Florida Real Estate-Relocating to Florida

Florida Keys Investment opportunities With all the abundant recreational opportunities mixed in with a great climate the Keys attract people...lots of people. Tourists in turn need places to stay and people relocating need places to rent either part time or while they close on a home or find an apartment. The Keys are definitely a happening place. Types of Investments Aside from commercial investments the two situations most people are looking for in Florida are • Vacation homes or Condos that can be rented out … Generally a purchase involves a 1031 tax exchange or just someone looking for a second home in an area that he/she or the family will use occasionally. • A person looking for a home to eventually retire to and rent out in the meantime to help pay the mortgage. • The best areas to rent are anywhere near the water and the best rents will start at open water locations, followed by homes/condos with a partial view to homes on canals. The neighborhood and the furnishings will

Sarasota and Sarasota County Investment opportunities Due to the incredible growth in tourism and people relocating to the South East coast of Florida, investments ( both commercial and rental) in this region should be a strong consideration. Aside from commercial investments the two situations most people are looking for in Florida are: • Vacation homes/2nd homes, both single family or Condos that can be rented out. • Generally a purchase involves a 1031 tax exchange or just someone looking for a second home in an area that he/she or the family will use occasionally. • A home to eventually retire to and rent in the meantime to help pay mortgage costs. As to Sarasota County-where would the best rentals probably be located? The following is a partial list. • Venice Beach • Bradenton, the inlets and the intracoastal • Homes and Condos on the Ocean, canals, inlets, golfcourses or bays (all locations) • Crescent Beach • Englewood beach • Downtown Sarasota (historic distri

Sarasota and Sarasota County Cost of Living The cost of living index is based on the composite price of groceries, housing, utilities, transportation, health care, clothing and entertainment. Cost of living indexes will generally be higher in areas that offer access to beaches, culture, arts and recreation. In addition areas, that offer a wider variety of services such as health and education will run higher due to higher wages, and increased quality of living. • Cost of living indexing explanation A figure of 100 points is used as an average both for the USA and Florida. For example: Boise Idaho is ranked at a 99 Boston Mass is rated at 240 San Francisco at 217 Statewide, Florida cities come in from a low of 90 and up. One way to compare Florida areas to salary requirements For example-If you were relocating from Portland Oregon (whose rate 1s 120) to Orlando, and you currently make $50,000 per year, the formula is as follows Take the destination index, in this case Orlando-

Florida Weather The weather is Florida’s biggest asset next to the sand and surf. In short we have milder winter weather than anywhere else in the 48 states…think about that next time you look at your heating bill! Also we have almost zero air pollution. (Winds from the Oceans disperse the air pollutants) You can see the stars at night. Acid rain has not affected us like the rest of the country. The temperature drop from day to night is on average never over 25°---compare that with Minnesota, which can vary as much as an 84°. Some statistics: • Average max temps in the Florida Panhandle range from 80° to a low of 56° • Average max temps in Central Fl range from 84° to a low of 60° • Average max temps in Southern Fl, range from 86° to a low of 66° • With the exception of Hawaii, no other state extends further into the tropics than Florida. Key West for example is on the same 24° 30N, that Tampico Mexico and Sao Paulo Brazil are. This makes the angle of the sun higher or more

Renting your home out as a seasonal(vacation rental)or long term. Long term renters are generally easy to find as there is a shortage of homes for rent. So, if you want to buy something for retirement or a vacation home and rent it out to help your payments-this is typically the easiest way. (Long term rentals are considered to be anything over 6 months, as the tenants don't pay the 11.5% Florida tax) • Generally long term rentals should be unfurnished. • Initially the Property managemebnt firm will do a credit check before submitting a lease to you, then with your approval of the lease, they generally collect the first and last months rent plus a security deposit which is typically a months rental amount. • As to utilities- The tenants typically take the lease to the water, electric, phone and cable people and have the utilities put in their name and of course they pay their own deposits. Garbage down here is included in your tax bill-so there is no garbage bill. • Season