Buying real estate in Florida has long been an attractive option for many buyers all over the world. Whether they are looking to permanently relocate to the sunshine state, buy a holiday home or have a base elsewhere in the US, there has never been a shortage of people looking to include the state of Florida in their lives. But what do you need to know about Florida before you decide to invest in spending more time in one of the sunniest places on earth?
Real estate has always been a good investment option in Florida. If you are looking for Homes for sale, you need to research the exact area and the amenities you need in your property. If you want a home, looking to purchase in an area that meets your needs is advised. For a holiday home, you want to look at the popular areas where many people look to buy property close to the heart of all the activities, such as Kissimmee, Navarre, Panama City Beach, and Port St Joe locations.
The best retirement cities in Florida include Orlando, Fort Lauderdale, Cape Coral, and Pembroke Pines.
Are you really going to be able to afford the upkeep and payments associated with having a property you don’t always spend a lot of time in? If you aren’t looking at making Florida your permanent home state, it may be advisable to look at how you can reduce the costs associated with a second property.
For this reason, many people choose to rent out their property on sites such as Airbnb to build an additional income to help make money during the months when they don’t use the property. Alternatively, you can look for a management company that can handle bookings and day-to-day care of the property for you. This does come with a fee, but renting out your property during the busy tourist season could well cover this and more for you.
Taxes and State Regulations
Each state and county in the state will have different rules regarding holiday lets, rental tax, regulations, and restrictions for both people going to buy second properties in Florida and those choosing to relocate. You need to do your homework and be sure you meet all the requirements before you part with any cash; for example, you need to obtain a hotel/motel lodging license and have safety features such as fire extinguishers and smoke detectives security features, and so on.
Florida is well known for having lower taxes than many other states in the US. This is one reason why it is an attractive option for people to relocate to at any age. Tax implications will be different depending on your individual circumstances, and as such, knowing what taxes you will need to pay in Florida is one of the most important checks you will need to make to allow you to make an informed decision. This is especially important if you aren’t a US resident and are looking to buy property in Florida as a foreigner.
Retiring to Florida can be fun and exciting. Just be sure you do your research before moving to Florida.