The ideal situation is 'buy low' - 'sell high'.
With our inventory being low in many parts of Florida coupled with the declined market, it's still a great time to invest. Holding for 8 years is your personal choice but I can tell you that if you're from the 'big apple' purchasing in 'sunny south' , you may want to keep this home for much longer since at retirement age we tend not to bother moving every 7-8 years. Once your home is paid off, it becomes an investment to hand down as I have experienced with my other NY clients.
I bought my 1st rental in Sunrise in 1987 and still own it (among other properties I bought along the way).....
Meir Aloni & Team
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
RECS (Real Estate Cyberspace Society)
Successfully selling Broward County since 1986!
Direct phone# 954-338-5220 http://www.WeSellBroward.com
Whether buying and holding for 8 years will prove profitable depends on the property you choose. If you buy a cheap property, it will be cheap when you go to sell at some time in the future. Buy quality real estate now, while prices are lower (they will continue rising) or wait 8 years and buy at the fully recovered prices.
You do not disclose if you are looking for a single family home or a condo in a 55+ community. The property you choose will dictate the best strategy. A solid single family home in the right location that you can rent for 8 years, then fix up for your retirement enjoyment would be an EXCELLENT approach.
You should give a Tamarac Fl real estate pro a call. If you are serious, call.
Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Home tour Scotsdale Bluffs
That all depends on whether you're planning to rent it for the next several years or use it as a vacation property. Many communities have restrictions on how long you must own the property before they permit you to rent it.
Another thing to consider is although the market may be down now, none of us has the crystal ball that shows us what will happen tomorrow or 5 years from now.
Are you looking for a single family house, condo, or townhouse? What is your budget and how large a place are you looking for?
Please contact me directly and I will be happy to help you find something that you like.
Best of luck,