Florida is the third-largest state in the United States, has no income tax, is considered to have pro-business laws, and is seeing a wave of wealthy transplants coming in from places such as New York and California. The tourism industry continues to thrive, and major financial firms appear to be following their wealthy clients into South Florida. Given these and all of Florida’s other positive attributes, buying property in the State seems like a good choice. Here is what you should consider before your Florida real estate investment:
Do You Want a Short-Term or Long-Term Investment?
The Florida real estate market is popular, especially in desirable areas such as the Palm Beaches. If you are a luxury property investor, it’s important to decide if you are buying with the expectation of realizing a quick profit or if you would prefer to keep your investment for longer. If you have a short-term goal, or need to be able to sell more rapidly, selecting the right community and property will be crucial. Luxury properties do not typically move off the market as quickly as less expensive homes. Having a long-term strategy may allow you to be more selective about the type of property and location of your investment.
Do you have a Location in Mind?
Depending on your investment strategy, you may have an area of Florida that seems more appealing. Those looking to buy high-end real estate are likely to focus their efforts in the Palm Beach County area. However, an investor with different goals may need to examine other areas of the State. Before buying, it’s critical that you consult with a Florida real estate professional who can advise you about the communities and available properties that conform to your plans.
Researching Your Intended Market
Investing in Florida real estate can be a complex calculation involving several variables. The Florida market is vast, and the different cities and properties offered for sale within them can range widely. To someone unfamiliar with the State and all of the places where property is being sold, it can be challenging to get an accurate picture. One of the best ways to get a more precise assessment of the real estate market in the communities you are considering is by consulting with local real estate professionals. Your real estate agent can help you understand the area and refer you to local counsel. Your real estate attorney will provide the expertise, skills, and advice you need to ensure that your interests are protected and that your transaction conforms with State and local law.
Contact Our Palm Beach Real Estate Attorneys Today
At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are Florida Board-Certified Real Estate Attorneys with extensive experience in Florida real estate law. We have the expertise and local knowledge you need to help you evaluate your Florida real estate transaction. Contact Rabideau Klein today to discuss your real estate legal needs.