What if you can find favorable weather, reasonably priced real estate, a high employment rate, and no state income tax in one location?
Florida is your destination.
We’ll go over more justifications for purchasing a home in Florida below. Remember that buying in a new location is simple if you know what to do. Florida has the following features that make it the perfect location for you and your loved ones:
Stable Market
Florida’s home costs are generally rising steadily. Investors who wish to recoup their money when they decide to sell can do so since the market can support these adjustments over the long run.
Over time, you’ll discover that the Florida real estate market is strong enough to bounce back from any slight changes in home value, allowing you to sell your house for the right value when the time is right.
Financial aspect
Florida is recognized for being one of the few states without a state income tax, even though citizens still need to comply with federal income tax laws.
You end up keeping a larger portion of your profits as a result, and you also don’t have to worry as much about tracking your information throughout the year in preparation for state tax season.
However, if you are selling your house in Florida, there are some exceptions to keep in mind. As a seller, you are responsible for paying commissions to real estate agents, legal costs, inspection fees, and other expenses that reduce your profits.
You must also disclose the financial transaction on your federal tax return. Here is a guide about taxes paid when selling a home in Florida for your convenience.
Prime Vacation Spot
For many investors, choosing short-term rentals over long-term ones makes more financial sense. With a short-term rental, you can frequently earn more money because you can quickly fill the space with people.
Thanks to short-term rentals, Florida can be the ideal holiday home, and the house keeps generating income while you’re on vacation there.
Florida continues to be a popular holiday destination. Therefore, more and more investors are finding buying those short-term vacation rentals ideal.
Excellent weather and beaches
Florida welcomes visitors with pleasant and sunny weather.
Florida has hot, steamy summers, while the rest of the year is typically mild and warm. In the winter, southern Sunshine State inhabitants will probably never need anything more than a sweater.
Miami is a good illustration. The temperature in the winter frequently fluctuates between 76 and 80 degrees Fahrenheit. In the summer, 90 degrees is the hottest temperature.
With 1,300 miles of coastline encompassing the Atlantic Ocean and the Gulf of Mexico, Florida is home to some of the country’s most magnificent beaches.
Florida residents have easy access to some of the world’s most beautiful beaches. St. George Island, Pensacola Beach, Delray Beach, Panama City Public Beach, and Siesta Public Beach in Sarasota are just a few examples.
Unique Lifestyle
Florida is one of the perfect places to unwind and enjoy the moment. Florida’s pace of life is often slower, particularly along the coast. Moreover, it is relaxing.
Expect to see many more people wearing t-shirts and flip-flops than button-up shirts and ties.
Florida cities like Sarasota, Naples, The Villages, and Vero Beach are just a handful regularly mentioned when discussing the best places to retire.
Several of these places also provide a variety of lifestyle amenities catered to baby boomers, like maintenance-free homes, parks, golf courses, fishing, and numerous outdoor recreational options.
Strong Job Market
The fourth-largest economy in the country is found in Florida, one of the country’s economic powerhouses. This sizable economy has representatives from every industry, trade, tourist, agricultural, information technology, aerospace, and aviation sector.
Because of this, Florida’s diverse economy offers fresh prospects and job opportunities for people with different skills and abilities.
Amazon, Mercedes Benz USA, and KLS Martin are three expanding companies that have relocated their corporate headquarters and new offices to Florida.
The annual influx of vacationers was already helping the real estate market grow positively before this.
Affordability
One of the only states with home prices below the national average is Florida. The state’s abundance of undeveloped land helps to explain why prices are lower.
Florida’s housing costs remain steady while they rise dramatically elsewhere in the nation. As a result, now is the ideal moment to invest in real estate before the prices increase again.
Plenty of Homes Available
The Florida housing market has many properties available, whether you’re looking for a dream holiday home or simply the perfect rental property.
As new neighborhoods are built quickly, and new development continues, many Florida investors realize that now is the ideal time to buy new investment homes or rental properties.
Based on your preferences, you can choose from various houses in lovely communities, including brand-new homes in places that are great for either long- or short-term living.
Frequently asked questions
Is it a smart idea to purchase a home in Florida?
The Florida real estate market is one of the most lucrative investment areas to date.
Do you pay tax when you buy a house in Florida?
In Florida, there are no taxes on real estate purchases. But, Florida homeowners will have to pay annual taxes of roughly 1.5% of the property’s worth.
What is the property taxes percentage in Florida?
Florida has a property tax rate of 0.91%, placing it 26th out of all states in terms of property taxes paid as a proportion of dwelling value.
At what age do you stop paying property taxes in Florida?
Age 65 and Over.
Bottomline
Florida real estate investment is hot right now. The pandemic has not slowed down the real estate boom in the Sunshine State; in fact, properties are selling for record amounts. The most recent housing data show that condo sales increased by 24.68% over the same time last year, while single-family home sales increased by 18%.
Additionally, another exciting and high-end real estate market to invest in is New York. To learn about it, check our list of the 7 Most Affordable Places to Live in New York before you leave.