Investing in a second home ticks a lot of boxes for many families. On the one hand, you have a ready-made destination for vacations all year round, and another you can enjoy extra income and capital growth from your property investment. The real question arises when the time comes to choose a suitable place to start looking at properties.
In theory, you can buy a second home anywhere, and not just in the U.S. However, before you stick a pin in the map and make appointments to view suitable properties, think carefully about where you like to spend your leisure time.
Florida is a popular holiday destination for Americans and foreign visitors. Orlando is the home of Disney World and MGM studios, and the Florida Keys offer miles of glorious beaches and idyllic scenery. Not surprisingly, Florida is a great place to buy a second home, so if you enjoy taking your vacation in Orlando or Palm Beach, check out Palm Beach Gardens real estate
The good thing about owning a holiday home in Florida is that you will have no problem letting it out when you don’t need it for your own family vacations. The internet makes it incredibly easy to advertise holiday lets to the local, national and international market. You can advertise your property on popular short-term let websites such as Airbnb, or create a bespoke website to market your home to prospective tenants.
Because Florida is so popular with tourists, you won’t have a problem finding tenants during the high season. Florida
has a wonderful all-year-round climate, so even in the off-season tourists still come to enjoy the mild temperatures and tourist attractions.
Florida is also a popular place for retirement communities. Seniors enjoy the climate, so if you buy a condo in a retirement community, you could let it out to seniors on a long-term let. Eventually, when you reach retirement age, your condo will be waiting for you.
A Long-Term Investment
Property is an excellent long-term investment. Aside from the fact you can generate a useful monthly income if you let it out, you also have the advantage of guaranteed capital growth. Properties do not gain in value overnight, but as long as you view property as a long-term investment and are willing to wait until the market grows, you will definitely make money on your property.Choose the Right Property
Before you snap up the first condo you view, research the best locations for investment property. Ideally, you should buy in an up-and-coming area, as properties here will rise in value more than others in a different neighborhood will. Think about the type of tenant you are marketing to, as again, this will play a part in whether a property is a good buy, or not. Families will want a property within easy reach of the beach and Disney
, whereas older people will prefer a quieter location.
Always take advice from a local real estate agent before investing in property.