Even with COVID-19 wreaking havoc across the world, the South Florida property investment market remains a sensible decision. With so many advantages, such as Florida’s lack of state tax and no tax on state transfer to children, investing in South Florida is a great idea all year round.
However, if this is your first time dabbling in the world of South Florida-based property investment, it might be worthwhile familiarising yourself with some of the key aspects of the investment process. You want to be sure that you’re making a smart decision based on forward-thinking and a clear vision for the future.
This is where ABIRE come in. As a leading real estate consultancy and creative agency, we’ve listed the main things you should look for in an investment property in South Florida to help simplify the process for you. Keep on reading to find out more.
Consider How Much You Should Be Paying
An initial consideration will be to budget and the strategy you want to adopt as an investor. Pricing is fluent and depending on the exact location, home style or type and of course the condition you will see variations even within the same location or community. South Florida is a robust thriving area that attracts people from all over the world. With years of networking and trustworthy connections, ABIRE will make sure that any property investment you make is thoroughly researched and priced to meet current market demands.
There is a common misconception that buying an investment property in Florida is only for the rich and privileged, however, this is not always the case.
In fact, there are some incredibly affordable entry points when it comes to investing in South Florida. This means you need to spend the time looking around at what’s available in the current market. Depending on the type of property you’re looking for, whether it’s a smaller apartment or a larger family home, you can begin your investment journey for a great price.
Remember, the expert team at ABIRE are always on hand to help you with this process, as for many, it can be the most overwhelming aspect of beginning their journey into property investment.
The Type of Property
You then of course need to look at what type of properties are available. We would recommend you placed your investment money into a family home. This smart decision could help you to wield more return on investment from your South Florida property and capitalise on the rental market.
As it stands, the rental market in South Florida is hot and is looking to remain this way for the foreseeable. Due to the pandemic and its impact on South Florida, there is now an excess number of properties for investors to choose from and for landlords to fill.
ABIRE has discovered some great examples of this. In suburban Miami and Fort Lauderdale, we have seen solid examples of investor opportunities yielding 4-8% annually on longer-term leases.
What Does The Property Itself Have To Offer?
Next, it’s time to look at the property itself and the amenities it can offer you as an investor. We recommend looking at the following factors, as these can play a vital role in the success of your investment property:
- The number of rooms – perhaps one of the biggest things to look out for is the number of rooms in the property, and how this can relate to your investment vision.
- Outdoor space – it’s called the Sunshine State for a reason! The use of outdoor space can make or break your investment property. Look for popular features in properties, such as sizeable gardens that soak up the sun, outdoor pools and spacious patios that can accommodate for outdoor furniture pieces.
- Modern amenities – it may come as no surprise that families are more technologically-inclined nowadays, and they will have this exact mindset when looking to rent their next South Florida home. Ensure you scope out your potential investment properties fully to look for modern amenities within the home, such as commercial-grade kitchens, floating staircases, and spa bathrooms.
The great thing about South Florida investment properties is that there is a plethora of unique homes, each with their own interesting features and amenities. Finding a new investment property shouldn’t be hard in this dynamic part of Florida.
Look At The Neighbourhood And Surrounding Areas
The area of South Florida that your investment property sits in can play a vital role in its success. It’s highly important that you familiarise yourself with the different neighbourhoods and find out more about what they have to offer before making the decision to invest. Below, we’ve highlighted some of the core aspects of what makes a great neighbourhood:
- Nearby amenities – perhaps one of the most important things to consider is what local amenities and attractions are near the property. Again, if you’re looking to market your investment property to families who are in the market to find their next home, having some world-famous attractions within a reasonable distance of the property can put you one step ahead of your competitors. The biggest attraction in Florida is, of course, Disney World. If you can, find a property as close to this as possible for a great selling advantage.
- Are there good public transport links? – the modern-age renter is always looking for ways to make their life easier. If you can find a property that offers fantastic access to public transport links such as busses and trains, you’ll find yourself at an even better advantage.
- Is the neighbourhood in close range to great schools – for families, it can be incredibly important that their home is near to some highly-rated schools and colleges, whether public or private. If families with school-age children are your target audience, finding a South Florida investment property that is within the vicinity of educational institutions gives you a fantastic selling angle.
By discovering new ways to appeal directly to your target audience, you can find yourself with a higher chance of making a great return on investment every month.
Consider Miami Beach
This beautiful city in South Florida is home to a fantastic selection of investment properties. If you’re looking to appeal to young professionals and city-lovers, an investment property in Miami Beach could be perfect for you.
The city has a high demand for year-round renters looking to live in a vibrant area that offers them with everything they need, from stunning views to fantastic work opportunities. Whether you choose to invest in single-family homes, multifamily homes or modern apartments, an investment property in Miami Beach is assured to provide you with a lucrative return on investment.
Are You Ready To Invest In South Florida?
There’s never a bad time to invest in the South Florida property market. If you’re looking to find the perfect investment property, get in touch with us today. Our team of experts can apply their personal knowledge and insight into the evolving Florida property market to ensure you’re making the best decision possible when it comes to your next investment property.