Just a short one-hour drive from Miami lies the island of Key Largo. It’s a premier tourist destination and a wonderful place to own a second home or a vacation home. About as far from the Jersey Shore to New York City, Key Largo is in the perfect location, offering all that is the quintessential Florida Keys with the convenience of a major metropolitan city a quick drive away. It’s a great place to own real estate because it has a number of advantages.
Advantages of Owning a Vacation Home in Key Largo
Everyone has heard the saying, “Real estate is about three things: location, location, location.” Though it’s been repeated repeatedly and become a cliche, it’s nevertheless true; because the best house in the worst place will always be just that. If you are considering buying a property and want it to be in a highly desirable market, Key Largo should most definitely be on your shortlist. There are many reasons why, but here are just some of the biggest advantages of owning a vacation home in Key Largo:
● Dedicated space to stay. Perhaps the most frustrating thing about traveling is finding a place to stay while on vacation. Your favorite hotel is booked-full, there are few choices nearby, prices skyrocket during peak times, the list goes on and on. With a Key Largo vacation home, you have a dedicated place to stay. It also makes for a great treat for family and friends or for clients.
● Income potential. There’s no doubt the Florida Keys are a premier tourist destination and because of this, you have the ability to rent out your vacation property as much or as little as you like. Take advantage of the tax benefits, while earning a passive income.
● Increased net worth. Because real estate steadily appreciates, it adds to your portfolio and since it’s in a highly sought after location, it will be worth more and more as time goes by.
● Leverage for addition real estate. Another advantage of owning a Key Largo vacation home is it can be used for leverage to purchase an additional real estate. When you are ready to buy another property in the future, you can use it to bargain a better deal for a low rate mortgage. Plus, the additional purchase can be anywhere else.
● Impressive equity growth. The very fact your vacation home is in Key Largo gives it the ability to appreciate robustly and achieve substantial equity. Once amortized, all of that worth is yours alone.