If you are planning to invest in real estate and buy properties in Florida then you are probably wondering, is now the best bet?
Each year close to 566,000 move to Florida and the state’s property value continues to be on the rise and the luxurious lifestyle continues to flourish.
For most people, Florida is the location of choice when looking for sun in winter. Therefore it is no surprise that more and more investors are interested in investing in vacation and luxury homes and buying properties in Florida
to get a return on their investment. Florida which boasts a dry and warm weather is usually referred to as the Sunshine State, providing a break from the harsh cold winters endured in other parts of the country. Also, some Florida properties are closely situated near Disney World, which makes it a great location for a families’ dream holiday.
In this blog post we are going to share something you should know about buying properties in Florida
and why now is the peak time to consider it.
Low Interest Rates
Based on the economic strain which was caused by the Corona Virus, the Federal Reserve is giving banks more lending power and cutting down interest rates a full percentage point to 0. Therefore, more and more homebuyers have the window of opportunity to secure an insanely favorable home loan. Furthermore, financial experts have presumed that the low interest rates will continue until the economy recovers in the midst of the current circumstances. Howbeit, it is not possible to predict the lasting duration of these low interest rates.
Florida has no income tax
While income tax is mandatory in other states, residents of Florida pay zero, nada, zilch on income tax. As a result, Florida is the go-to location for many celebrities, business tycoons, professional athletes and small business owners. For instance, if a Florida resident earns $250,000 in a year, he/she can save $15000 or more in taxes per year.
Florida Has No Estate Tax (Death Tax)
In most states, relative of the deceased are mandated to pay taxes on their properties and assets. The death tax in New York is as high as 16 percent for properties worth up to or more than Ten million dollars, and for properties within Five million dollars range the estate tax decreases to 3.6 percent. Florida on the other hand does not posthumously tax its residents, this is another great reason to buy properties in Florida.
Florida Real estate Market is Hot
In Florida it is not just the weather that’s scalding, matter of fact the real estate market in Florida continues to be one of the most lucrative investment markets till date. This is because of the increased tourism and the warm welcoming summer weather which makes it the go to location for sun seekers and holidaymakers.
There are several factors that makes buying a property in Florida a worthwhile experience. Florida offers people with a great return on properties investment, this means that even though you may have spent a lot of money in buying your preferred property, the return you will get from the property investment will be rewarding and worth your while. Also, taking the reasonable property tax rates in Florida into account, it is a great place to buy properties.
One Real Estate Company in the Florida area which would be great to try is US Prime Realty which have offices operating in Miami, Fort Myers and Naples. You can reach them at usprimerealty1.com and they can take you by the hand in your first steps to purchasing real estate.