Whether you’re looking to buy property in Florida to live in or buy to sell for a profit, your purchasing process will be very much the same. Interest in Florida investment properties is at an all time high for buyers, and Florida is still a seller’s market—so when you find the right property for the right price, you can feel confident in your chances to gain a decent profit.
Before you plan to purchase, it’s important to familiarize yourself with our essential tips for creating a real estate investment plan and buying property in Florida. If you’re planning to market your property as a vacation rental, you’ll want to be able to answer these questions: who is your ideal vacation home renter, what will attract them to renting your home over others in the area, and how much does it cost to furnish a house of a similar size to your investment property? Here are two additional tips for buying property in Florida that cannot be stressed enough.
1. Your Realtor Matters
Find and work with a reputable realtor or land broker for the area you’re interested in. If you’d rather not deal with the paperwork involved with closing a property sale, then a broker or realtor can be an asset.
2. Your Home Inspector Matters
Locate and partner with an excellent home inspection company. If you want to make sure the home you’re buying will bring a good return on your investment, then a thorough examination of the home’s mechanical functioning and structural integrity is essential.
The Real Importance of a Home Inspection
Faulty plumbing and a leaking roof are common problems found during home inspections that will take away from the sale of the property, and in some cases you may find yourself losing money to fix problems that cannot be recouped in the sale price. Examine this list of potential problems that are often found during a home inspection:
- Mold and mildew
- Damage to foundation
- Pest infestation
- Failing roof
- Old electrical wiring
- Outdated or leaking plumbing
This is a short list of the problems you can avoid and the money you can save when compared to the home inspection cost.
Since home inspections are not government regulated, don’t opt for the cheapest service provider. Instead, partner with one home inspection team to work with you on all the real estate projects you take on. Also, consider that a pre-listing inspection report can also be used as a bartering tool to negotiate a better price. When you know exactly what’s hidden in the investment property, you can make more sound decisions to proceed or pass.