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Florida's Key West Investment Options
Key West investment options can be quite lucrative if you know what is available & what best fits your particular want & needs. Generally, some of the best performing investments in the area are of course real estate, both residential & commercial.
By: Barbara A. Anderson Realty
Key West investment options typically bring strong returns, thanks to the geographical location, scenery, weather, and recreation. Located in the southernmost part of the state of Florida, Key West is largely known for being a tropical island paradise, with its warm weather, nightlife, and sunrises and sunsets. These elements are what attract hundreds of thousands of tourists every year, and it's also the reason why Key West has some of the best investment options in the entire state.
For example, take your average three-bedroom, two-bath home in an ordinary suburban neighborhood and put that same house in Key West, and its value will immediately skyrocket. Obviously, this has to do with the three rules of real estate, which are: location, location, and location. People invest in residential real estate here because they can charge premium rates since it's one of the most visited spots in the entire country.
Property owners can not only lease out their houses, but they can also enjoy them as dedicated vacation spots when they want to get away. Better still, there are some nice tax benefits to owning residential real estate in Florida. For instance, there is no state income tax, and if you rent it out according to official guidelines, you'll be able to write off many expenses, including repairs, maintenance, replacements, and much more.
Some people choose to go with a single-family property, while others settle on small beach bungalows or other types of residential real estate. Of course, there are also commercial investment options in and around Key West, which also generally perform pretty well. Here again, because it is such a heavily traveled tourist destination, commercial real estate is always in demand, particularly for things that offer recreational activities that are associated with and popular in the area.
If you're thinking about investing in Key West real estate, it's best to first determine exactly what you want to get out of it and how you'll use it. Once you have a better idea of the way you want to go, it's time to start looking at your budget and the properties that are affordable and attractive.
For help or questions about Lower Keys Real Estate please see: https://realtorgary.com/