Buying a Second Home in South Florida

Buying a Second Home in South Florida

Do you enjoy your holidays in Florida? Are you tired of having to look for beachfront properties to rent or having to book a room at a substandard hotel because all the good ones are fully booked? Do you find yourself spending more and more time in South Florida? Are you even thinking of living out the rest of your life in the Sunshine State?

If yes, then perhaps you should decide if a second home in Florida might be right for you.

Why buy a second home?

If you want to buy a vacation property, think of all the fun you and your family will have in the future! You’d never have to check hotel vacancies or go through the search for any beachfront properties for rent. You have the chance to bring your pet along with you since most hotels have policies against them. You can have parties which could last from dusk till dawn. Basically, you will have the freedom to enjoy your vacation, any way you like.

On the other hand, you could take advantage of the extra income and property value appreciation! If in the future you decide to go somewhere else for your yearly trips, then receiving a few more thousand dollars a year from renting out your vacation home won’t hurt.

And best of all, Florida is a great place to retire in. When you get tired of the rat race and decide to turn in your resignation letter, come back to your Florida home, kick back and take in the wonderful coastal views.

When buying a second home in Florida, always remember the following things:

Keep your eyes open. A second home will come with additional expenses so before you put your signature on any document, be aware of how much your acquisition costs will be as well as the on-going expenses.  Get a good feel of how your finances will work out for the next few years.

 Location, location, location! This is one of the most overused real estate-related quotes but whether a property will be just a plain investment, a secondary source of income, a vacation home or a future retirement home, location is really the key. Take your time in looking for a second home. Try looking in popular areas or better yet, in up and coming districts.

Consider how insurance could help you. Remember that any home is an investment so you would naturally want to protect it especially if your home is near the water. You may want to consider liability insurance if you’re planning to rent it out.

Choose a professional Realtor. You would need a Realtor who is not only familiar with the area’s weak and strong points. You’d need one who understands both your priorities and budget. For all of your real estate needs, remember to get in touch with the Great Florida Homes Team for all of your real estate needs.