Are You Ready for a Second Home in Florida?
Last spring, as many as 9.26 million people reported owning a second home. And most of those homes were in the state of Florida. According to the National Association of Home Builders, six of the 10 locations with most second homes are in our state.
Considering the cold and snow blanketing most of the country now, it’s not surprising that people would like to spend long stretches of time in our South Florida cities. It’s easy to fall in love with the Sunshine State when you’re knee-deep in the white stuff. But of course, there’s a lot more to consider than just wanting to get away from the cold.
Location. Are there certain parts of Florida you find yourself visiting more than others? Do you like the soft sand and tranquil beaches of the Gulf Coast? Are you drawn to the eclectic lifestyle of Miami Beach? Charmed by the restaurants, shopping and beaches in Fort Lauderdale? Determining what location you visit most often will help you determine where to focus your search.
Tax Implications. There are great incentives for homebuyers, but most are for a homeowner’s primary home. The tax burden of a vacation home shouldn’t be prohibitive, but it’s wise to consult your accountant prior to making the commitment, especially if the property will be strictly an investment.
Business or Pleasure. I know I’m biased, but South Florida is a great area, which makes it an attractive vacation destination, and also a great place to own a rental property. Do you want a second home for your own personal enjoyment or as an investment? While the decision doesn’t have to be exclusive, it might help you determine your list of must-haves when you’re house hunting.
Find a Real Estate Agent. After processing all the information listed above, it’s time to look for a house! What’s your plan? Drive around your desired location looking for “For Sale” signs? That could turn out to be completely unproductive, and maybe even a little risky. Instead, email me. I’ll start searching for your ideal vacation property.