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Jul
02
When Investing in High End Real Estate, Consider the Following

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When Investing in High End Real Estate, Consider the Following





If you’ve searched the Sarasota real estate market, it only takes a few moments to realize this beautiful mecca of sunshine is rather expensive. Regardless of cost, we still believe it’s a great investment for yourself, your business, and also your family. Before jumping the gun and purchasing a property, we recommend you read the following.



  1. Know what the property will be used for.

Whether you’re seeking a family home, a rental property, or office space, you must always take your target market into consideration. What would they want to rent? What features are they looking for? What area would they like to live in? For example, the prime location for a small business will not be the prime location for a family with young children.



  1. If you’re looking to rent, do your research.

According to forbes.com, “research shows people increasingly prefer to stay in a home instead of a hotel.” This tidbit of information is particularly important if you’re looking to rent your property for a seasonal vacation spot or a second home.



  1. If you’re looking to reside in the home, consider all options.

Consider your current lifestyle as well as the lifestyle you wish to live. Would a quiet, Old Florida home east of 75 cater to your lifestyle rather than a modern condo downtown? Or do you enjoy the city life and want to walk to dinner and to the Sarasota Farmer’s Market? Think long term lifestyle, what appeals to you?



  1. Will you need financing?

Paying cash for a short term investment is much more lucrative than getting a loan from a bank or third party as interest increases your overall purchase price. A property may seem like a solid investment until you include all costs, fees and expenses associated.



  1. Know the real estate market in that area.

A good price for a 2500 square-foot home on the water varies greatly from a 2500 square-foot home in Parrish. Knowing your market can cost or save you thousands!



If you have any questions, we’re happy to help! Contact us directly at BrandyCoffey941@gmail.com or 941.404.4737.




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 Keller Williams Island Life Real Estate         The Coffey Group Fine Homes International                   Longboat Key Island Office               Coffey & Divald Property Management

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