Buying land can be a very smart investment with long-term benefits if you do your due diligence and market research. Florida has always attracted people looking for sunshine, beaches and a place to retire or bring the kids. Here are some of the benefits of buying land in Florida.
No Income Tax
If you decide to buy Florida land, one of the benefits is you won’t have to pay any income tax. Florida is one of several states that doesn’t collect an individual income tax. If you’re someone just getting your foot into the real estate game, this may be helpful for you to save some extra money after purchasing a property and becoming a Florida resident. Keep in mind, however, that they do charge property tax and sales tax so make sure you understand all of the tax implications before making your move.
Better Chance for Investment Return
If you plan on buying and moving to Florida, it’s usually a good idea because Florida will always be attractive to snowbirds looking for a place to escape the cold. If you invest wisely you should get a good return on your investment in the long term. Just make sure to do your due diligence, find a reputable real estate agent and don’t get talked into buying any swamp land. Just like anywhere else in the country the main rule in real estate is location, location, location.
Have Future Options
If you are not yet ready to make the move to Florida, you could always buy vacant land and develop it at a later date. You’ll have time to think about the things you want to do rather than rush into it and, depending on the local zoning laws, you may be able to visit the property while staying in a recreational vehicle. You always want to check and understand the local zoning laws to make sure you will be able to use and develop the land as you wish.
Additionally, make sure you understand the construction costs and what it will take to build your Florida property.
Whether you’re building something long-lasting or a quick flip, buying property in Florida could be a good move for your future when done properly.