The COVID-19 virus has affected the way we work, shop, and learn – and even the way we live – not just in the U.S., but around the globe. Yet, there are many people who might still be in transition now and require a new place to call home.
With that in mind, is now a good time to purchase rental property (or additional investment properties) in Florida?
The answer to that is, it depends.
Purchase Rental Property with Historical Low Interest Rates
While making a large purchase might not be a top priority right now, there may be some very good reasons to consider moving forward with this type of investment. For instance, interest rates are at historical lows.
In fact, today’s rates are the lowest in nearly 50 years. So, if you require a mortgage, your monthly expenses could be fairly attractive – especially in comparison to the amount of monthly rent that you could charge.
In addition, given the extremely volatile stock market, an investment that is a bit more stable – like real estate – could allow you to sleep better at night, while at the same time collecting regular rental income.
Real estate can also provide you with a way to further allocate your investments. And, because it is a tangible item, owning rental property can also provide you with much more control than some other possible investment opportunities.
If you’ve been holding back on purchasing residential rental property because of the time it takes to manage and maintain it, hiring a property management team could be a viable solution.
A property manager can take on many of the otherwise time-consuming jobs, such as marketing for tenants, collecting rent, responding to emergencies, and taking care of the day-to-day maintenance activities.
So, if you own – and / or if you plan to purchase – rental property in the Orlando or the surrounding Central Florida area, give us a call and we can provide you with more details regarding the process, and how it could work for you.