Joanie is a licensed Professional Real Estate Agent with Engel & Völkers - Joanie brings a wealth of experience and professionalism to her customers in the Jacksonville, FL area.
Joanie is a licensed Professional Real Estate Agent with Engel & Völkers - Joanie brings a wealth of experience and professionalism to her customers in the Jacksonville, FL area.
Second or vacation home ownership and what the future holds. You possibly purchased the home during the pandemic, or you may have already owned it prior to. Whichever circumstance applies, second homes provided many with a much-needed outlet when finding themselves working from home fulltime for the first time.
To help we need to answer the question, “Why are you buying?”. If you are purchasing a home as an investment property and you plan to rent it, there is currently a huge demand for affordable rentals. It could be worth paying a premium to add units to your portfolio that should rent successfully and quickly.
Let’s start with considerations for a long-term investment property. Typically, investors are interested in purchasing homes as traditional rental properties, meaning that you would accept 12-month minimum leases, or as short-term rentals like a vacation home or AirBnB, perhaps with some personal use in the mix too. For long-term rentals, we need to consider who your target audience will be and where those people want to live.
In case you have not heard, we are living in an extreme sellers’ market here in Jacksonville! In a balanced market, we typically have at least a three-month inventory of homes at this time of year, whereas we currently have less than 3,000 homes listed for sale. This basically equates to less than a one-month supply with homes selling as fast as they are added, resulting in acute competition.
Joanie is a licensed Professional Real Estate Agent with Engel & Völkers - Joanie brings a wealth of experience and professionalism to her customers in the Jacksonville, FL area.
Before you start looking at properties there are four main questions to consider. First, what is the purpose of this new property? Will it be your primary residence, a second home, or perhaps an investment property with income potential? Second question, what is on the list of your “wants” and “needs” for the property? Are you looking for a turnkey property that has all of your “needs” in place or are you looking for a property that has the right bones so that you can make it your perfect home.
Joanie is a licensed Professional Real Estate Agent with Engel & Völkers - Joanie brings a wealth of experience and professionalism to her customers in the Jacksonville, FL area.
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