So you’ve decided to invest in Florida real estate. You’re not alone. Thanks to the low price of Florida foreclosures and the high demand for rentals and multi-family homes, the Sunshine State has become something of a hotspot for eager investors. But it’s not exactly a small market. With so much area to cover, how can you be sure you’re investing in the most profitable area? By understanding your neighborhood’s hidden assets, that’s how. Anyone can spot an office park or a university, but sometimes the secondary benefits of a neighborhood can make a huge difference to your passive income profits.
Discovering Diversity in Florida Real Estate
It’s true that some home owners still prefer a neighborhood with yards, homes and even people that are pretty much the same, but they’re getting harder to find – and that’s a good thing. This is the 21st century. Families these days value diversity, partly because families themselves are more diverse than ever before. Besides, homogeneity is boring. Today’s renters and buyers are looking for neighborhoods with personality. So while you’re searching for Florida real estate, search for signals of diversity like these:
- Ethnic restaurants
- Nationality clubs
- A variety of places to worship
- Ethnic performance centers
These signs of inclusion will make the property, and the area that surrounds it, more welcoming to all kinds of families. You don’t even need to live near the area to find these assets. Just do some detective work on Google Maps!
A Wholesome Multi-Family Home
Home buyers don’t just shop with their wallets – they shop with their emotions, too. While you’re comparing the prices of Florida foreclosures, would-be renters are smiling fondly at a tire swing or marveling at the cherry blossoms. These things won’t sell your property all by themselves, but they can certainly help. Be sure to ask yourself if the property you’re about to purchase lies in an area that will make buyers or renters feel warm and cozy or whether it’s likely to leave them cold.
Florida Real Estate for Our Furry Friends
If you want your multi-family homes to be pet-friendly, look at the neighborhood through a dog’s eyes. (Yes, really.) Most Florida real estate properties come with backyards, but pet owners will have other questions about a property too. They’ll be asking things like this:
- Is the yard fully enclosed by a fence?
- Do the neighborhood streets have well-maintained sidewalks?
- Are there pet-friendly parks nearby?
- What about shopping centers with stores that offer pet products?
These details might mean nothing to you, but they could make a big difference to your prospective buyers. So before you commit to a property, ask yourself this: “If I were a dog, would I want to live here?”
Access to entertainment isn’t exactly a hidden asset, but too many Florida real estate buyers search exclusively for malls and movie theaters. Those are good things, but if we’re talking real estate hotspots here, good shopping is usually a given. Think outside the box when you’re looking for properties. Look for small concert venues, local coffee shops that offer poetry readings and even late-night cabarets and improvs. If you’re pondering three different Palm Beach real estate properties, the presence or absence of underground entertainment could help you determine which neighborhood is the most marketable.
Your neighborhood’s hidden assets have something in common with the “talent” portion of a beauty pageant: a contestant’s hidden talent isn’t revealed by a pretty smile or a gorgeous gown. Likewise, you don’t know a neighborhood until you get past its superficial attributes. So dig a little. Look beyond the price of Florida foreclosures in your target area. Look beyond a neighborhood’s proximity to universities. It’s the hidden assets that sometimes make all the difference.