We’re all well aware of how difficult it is to get on the property ladder with many couples and families spending years, even decades, renting properties because of the rising costs of houses in the areas they want to live in. However, in some areas – such as Florida – property values are dropping at an alarming rate. In fact, out of the top ten cities where property prices have dropped by as much as 69% in the last five years, nine are in California or Florida, making investing in real estate a highly attractive proposition, so much so that around 700 condos are rented on a monthly basis in the Sunshine State each year.
When it comes to buying real estate from someone like Fort Myers you want to be looking into a certain number of criteria to make sure that you’re making a wise investment. After all, when paying out a large amount of money – for anything – you want to know that you’re spending it on something you have a genuine interest in and something that appeals to you, rather than something that is more of a novelty.
Location, Location, Location
With all properties, as the famous television programme suggests, it’s all about “location, location, location” with some parts of the town or city, region, country, even world more appealing than others. You want to know all about the location and what makes it popular or a “must avoid”, and also about house prices in the area.
If you’re buying the property to live in on a full-time basis, you want to make sure that it’s near to everything you could possibly require including schools for the children, shops, fuel stations and other essentials; so that you’re not having to drive everywhere to get what you need.
Check the Figures
You should also make sure that the property is within your budget. Take a look around and find out about the kind of properties that you’re interested in and that fit in with your available funds, and also establish whether the property is likely to need any work doing to it. For instance, you might find a property that is perfectly within your budget – a bargain even – but it needs a lot of work doing to it. All of a sudden, it can go from being a bargain to a financial sponge requiring more and more investment to bring it up to the standard you would want from your property.
Another top tip is to look into the local area and find out about life in that village, town or city from the people who live there. You might find out that the location has a thriving nightlife and you’re looking for somewhere quiet to wind down after a long, busy week at work or to retire gracefully. Alternatively, you don’t want to be in a sleepy village when you’d be better suited to somewhere with bars and restaurants to get out and enjoy yourself and a sun-kissed beach on your doorstep.