Florida Property Investments
With the volatile stock market of recent years and under-performing pension funds, investment in property has come to the fore. With Florida“s diversified economy, high quality of life and low cost of living, the region is viewed as one of the best investment zones for the future. Florida, and in particular Miami and Orlando, are all year round destinations for holiday makers from the USA and the UK, making it a prime area to purchase a property for rental purposes.
It is estimated that over 12,000 Brits now have homes in Central Florida. Many of these homeowners are renting out their properties and creating a nest-egg for the future. If you plan carefully and have your home marketed correctly, rental income can reduce your ownership costs, mainly the mortgage, and may actually exceed your costs - leaving you in profit. For example, in Orlando you could rent out a three bedroom villa for over £450 per week, on average. This figure increases to £604 for a five bedroom villa.
What you should also bear in mind is that Florida has two rental seasons, a high season and low season. Like Spain, this tends not to be a problem as the two seasons attract different visitors. During high season in Florida you would expect to rent your property out to families holidaying in the area. Low season attracts golfers and those wishing to spend longer periods of time in Florida.
It is expected that demand for Florida investment property will remain high over the next couple of years. The Orlando economy and growing population will attract the interest of many investors, keeping the investment market steady in 2005. The year 2002 was a record year bringing $896 million in investment sales volume to Orlando. It is expected that lower interest rates and weak stock markets will fuel investor demands for property in the forthcoming years.
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