Florida is one of the best states to invest in real estate. With its growing population, thriving economy, favorable tax rates, and warm, sunny beaches, many people find the Sunshine State a desirable place to live in.
When the pandemic hit in 2020 and the work-from-home setup became the new normal, many people from all over the United States moved to Florida for the above-mentioned reasons. This has resulted in a substantial growth in population, which also caused the demand for housing to soar.
While there are many beautiful cities in Florida, the cities in Broward County are some of the most favored destinations for new residents. In fact, Broward County’s population has increased significantly since 2020. This is one of the reasons to invest in Broward County as it’s a great place to buy property.
It’s worth noting, however, that while Broward County can make a lucrative investment location, not all areas are optimal for investing in real estate. Before you decide to buy an investment property, it’s important to study the market and understand the trends first to ensure that you’re choosing the right city or neighborhood and making the right decision.
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Factors to Consider Investing in Broward County Real Estate
As an investor, it’s important to know what to look for when deciding which cities and neighborhoods are optimal for investing in rentals. You want to ensure that the area offers a high quality of life and is generally attractive to residents.
The question is, what makes a location desirable? Here are a few factors to consider:
- Safety: The most important factor that you should consider when choosing a neighborhood is its safety. Make sure to check the area and verify the crime rate. You want to avoid areas with high crime rates, as well as those that may seem isolated or abandoned.
- Proximity to essential services: Most residents want to stay in a place where they can easily access essential services, such as hospitals, restaurants, banks, supermarkets, shopping centers, schools, and transportation. The best area to invest in is the one that is close to these facilities.
- Amenities: The availability of amenities is also crucial when choosing a place to invest in. Make sure that the area has sufficient clean water supply, as well as other amenities like electricity, internet connection, clean surroundings, and recreational facilities.
- Demand for rentals: No matter how good the area may seem, if there is no demand for rentals, you will unlikely become a profitable investor. Before you buy an investment property, make sure to study the market and check the rental comps in the area. It allows you to understand the trends and demand from renters.
7 Best Areas to Invest in Broward
To help you get started with your search for the best investment property in Broward, consider these areas to invest in:
1. Coconut Creek
Coconut Creek is a well-planned city that is focused on environmental sustainability. Known as the Butterfly Capital of the World, Coconut Creek is home to over 80 species of butterfly in its aviary. What’s best about this area is that it is easily accessible to Fort Lauderdale. Plus, it has low taxes, a low crime rate, and offers a good quality of life to its residents.
2. Deerfield Beach
If you’d like to invest in a place where there are plenty of outdoor activities, Deerfield Beach is your best bet. It offers a variety of recreational activities, such as water sports, beach exploration, fishing, and hiking.
It is home to beautiful landscapes, making it a great place for those who want to be close to nature. It is known for several attractions like Deerfield Beach Arboretum, Florida Panther National Wildlife Refuge, and Deerfield Beach International Fishing Pier.
3. Coral Springs
Coral Springs offers a high quality of life and is best for families with kids. It is home to a number of excellent schools and has a low crime rate, making it a safe place for raising a family.
The real estate market in Coral Springs is booming, and with several well-planned developments for this area, the value of the real estate will surely increase in the next few years. Coral Springs is home to the Coral Springs Museum of Art and Tall Cypress Natural Area.
4. Pompano Beach
A beachfront city, Pompano Beach is one of the most popular places for investing in real estate. This place attracts both long-term residents and short-term visitors. As an investor, you can choose to rent your home to long-term tenants or make it a vacation rental.
Pompano Beach is known for its various entertainment options, making it a great place for young professionals, retirees, and even families.
5. Davie
If you want to attract outdoor enthusiasts, Davie is a neighborhood to consider. Davie offers an equestrian lifestyle to its residents. It is also a great location for families with kids because it is home to top higher-learning institutes.
Plus, Davie is accessible to Fort Lauderdale and Miami. With its small-town atmosphere, students, retirees, and young families prefer to settle on this side of Broward County.
6. Pembroke Pines
If you want to rent out to residents who prefer a quiet, suburban lifestyle, Pembroke Pines is the ideal place to consider. It is home to neighborhoods with beautiful landscapes, lush green parks, and high-quality education.
It is a safe city that’s great for raising children. It is home to popular attractions like Pembroke Gardens and Pembroke Lakes Golf Club.
7. Weston
Ranked as the second safest city in Florida, Weston is home to the highest percentage of families in the Sunshine State. It also boasts numerous A+ schools, making it a great location for those with school-aged children. Residents can enjoy visiting the museums and historical sites, as well as nature reserves.
Conclusion
Broward County is a top destination for those who plan to invest in Florida real estate. Any of the areas on this list will make a lucrative investment due to their demand for rentals and quality of living.
If you’re not sure which area to invest in, reach out to the Keyrenter Broward team. We can help with finding and managing your Broward County properties.