The charming Emerald Coast is alluring to many people around the world, who come back here again and again to spend their holidays. The unique feature of this international tourist destination is the brilliant green water and white beaches. There are also many world-famous theme parks in Florida. It’s never short of tourist attractions and activities.
The ‘World’s luckiest fishing village’ Destin itself welcomes thousands of tourists and vacationers every peak season. Florida or the Sunshine State sees people from the colder regions of the United States coming down to the warm beaches to take a break. Therefore, there is a trend to rent vacation homes if not own one. Some people may find owning a vacation home troublesome and intimidating. However, the real estate market in Destin shows that the properties here are in much demand even this year and the growth is tremendous.
You would find many houses, apartments, condos, townhomes, and cottages for sale in Destin. The most trustworthy and easy to access center to get all the information about these properties is DestinFlorida.com. It’s a website where you can find real estate news and also book vacation rentals and other activities in Destin. It would tell you about all the amazing local restaurants, shopping places, things to do, and even upcoming events and music concerts. You can also browse through various local businesses to get the right service for you.
There are several possibilities for investors in Florida. Make sure you consider all the factors like financing and taxes before investing in a vacation home. Every investment has some risk. Despite that, investors are very much interested in Florida’s real estate, probably due to the following reasons –
Popular Location
There is no doubt that the beachfront is a prime location for restaurants, sea-facing cottages, holiday homes, rides, and many more. Location is as vital to investment as the property itself. Choosing the location depends on the purpose of investment. For instance, when you want to invest in a vacation home, you would look for a location where you would always love to visit. You can put the house for rent and earn from it. However, this should not prompt you to find a location only near popular sites.
Fast-Growing Economy
With the continuous flow of visitors throughout the year in Florida, there are many business opportunities and job creation. According to Forbes, the growth in job creation was 2.7% in the previous year and it claims a fifth place for business. August 2021 alone has seen 22,500 recently developed employment. The construction, business, financial, transport, and healthcare sectors are experiencing the most growth throughout the state. In short, it is among the top states with the best business environment.
Increasing Population
Over the years, Destin Florida increased in population. A substantial number of residents are moving in every year. You would be surprised to learn the facts about Florida’s growing population. It ranks third in the list of most populated states of the US. The Florida Chamber of Commerce even estimates that the state of Florida would have more population than today’s Australia. The metropolitan areas may have more new residents in the coming years.
Population increase is linked to the opportunities available, economic growth, and also the development of various sectors. There can either be more employment generation or more competitions. They always influence each other and the perfect balance between them contributes to the overall development of the region.
Trends In the Real Estate Market
The real estate of Florida has not gone down in recent years. Rather it has grown by leaps and bounds, especially in the last five years. The median house value was $267,297 in December 2020 and which has a growth of 7.6% from the year before. The sale of single-family houses has increased by at least 21%. The selling price of these single-family homes has only increased constantly over the last 9 years.
It means that there is a steady demand and supply in the market. However, this does not guarantee that every investment in Florida’s property would be successful. It is a completely different matter of having good insight and investment skills. If necessary, you can hire professionals to help you make a decision.
Demands For Rentals
There is a high demand for affordable and rented housing in Florida. According to the rent per square foot, Florida has over 18% higher average rent than the whole US. Florida’s average house rent is around $1,790. You can expect to pay $4,000 for a house with 4 bedrooms.
You can earn a decent amount with an investment in a vacation rental. There are certain processes that you have to take care of for getting ownership and starting the business. For those who dread to self-manage the vacation rental, they can hire a property manager. They are efficient in managing the property along with taking care of the renting process. You can enjoy the profit sitting at home.
Affordability And Quality of Living
When you compare the median housing cost to the median household income and interest rates of mortgage, you get the housing affordability stats. Among the 50 states of the USA, Florida ranks 35th in terms of housing affordability. It indicates that Florida does not have much affordable housing in the market.
However, Florida has no personal income tax. There are even numerous opportunities for jobs and trades. The quality of life here is also desirable for many with favorable weather, recreational activities, friendly people, and relaxing nightlife.
Conclusion
When you invest in a property and rent out to the vacationers, you have to follow certain regulations like reporting the total income. You have to consider whether you want to keep it as a secondary home or an investment property. The tax and rules would be according to it. You need to plan it out carefully so that it’s not a burden with tax liabilities and maintenance cost. Always take expert opinion for any big investment and search for the right financial solution through reliable sources.
