So far, the 2018 real estate market is looking good for property buyers in South Florida. If you have heard the sour stories about homeowners being unable to pay their mortgages, buildings deteriorating, and more foreclosure signs on the sidewalk, the South Florida real estate market remains strong. Here are the reasons you should consider buying luxurious property in South Florida in 2018.
- South Florida has a strong rental market
Whether you intend to rent long term or short term, South Florida has a good rental market with high demand. The areas have several universities such as University of Miami. This makes it possible for most investors to buy mid-size homes for four to five roommates or even a single unit for students. Since there is a ready market for the property in South Florida, it’s an excellent option to buy luxury property in South Florida.
If you buy a luxury property, you are likely to get a constant flow of Latin American tourists all year round. That means you’re assured of profits from your luxury property.
- Attractive environment
South Florida is strategically located and has spectacular properties. It has a seafront, high towers, mansions in back canals, and lower key tropical hideaways that have been nestled between palm trees. The area receives many investors and other people seeking a fun and luxurious lifestyle.
When a property has beaches, good pools, and lush gardens it will attract a lot of people seeking luxury. Thus, you can rest assured of reselling the property at a profit. If you want to use the property for commercial purposes, you’re likely to attract customers.
- Affordable mortgage interest rates
It’s advisable to check mortgage interest rates. This will help you to make the right choice when buying your luxury property. Generally, mortgage interest rates in South Florida are usually low. This is a benefit to property buyers. In 2018, you may want to take advantage of the affordable mortgage interest rates and acquire your desired luxury property.
- Buying luxury property diversifies your assets
Investing in a luxurious property in South Florida is likely to help you generate additional income. Since you’re likely to buy the property at an affordable interest rate, it makes sense to purchase a property rather than keeping your savings where you will earn zero interest rates.
However, it’s wise to make sure that you can afford the mortgage without compromising other aspects of your finances. You should also have an emergency fund ready in case you need to modify the property and give it a new look. Besides, in case there is a slight increase in the property tax, the emergency fund will allow you to take care of such issues.
- You can still bargain
You can opt to buy a luxurious property that requires a few repairs and fixes. Such properties are well-priced. Note that some neighbourhoods feature new restaurants, shopping centres, and more. In light of such strong demand for rental property, you can be sure such property will be a good investment.