Southwest Florida is a vacation haven that continues to be a crowd magnet every year. So if you are one of those with images of Florida beaches flashing through your mind, you are not alone. If you are dreaming of buying a real estate property that is closed to the picture-perfect attractions of this sunshine state, Cape Coral investment should be number one on your list. At present, the estimated number of permanent residents in this area is around 180,000. With this number, many people have been starting to feel captivated by noteworthy rivers and canals. Cape Coral is also a master-planned community so you can be sure that you are investing in a property that gives you value for money.
How about the housing market? Expect the Cape Coral market to be competitive with $233K sale price as of last month. The prices have factored in the cost of living, which is more affordable than the neighboring cities. Southwest Florida is everyone’s dream base because it has lower taxes. This means that you can enjoy a large fraction of your income and experience the best things in life. According to Zillow, Cape Coral’s median home value is currently at $227,500. Compared to the past year, the values have increased by 5.6%. Based on the real estate market prediction, the Cape Coral market will increase by 0.8% in 2019. When it comes to the price per square foot, Cape Coral is relatively lower than the Fort Myers Metro average. The price per square foot in Cape Coral is at $151 while the Fort Myers Metro is at $160.
Why Cape Coral Investment Is A Good Idea?
Now you do not have to be too technical to understand why a Cape Coral investment is worth every penny. Here are practical reasons beyond the usual “friendly ambiance”, “awesome beaches”, and “great restaurants”.
One factor that prospective buyer wants when searching for a real estate property is the cost of living. Cape Coral is a perfect option because based on local standards, the cost of living is undoubtedly affordable. If you are going to rent an apartment, the average price will be $1200 per month. If you choose a studio apartment, you can secure a cozy space at $750 a month. If you want a one-bedroom apartment, you can get one at $1000 per month. When compared to Miami, the median price of Cape Coral real estate properties stays at $250,000.
2. Unbelievably Low Taxes
The best thing about Cape Coral is that it does not have a state income tax. If you decide to secure rental real estate by means of holding them in a corporation, then the income taxes that you will need to pay will be much lower. When it comes to the property tax rate of Florida, its assessed value is usually at 1.1%. The national assessed value average is at 1.2%. Aside from the state income tax, you should also take the city and county property taxes into consideration. It is estimated that the property tax rate of Cape Coral is almost $7 per $1000 per property value. The city is still in the process of reducing the property tax rate.
3. Landlord Friendly State
Another reason to like Cape Coral is that it does not have rent control. If you have given security deposit rates, the area does not provide limits on how high the rate can be. For overdue rental payment, you will only need to give the tenants three days’ notice to evict them. For properties that have been intentionally damaged, a quit notice with a maximum period of 7 days will be given. The sanctions can be given to tenants who have committed repeated violations, but court proceedings are still part of the process. If you like the idea of investing in water property in Cape Coral, the fact that its landlord-friendly makes the area a good option.
4. Strong Real Estate Market
Due to the economic growth of Florida in general, you can expect its real estate market to be strong. Each year, the state has been attracting residents from California and New York. When it comes to property values, once the real estate market is down, you can expect it to crash. With this in mind, people who are interested in investing in Cape Coral can use this as a great buying opportunity as it provides a return on investment. Take the aftermath of a hurricane as an opportunity to buy a real estate property. You will have lower insurance costs because unlike the Atlantic coast, Cape Coral is not always hit by hurricanes.
5. Growing Tourist Market
Tourists have flocked in Cape Coral over the years. However, regulating short term rentals is still a struggle. The good news is that Cape Coral no longer allows rentals which are less than 7 days though you can expect the area to be immensely popular for seasonal renters. For people who like to stay close to the ocean, the Cape Coral real estate market is an attractive prospect.
Cape Coral Mortgage, Inc.
3512 Del Prado Blvd. S Ste106
Cape Coral, Fl. 33904
(239) 540 5555