Investing in Naples Real Estate: A Comprehensive Guide
It’s a buyer’s market in Naples, FL, as the percentage of available real estate has risen 92% from March 2022 to March 2023. While this is a great time to invest, having many options means making big decisions.
If you want to buy a property in Naples, you need to consider a few things to make it a worthy investment.
Start with this guide to Naples real estate to make the process smooth and profitable.
Why Should You Invest in Naples Real Estate?
From April 2020 to April 2021, Florida saw the state’s population increase by 329,717 people, making it one of the most popular places to move in the country.
Naples is no exemption to this desire to move to the sunshine, which has an average of 300 sunny days per year. But the weather isn’t the only thing influencing new residents to invest in its real estate market.
Above Average Salaries
Another reason Florida real estate is in demand is that it has higher than average salaries in cities like Naples. The average income is $118,141 in Naples, one of the highest in the state and the country.
Vacation Hot Spot
This gulf-coast haven in South Florida is home to pristine beaches that don’t get overcrowded like areas in Central Florida. This makes it a serene destination for families and couples that want to get away without all the noise of a Disney vacation.
Low Property Tax
Investing in real estate includes several expenses and one of them is property tax. Luckily, Naples has a relatively low tax on property at about 1.2%, which changes slightly each year.
How to Buy Property in Naples
As the supply of homes in Naples increases, now is the time for buyers to invest. Use these steps to get started and ensure that you pick the best property for your needs.
Choosing a Location
The location of your real estate investment will matter, especially if you are renting out your home to tourists. You want to cater to the vacation mindset, so the distance to the beach, restaurants, and other attractions is important.
Decide on its Purpose
Renting your property is just one purpose. However, you may want to flip the house and sell it for a profit or live in your home for a few years. Using it as a second home for your own vacation is also an option.
Get a Pre-Approved Mortgage
Having a pre-approved mortgage will help you decide on a budget. It will also make the closing procedures quicker. Some agents and buyers may not want to create a contract unless you have a mortgage in place.
Hiring Professional Help for Your Naples Real Estate
Buying a home takes a lot of work, from knowing what type of property you want to buy to closing on your investment. You also want expert advice on the market to know when to buy and how to invest in Naples real estate.
At Coldwell Baker Realty, we help you find the best properties to capitalize on your investment strategy. Contact us today to start your search.
