A smart strategy is to apply the same high standards and do the same stringent research you’d do for any home purchase — because buying any home is an investment.
This is especially true for Florida, a popular place for tourists and vacationers, but equally popular for new residents of all ages for all reasons. One of the Florida Chamber of Commerce Foundation’s annual predictions for 2024 was for approximately 225,000-275,000 new residents this year.
With that in mind, here are other points to ponder about the best place to buy any investment home.
Parameters to consider
In March, mortgage lender Rocket Mortgage listed what it determined were the 10 best places in the United States to buy investment property.
The metrics its staffers employed were a place were property values are strong, resale value is strong, a desirable location with a strong economy, job market and affordable cost of living, and a robust residential real estate market.
These parameters make sense. No matter if you buy a new custom Florida home to live in full-time, part-time or to rent for additional income, you’ll want to make sure it’s in a location that appeals to both buyers and renters.
Somewhere that won’t go out of style, in other words.
Great places for investment homes
Four Florida cities made Rocket Mortgage’s list of the top 10 places to buy investment property — Jacksonville (No. 4), Lakeland (No. 5), Tallahassee (No. 8) and Orlando (No. 10).
We at ICI Homes have built custom Florida homes all over the state for more than 40 years and we develop our own master-planned communities and serve as preferred builders in others in both Jacksonville and Orlando.
Ideally you’ll live in your new custom Florida home happily ever after, but that’s not always the case. You’re more likely to stay put if your investment home is your dream home, or longed-for vacation enclave, yet things change, right?
One way to use your new custom Florida home as an income producer is to think ahead. If you know you want to be in a certain city or community down the road, but can’t right now due to career, personal or family obligations, buy your home for future full-time residency and rent it in the meantime
The snowbird option
Or, take advantage of seasonal residency. Many new and longtime Floridians do!
Spend late autumn, winter and early spring in Florida and summer elsewhere. Rent your Florida home while you’re gone. Note: many community homeowners associations have regulations about rentals. Be sure you’re aware of those protocols.
Ready for your new custom Florida home? Talk to ICI Homes here.