Are you looking to buy a second home? You may want to act fast. Recently, there has been a boom in vacation and investment property sales. According to a recent report from CNBC, this could be due to the fact that the window for purchasing a second home at an affordable rate may soon be starting to close as interest rates begin to rise and inventory decreases. The best way to ensure that you are getting the most for your money is by getting to know the real estate market before you buy.
Getting to Know the Market
If you are buying an investment property or looking for a second home for vacationing, it is important to look at the real estate market in the areas that you are interested in. Even if you want to establish a home-base and are not looking to sell or rent the home anytime soon, you should still think of the purchase as an investment. Whether this is your first investment property or you are looking to invest in a new area, it is essential that you get to know the market before you jump in if you want to avoid a bad investment.
With this in mind, here are some basic factors you should consider when getting to know the real estate market in your desired area:
- Price Trends – If you are an investor, price trends will allow you to see which areas have the greatest demand. If you’re looking for a vacation home, looking at price trends will help you determine if your future home is being sold at a fair price.
- New infrastructure being built – This is one of the signs that can tell you if an area is up-and-coming. The more schools, roads, shopping centers, and developments that are scheduled for construction means that the community has begun to experience recent growth, which will most likely continue.
- Schools in the area – Even if you do not have a child of school age, it is important to consider which schools are in the area and what their rankings are as this increases the value of the home.
- Look at surrounding areas – If homes in the neighboring cities are experiencing a price hike, this may be a sign that demand will grow in the area. Looking at surrounding areas is also a great way to find a second home near areas where you would like to vacation.
Get Help from a Real Estate Agent
Though you can and should do some research on your own, a qualified real estate agent can be a great asset during your search for a second home. These professionals know the area better than anyone else. They will not only know which properties are available in the area, but they can also tell you the history of the community in terms of home values, give you information on new developments that are in planning, and offer details about what activities and resources are nearby.
Real Estate Investment in Southwest Florida
If you are looking for your next investment opportunity or you want find the perfect vacation home, look no further than Southwest Florida. Many people take advantage of Florida’s beautiful weather when they want to get away by buying luxury homes to retreat to for the winter season. Naples, Bonita Springs, and the other fabulous cities in the Southwest Florida area also offer a variety of opportunities for those who want to invest in luxury real estate.
Whether you want to invest or establish a home-base, you need to work with a qualified team of experts who know the market where you are looking to purchase your next home. Chip and Deanna Krespach of Luxury Homes SWFL have been helping people just like you find homes in the Southwest Florida area for over 14 years. We use your needs, preferences, and personal tastes to find the ultimate luxury home in SWFL.
Are you ready to start living the Southwest Florida lifestyle? Need help finding your next investment opportunity? Contact us today for help finding a home in Naples or Bonita Springs.