10 Reasons to Buy / Invest in South Florida
South Florida is the only area of the United States with a tropical climate, and it’s not surprising it’s considered by many to be an attractive area to call home and a popular tourist destination for people all over the world. Keep reading to find out 10 good reasons to buy/invest in South Florida.
To new homeowners or those looking to invest in a second property, at first glance, South Florida might appear to be an expensive area of the country to buy but when you dig a little deeper, you’ll find plenty of affordable properties in this beautiful climate that are close to all the lively things to do and explore in the area – and the prices are only going up, making right now the most imperative time to make the leap and buy a home in South Florida.
Here are 10 reasons you should buy a home in South Florida, and how you can make your investment work for you in the long term.
1. No Income Tax
Florida is famous for being one of the few states with no state income tax, though residents must of course still abide by federal income tax laws. This means that you get to keep a larger portion of your wages, and don’t have to worry as much about keeping track of your information throughout the year for the state tax season.
2. Growing Job Market
According to the Florida Department of Economic Opportunity, there was a 2% gain in jobs in the state since February 2017 – a figure of about 167,800 jobs for a total of 8,700,000. The unemployment rate in the state is about standard, at the 3.9% mark, but with a slight minimum wage increase from $8.10 to $8.25, this statistic may decrease even more with time.
There is plenty of economic opportunity in South Florida, especially with such a high focus on tourism from around the world, and the job market growth is bringing in new potential residents all the time. If you’re commuting to work, there is plenty of highway space for everyone, and you won’t be stuck sitting on the road for hours like you would in L.A.
3. Lively and Active Culture
Miami and West Palm Beach both have global name recognition, and as the only tropical state in the continental United States, South Florida has a reputation for its great nightlife and its equally engaged and variety of daytime culture. There are beaches galore dotting the coast, theme parks and clubs spread out throughout the area, and lots and lots more history, local culture and cuisine, and arts to explore.
4. Best Weather in the US
South Florida has a well-deserved reputation as having one of the best climates in the country. It can get very humid here, being a tropical coastal climate, but that humidity has a great effect on skin and hair. It’s a bit like a natural anti-aging potion, so hello sunshine and goodbye wrinkles. The weather is nearly perfect year-round for outdoor activities. The sun, surf, and clear skies are gorgeous and attractive, but be aware of where your prospective home will be located to ensure you have the proper protections in regard to weather conditions. We can help with that.
5. Attractive Tourist Destination
Because of its alluring beauty, its well-recognized coastal culture, and its globally known attractions, South Florida is quickly becoming one of the most popular tourist destinations in the entire U.S.
Consider buying a home in an area with lots of attractions nearby. You will find many people wanting to rent your home during the summer for long vacations or stays in the state, and you will find students wanting to rent the home the rest of the year if you’re making a remote investment.
6. Affordable for a Global Region
The quality of life, cost of living, and prices of homes in South Florida are much lower than you’d expect. A well-located and well-maintained home in Miami, for example, will cost about one million dollars, but the same house in London would cost $3.1 million, and in New York $2.2 million, according to Global Property Guide. While this is a downtown area, homes outside of major metropolitan areas cost significantly less, ranging from about $150,000 to $300,000.
7. Strong Local Investments
Because the area is so highly trafficked by tourists and locals, you will find an abundance of local businesses and ventures to invest in along with your new home. Additionally, you may want to consider buying another house, as real estate in Florida is in high demand, and over time the return on your investment will skyrocket, if you do your research and hire a professional to help guide you.
8. Upper-Middle Class Real Estate
According to the Miami Herald, homes priced between $300,000 and $600,000 were sold at a 27% higher rate in 2017 than the previous year. These homes are well-suited to the area due to the ability to continually invest in their improvement, and they are being sold faster than ever – the average home stays on the market in South Florida for about 57 days.
9. Lots of Opportunities for Fix-Me-Ups
If you don’t want to invest in a mid-market priced home and would rather buy something immensely affordable to fix up, South Florida has plenty of areas looking for revitalization and plenty of homes that are prime for improvements. Look along beach fronts for run down houses and vacation homes that would make their money back and then some if they were fixed up and sold to a vacationer.
10. Beaches, Beaches, Beaches
How could we talk about South Florida without dedicating an entire portion of the article to its beaches? Iconic white sand beaches line the entire coast of Florida, but none are so stunning as those in the southern part of the state. If you’ve ever seen a picture of white beach sand in the US, it’s likely that photo was taken in South Florida.
One place that stands out is Delray Beach. A medium population of about 67,000 lives here in this suburb of Miami, and if you’ve ever seen CSI: Miami or Broad City, you’ve seen these beaches before. The beach city has fantastic fine dining and retail shops, as well as a growing arts scene and great nightlife. It’s also still affordable. Here are some ideas to help you plan out a visit to the area when you come to view potential homes. The city and the beach are quickly becoming a destination for tourists the world over, so be sure to make it one of yours too.
Ready to learn even more about buying and flipping in South Florida with BeachFront Builders?
Tune in to Flip Wars: Buying Blind every Wednesday at 10pm EST on A&E Networks to see David and Ivana steal the show and flip rundown houses into dream homes. You’ll see them tackle ghost flips, where they’ll invest their own money into homes they have never laid eyes on, completely unaware of the home’s potential problems that could turn their quick flip into a major headache. Using their network of agents, diligent desktop research, and flipping savvy, watch them transform unseen houses into renovated masterpieces, and flip them for a hefty profit.
– Written by, Sam Casteris is an aspiring writer who
loves writing about all things real estate and travel.
You can check out her work on Contently.