the state, then it wins due to the following aspects:
Comfortable climate with an average annual temperature of 25°C and a lot of sunny days.
Long beaches with white sand on the ocean.
Several large national parks and reserves.
From an investor's point of view, 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 some other states.
A wide range of properties to suit every budget: from small studios to luxury villas.
The excellent social infrastructure in all cities of the state.
Who can buy and sell real estate in Florida?
Real estate in Florida can be purchased by individuals and legal entities, regardless of status. There are no restrictions on the acquisition of residential and commercial real estate by foreign citizens.
The rights of owners are reliably protected by law. Real estate can only be sold by its owner or a representative of the owner authorized to carry out such transactions.
After the sale of the property, all money can be transferred to the owner's bank account in any country worldwide.
Is it true that buying real estate in Florida is the privilege of millionaires?
There are a lot of luxurious places in Florida where multimillion-dollar houses are the norm. But for many people with average incomes, such places can be quite affordable for them financially.
Here are three examples that may illustrate the affordability of some US real estate markets. The average cost of a single-family home in Orlando (one of the most popular tourist destinations in the world) is $200,000, and in Miami, $260,000.
In addition, the average cost of a single-family home in Los Angeles (where the most significant Russian population) is $500,000.
Mortgage for foreigners
In the US, buying real estate on credit is available even for foreigners. For many investors, this is very profitable and convenient, so many transactions are made with the involvement of mortgage funds.
If you are planning to purchase on credit, you first need to contact a credit institution and obtain official confirmation of the terms of the loan. Only after this step can you proceed to the selection of a suitable object.
What is the property tax rate, and when is it paid?
On average, the real estate tax is 1.5-2.5% per year. The basis of this tax is the so-called assessed value — a special estimated value established by a professional appraiser on behalf of the local administration.
This value may be lower than the real market value of the property. This evaluation is infrequent. The tax is paid once a year (until April 1 of the following year), and the amount of the tax becomes known on November 1 of each year.
What are the costs of maintaining the property?
Some residential complexes have mandatory monthly expenses for real estate maintenance. In condominium houses, these are maintenance fees, and in club villages, homeowners association fees.
In addition to the totality of payments for the maintenance of the residential complex, real estate maintenance costs include insurance and payments for the use of services: parking, swimming pool, security, landscaping, etc.
Choosing real estate in Florida with comfort
So, you have decided to invest in Florida real estate to save capital and receive passive income from renting out an apartment or house.
The next step to the cherished square meters is selecting the most suitable option for you on the website Florida.Realestate. Here you will find the most relevant offers from developers (developers) and real estate agencies.
An exciting feature is that apartments are the most popular type of housing in Florida for Russian residents. From an investment point of view, this can be explained by a higher demand for them among tenants.
Also, apartments are usually cheaper than private houses. An essential criterion for pricing is the area in the court is a residential building. Find up-to-date prices for various properties in popular Florida resort towns and choose the best option for buying.
