Why Your Investment Property Should Be in Northwest Florida
Posted on June 14, 2017
If you’re in the market to buy an investment property, you already know the benefits. You can control the potential income, amortize the mortgage, and even utilize the property for family use as needed. The question becomes, then, where’s the best place to buy said investment property?
Simply put, Northwest Florida. The area spans from Panama City Beach in the East to Perdido Key in the West.
Sure, you’re familiar with central and South Florida destinations—Orlando, Miami. But when you are looking for an income property, there’s no better phrase for your wallet than “up-and-coming.”
The thing is, Northwest Florida—with communities like Destin, South Walton, and Panama City Beach— isn’t just up-and-coming, it has arrived. The price tag for investment properties, however, still falls in the category of an up-and-coming community.
Northwest Florida garnered so much acclaim in fact, that Lonely Planet and Trip Advisor named the Emerald Coast a top ten destination in the U.S. Additionally, The NY Daily News raved South Walton is the “real Florida gem,” and told travelers to “forget Miami and Key West.”
So what do you need to look for?
The age-old adage stands: location, location, location. Travelers visit Northwest Florida for the pristine beaches. Ergo, you want your investment property to be as close to the beach as possible. If beachfront is an option, go for it. If not, try to be on the beach side of U.S. Highway 98. This is the four-lane strip that divides the panhandle into beachside and bayside. The good news is, both sides are waterfront. If you happen to be across the street from the beach, or even several blocks from the beach, then you’ll want to focus on easy access or even private beach access. Some communities offer deeded access to their owners and guests.
The next thing to consider is amenities. A private pool is a huge boost to rental value. Even with a property directly on the beach, travelers want a pool. If you’re buying a condo, aim for one with a community pool, or in some cases several community pools, including indoor, outdoor, and a kids’ pool. Other amenities to keep in mind: hot tub, sauna, community grills, and an arcade or clubhouse.
Size matters. You’re going to get a lot more traction with an income property that has space for a family. Generally speaking, one that sleeps four or more people. Not to say that a single room condo doesn’t offer its own advantages; you bet it does, especially on third party travel sites where singles and couples often book. But the majority of the demographic vacationing in Northwest Florida is families. Catering to them means you get more bang for your buck.
Trust Real Estate Broker Brad Shoults for even more tips on buying real estate in Northwest Florida.
Posted in: Real Estate Tips |Tagged: Income Property Tips.