Looking to Purchase a Second Home in Florida? Here’s What You Need to Know

If you find yourself traveling to the same city in Florida vacation after vacation, it might be time to consider investing in a second home. And you’re not alone — the most recent census data shows that 6% of U.S. households have a second home. Owning a second home can be a great way to save on lodging expenses when traveling, and your new vacation home away from home can provide a number of other benefits. However, there are a few things you should know before looking at the best waterfront properties Fort Lauderdale has to offer.

Before buying that waterfront property of your dreams, consider this:

Determine Your Budget

Purchasing a second home is not a decision you want to jump right into making. If you already have one mortgage to pay, it’s crucial that you ensure you’re going to be able to pay a second one too. Whether you’re looking for upscale waterfront real estate, oceanfront condos, or luxury homes, you are most likely going to need a conventional mortgage. So, before making a purchase, you need to get your finances in order and figure out precisely what you can afford.

Fortunately, there is also the option of renting out your home when you’re not using it to bring in more income if desired. You’ll want to have your financial plan in order when it comes to buying a second home in Florida and using it as a rental home, so you don’t end up spending more than you will make back in a good amount of time. As your Florida real estate company, we have the experience and dedication to work with home investors and help them choose the perfect rental property here in Florida.

Find the Perfect Location

Florida has many great areas to consider for your second home. If you find yourself taking vacations to Fort Lauderdale every year, then you may want to look into some of the best waterfront property Fort Lauderdale has to offer. You want to choose an area that you’re familiar with and feel comfortable in. The area should have plenty of activities you enjoy, and it should offer the desired amenities.

You can certainly discuss various neighborhoods with your accomplished Florida realtor group. We go far beyond just offering listings. We provide information to investors about neighborhoods, the values of homes in those neighborhoods, and more. Finding the right location is often the most difficult part of buying a home, so invest in the services of an experienced local real estate agent if you need help comparing locations and properties.

Evaluate Your Needs

Before you buy a second home, it’s important to determine your wants and needs. Is it going to be a vacation home? Are you planning on moving into the secondary home after retirement? Do you need an elevator in the home? These needs are crucial to determine before looking into beach real estate for sale because they can influence your purchase decision. You want to think long-term so you can make the best investment possible.

Purchasing a second home in Florida can be a great investment. But before looking into the best waterfront property Fort Lauderdale has to offer, it’s important to think about what you really want in a second home. Fortunately, working with experienced local Henri Vezie experts can help you through this process with ease.

Have a Go-To Vacation Home

Buying a home in Florida gives you the opportunity to own a go-to vacation home or family retreat. A study covered by Inc.com shows that nearly half of employees — or 48% — plan to skip their vacations this year. Neglecting to use time off may result in increased rates of depression, anxiety, and heart problems. In other words, taking vacation days is essential to prevent burnout and boost happiness and overall well-being.

One of the reasons so many families may choose to skip vacations altogether is that vacations are expensive. The average U.S. family will spend $1,979 or more just on summer vacations, according to Business Insider. Average hotel rates can amount to as much as $260 per night! Buying a home in Florida or owning a second home is not just a cost-saving measure; it’s a smart investment. Instead of spending on fleeting hotel stays, your vacation funds can contribute to a property that not only pays for your vacations and enhances your lifestyle but also has the potential to generate a return on investment that could outperform many other financial ventures.

Know Your Vacation Spot

Vacationing and/or spending time in waterfront homes is a pleasant reprieve from day-to-day life no matter what. However, owning a second home in Florida affords second homeowners even more benefits. While vacationing, few of us have the luxury of being intimately familiar with our surroundings.

Buying a home in Florida allows you to own a vacation home while getting to know the ins and outs of the local area. Imagine knowing the best places to eat and the best places to go — down to the town’s or city’s favorite “hole in the wall” restaurants.

Reap the Tax Benefits

Real estate agents agree: there are several, tangible tax benefits to owning a second home. According to Realtor.com, those who own a second home may receive tax benefits or tax breaks from their second mortgage, home improvements, and property taxes.

Homeowners can write off the interest on their mortgage when filing taxes. The same applies to those who own two homes — you can write off the interest you pay on your first and second home. Similarly, just as you can claim property taxes on your first home based on its value, you are eligible to claim property taxes on your second home as well.

Ease Into Retirement

Owning a second home in Florida enables homeowners to test the waters or try out a soft retirement. If you are thinking about retiring in Florida but have not made a final decision, purchasing a second home can help you clinch that decision. Spending significant time in your second home will help you get a feel for the weather and local area as well as your neighbors. Use vacations and retreats as a test run to see if that particular area is somewhere you can see yourself living permanently.

Benefit From Additional Storage

The costs of a storage unit can add up quickly — especially if you store household items for months or years at a time. Portable storage units, for example, average $150 each per month, or nearly $2,000 a year. A second home comes with an attic and other additional storage, like extra closets and walk-in closets. Use this space to your advantage, and no one needs to be the wiser.

Purchasing a second home in Florida comes with undeniable perks. Enjoy tax benefits, extended vacations, retirement trial runs, and more. Allow us to assist you with choosing the perfect waterfront real estate, single-family house, or condo for rental purposes. We know what it takes to own a stellar rental property in Florida, and we stand ready to put our expertise to work for you. Talk to a realtor today to learn why 100 million people visit Florida every year!