Age should not be a concern for older individuals in Florida who are considering purchasing a home for the first time. The 2017 NAR Homebuying Report shows that individuals between the ages of 52 and 70 accounted for nearly 25 percent of first-time homebuyers. However, there are some issues they should consider before committing to a home.
Many Florida residents may invest in real estate by buying a second home. This is because they are familiar with the process of buying property and understand how it can appreciate in value over time. However, an individual may underestimate the challenge and risk in owning a single-family home for investment purposes. In many cases, it may be easier and more effective to passively invest in commercial real estate.
Florida investors are likely aware that August is normally the slowest month for commercial real estate leases and sales. However, August of this year is different as is the summer so far as a whole. Commercial real estate has seen a strong uptick in business with more activity around the country than during the spring and winter as well as the summer months of prior years.
Commercial real estate in Florida sometimes offers investors good returns. However, lenders have raised their standards for financing property purchases. A report issued by the Federal Reserve System shared the results from a survey of loan officers, who have placed stricter qualifications on business property mortgages. The survey collected responses from officers at 98 banks operating in the United States.
Many Florida residents are excited to find the homes that they would like to buy. When they are preparing to do so, there are multiple things that they should avoid doing so that they can get the homes that they want and save money on their transactions.