FLORIDA HAS LOWTAXES IN GENERAL Florida doesn’t have a state income tax. If you shield rental real estate by holding them in a corporation, then the corporation will pay modest income taxes. Florida’s property tax rate is 1.1% of assessed value, a little less than the national average of 1.2%. City and county prop- erty taxes are on top of that. The Cape Coral property tax rate is nearly $7 per $1000 per property value. And the city is discussing lowering its property tax rate.
THE HIDDEN BUYING OPPORTUNITIES The large number of snowbirds who visit Cape Coral seasonably provides a better opportunity for investors in the Cape Coral real estate market. Do your research, and you could buy a home from a snowbird that is going to stop traveling, whether staying home in Quebec or moving into a Miami nursing home. This demographic is notable for the number of luxury condos they hold onto.
WHEN THE MARKET IS LOW, IT IS REALLY LOW Florida in general has a strong real estate market because of its economic growth. Florida, like Texas, is attracting people from New York, California, and the Rust Belt with the beautiful combination of low taxes, high em- ployment rates and decent cost of living. Florida, unlike Texas, sees far more radical swings in property values, and it isn’t just due to the hurricanes. When Florida’s real estate market is down, it crashes. That provides an excellent buying opportunity for those who want to invest in the Cape Coral real estate market. The inevitable upswing will yield a significant return on investment in the Cape Coral housing market. If you do want to fix and flip, the aftermath of a hurricane is a great time to buy. And unlike the Atlantic coast, Cape Coral isn’t hit with hurricanes as often. That means the Cape Coral housing market will come with lower insurance costs than Miami, too.
NO. 10 FLORIDA IS LANDLORD FRIENDLY Florida is a landlord friendly state. For example, there is no rent control. Security deposits have no limit on how high they can be. If the rent is overdue, state laws say they only need three days’ notice to be evicted. If they’ve intentionally damaged the property, you can give them an unconditional seven-day quit notice. The same is true for repeated lesser lease violations, though the eviction in that case requires going through the court system. This makes the Cape Coral housing market a good option for those who want to invest in waterfront property.
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