It may be hard for many people in the United States to think about sunny skies and beaches in Florida right now, especially those who are in the midst of using their snowblowers on their front walks. However, now is an ideal time to start thinking about purchasing beachfront homes -- residential real estate they can use all summer long and perhaps even sneak away to for a winter vacation. These homes can also be rented out to pay their mortgages and even provide extra income.
Buyers typically have a lot more leverage during negotiations as well as more real estate options during the off-season. Although the total inventory happens to be lower at the moment, the number of buyers is also lower. That gives serious buyers the upper hand. The off-season is also a better time to hire local contractors to take care of necessary upgrades and repairs. This is particularly important for those who are planning to lease out their Florida homes.
One area of Florida that has especially drawn attention in recent years is Southwest Florida. The housing market is hottest in the city of Sarasota, followed by Naples. Other cities in Florida that have in-demand waterfront residential real estate markets include Delray Beach, Vero Beach and Miami Beach. Jupiter, Lake Worth, Venice and Palm Harbor are also popular. Median home prices range from $210,000 in Lake Worth to $569,000 in Miami Beach.
Although the thought of owning residential real estate can be exciting, the process of purchasing it can be complicated. One mistake may end up causing a deal to fall through, thus costing money, time and energy. Proper legal guidance may help people to complete their desired deals in a manner that will benefit them and meet their needs long term.
Source: realtor.com, "Want a Beach Home This Summer? Better Get Started Now", Yuqing Pan, Jan. 11, 2016