Buying a second home in Florida can prove to be a sound financial decision. It can be an excellent vacation spot for your yearly trips, and you can turn it into a rental the rest of the time. Owning a Florida home is also an excellent investment for your future for when you finally retire. Here are seven steps to help you make sure that you are investing in the right home in Florida:
- Know your budget and purpose – Knowing how much money you can spend on a second home can quickly narrow down your options. You should also think about what you want out of your second home. Do you simply want a place to relax? Then choose one that is close to the beach or golf courses. Do you want it to be a jump-off point for visiting theme parks and other attractions in Florida? Choose one that is close to the highway.
- Make a shortlist – There are dozens of communities in Florida that you can choose from. Make sure to have excellent criteria when creating your shortlist. Aside from the amenities of a community, you might also want to consider the services offered. For example, will the grounds and lawns be maintained by a professional?
- Choose your neighbors well – If you plan on retiring in Florida, then it’s best to choose a home that is situated in a vibrant retirement community. You might also want to ask your friends and relatives if they are looking for a second home in Florida, too, so you can all live close to each other.
- Check the real estate market – You have to buy when the time is right. In Florida, it’s best to make your offer around May or June. This is usually the end of the local high season.
- Do a physical inspection – Never make an investment based on what you see on screen. Visit the community where you plan to have your second home.
- Know your options – Some communities offer pre-fab homes while others can offer custom ones. Buying a Florida retirement home should be as easy as choosing a floor plan, exterior features, and interior features.
- Finally, jump right in – Go ahead and buy. Don’t let your money sit in your bank account, barely beating inflation. Put your money to good use by buying a second home in Florida.