The Dos and Don’ts of Choosing a Profitable Rental Property in Broward County, Florida
Renters Warehouse Blog
The South Florida housing market has always been hot, and not just baked in that southern-tip sunshine. With a tourist economy that is off the charts that has nothing to do with Disney to the west, Florida is often considered to stand in its own little world in terms of the real estate market. Among other things. So if you're looking to expand your rental home portfolio into Florida, no doubt you'll always have plenty of takers from both long-term tenants to vacation renters.
Single-Family Investment Homes in Broward County, Florida
For anyone looking to buy investment homes in the Southern and Eastern reaches of Florida, the best place to look is Fort Lauderdale and the surrounding Broward County area. Miami may be hot for apartments, condos, and muti-plex homes but Broward is where the suburbanites bask in the sun and where things are a little less intensely seasonal.
Due to its southern location, Broward County is always host to more than a few tourists. From the summer-break crowd to the independent professionals who know to take their vacations during the "off-season" for better prices. This, combined with a hard-working core population means good news for investment homeowners.
Of course, housing prices in Florida are back on the rise, which means it's better to invest in Broward County homes sooner rather than later. Even so, right now Fort Lauderdale still has affordable housing compared to the overall US averages with fantastic median rental prices for ROI.
Fort Lauderdale Home Investment "Do's"
Look for High-Quality Foreclosures
Real estate in Florida tends to move fast and many people invest before they're ready. Keep an eye out for great-priced foreclosures on homes that are practically move-in ready. Foreclosures can really knock the price down on a great property and are part of the way things are done in Florida.
Find Homes Near Transportation Arteries
Florida more than most states relies on transportation arteries due to the marshy environment of any unpaved areas. There are many cul-de-sac neighborhoods and a surprising number of ways to get 'off the beaten track' in this high-population area. Prioritize homes a short drive from the nearest highway or main boulevard.
Consider Vacation Rental Options
The constant tourism market in Florida makes vacation rental a very viable option depending on the properties you find. Keep this in mind when looking for investment homes in Broward County.
Fort Lauderdale Home Investment "Don'ts"
Don't Overlook Structural Flaws
Homes in Florida vary quite widely in quality and upkeep. The powerful demand means that even homes that are structurally unsound can change hands quickly. But as a landlord, you can't afford to invest in anything that might put your tenants at risk, much less fall apart before it ROIs. Bring your inspector to every considered property and never overlook structural flaws no matter how cute or well-located a home may be.
Remember the Air Conditioning Question
If you don't live in Florida, let us kindly mention that air conditioning is a matter of survival. If a home doesn't have a high-functioning working air conditioner and energy-efficient construction, your tenants will melt, pay through the roof for power, or both. Make sure that every home you buy in Broward County has a powerful, functional, and efficient air conditioning system.
Don't Deliberate Too Long
Homes move fast in Florida, so you don't have a lot of time to decide on any particular property. Be ready to do your due diligence and make a decision relatively fast when investing in a high-velocity market.
Ready to start investing in Broward County, Florida rental homes? Contact us at the Renters Warehouse Broward County office to find out more or get started with our free market analysis tool!
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