Home Buying in Cape Coral>Question Details

Cheryl, Home Buyer in Lakeville, IN

Looking to buy 2nd home in Cape Coral but live out of state & can't use for many yrs. Good investment?or wait?

Asked by Cheryl, Lakeville, IN Sat Apr 4, 2009

With the current housing crisis in Florida, is now the time to invest in a 2nd home, or would it be less of a headache to wait 15 years or so until we could actually spend time in the home?
Do you see many people rent their home long distance? Does it work out well or not? Do renters tend to damage the home, therefore, causing a lot of maintenance and upkeep?
How much more would the property taxes be without the Homestead Exemption?

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Cheryl: welcome to SW FL and Cape Coral.
I would buy within the next 3 months. We are going back to the 2002 prices in Cape Coral so yes it is a good investment. Interest rates are low and that makes a big difference. Many think we are getting very close to bottoming up. .
How much down you can put is the other trick.

I will not tell you stories, renters are rough on properties unless you offer them a real insentive to respect that home more.As far as taxes, just send me an e-mail at Realtorlloydn@aol.com with a price range and I will calculate for you what the difference will be between having a Homestead or not.
Yes, I do see many renting their home long distance and again it is true that due to the enormous amount of homes for sales, foreclosures and short sales,the area has a lot for rent. It is going to be a challenge to rent it off the bat. You need to know what are your competitors and don't expect a strong rental return for another year to year 1/2.
And finally, the maintenance does not have to be high at all, if you purchase the right warranties, which, are very affordable, and of course, purchase a home which AC, roof and appliances are not to long in the tooth, you will be fine.
Buy now if you can afford it. Plain and simple and for that you need to work with a Realtor who knows Cape Coral and who can crunch the numbers with you.
and Happy Hunting!

LLoyd Nichols
Right Choice Realty LLC
cell: 239-810-2980
office: 239-463-5217
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0 votes Thank Flag Link Sat Apr 4, 2009
Cheryl

It's a great time to buy here in Cape Coral. As the prices move up you will be protected as you can always sell this home and buy the one you would like to be in later.
People rent all the time we have rental management services here to help you with that.
A good rental management service will help minimize the danger of renting your investment out.
To really understand the taxes you should visit http://www.leepa.org

Call me any time at 239-443-2449
0 votes Thank Flag Link Sat Apr 4, 2009
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