If you are a beach lover with the goal of owning your own Florida vacation home, now is the perfect time to make your dream a reality. Whether your desire is to retire to this sunny state, enjoy it as your own getaway, or build wealth by using it as a rental, it is possible to find an affordable Florida property to meet your needs, and the Erik Hansen Real Estate Team can help, starting with the following tips:
Start With a Real Estate Agent
Your first step in finding a Florida vacation home you can afford is to contact a real estate agent from the Erik Hansen Real Estate Team for his or her invaluable assistance. An experienced local real estate agent knows the ins and outs of the communities you’re considering and can guide you to the best options to make the most of your funds.
A local agent also can access properties that aren’t presently on the market. The agent will also advise you on making an enticing offer and will negotiate on your behalf when necessary.
Think about what you want in an ideal retirement home. Do you want to be on or near the beach? Or do you prefer to be nestled in the heart of a small town? Is being close to a university or top-notch medical care a priority to you? Share all the details of what you are looking for in your Florida retirement home, and the real estate agent will find the right house for you.
You don’t necessarily have to buy the house with cash, although that is always the best option. The Center for Retirement Research at Boston College reports that about half of all retirees today are carrying a mortgage on their property, and if you play your cards right, you can still secure a new mortgage even after retirement.
Even if you aren’t ready to retire yet, buying a getaway today is a wise idea as long as you can comfortably afford the expense of owning and maintaining two properties. As home prices often rise in popular retirement locations such as Florida, you will take advantage of building equity on the home. You also will enjoy vacationing at your own place instead of paying for a pricey hotel or rental house.
Buying your home early allows you to ease into retirement gradually. You have the opportunity to get to know your neighbors and become familiar with your new community’s features. With every visit, you can move in furniture or other items you want there.
You also have the option to rent out your home while you’re away. This will give you extra cash every month that you can use to pay off the mortgage. As Evolve Vacation Rental suggests, you will attract better prices and better renters if you add a touch of luxury to your property, so keep that in mind.
Purchasing an Investment Property
If you are years from retirement, you can build wealth by buying a Florida retirement home now as an investment and renting it out. Your real estate agent will steer you away from those age-restricted communities requiring one owner to be above a certain age. He or she can also recommend a property management company to handle all the rental activity for you. In addition to making rental income on the home, you will also build wealth as the property’s value increases.
It is a wise idea to structure your rental property as a limited liability company to protect yourself and your personal assets if your business should get sued or you suffer a loss on the home. The LLC also offers you tax advantages that can benefit you as well. You can create your LLC with the help of a lawyer or save yourself some money by checking online for a company that will help you create one. In just a handful of steps, you’ll be ready to start collecting on your investment.
Now is the time to fulfill your dream of owning your own property in Florida. Contact a real estate agent today to explore your options for your own retirement home or investment property.