Potential Pitfalls For Florida Real Estate Investors

The real estate market in Florida is in constant flux, and while it can be lucrative, it can also carry significant risks – including some all but unique. If you are looking to invest in it, it is important to tread carefully, as it is unfortunately all too easy to invest where one should not. The right attorney can help you avoid some of the more egregious.

A Lack Of Patience May Cost You

Some of the easiest mistakes to make are those born of impatience. For example, it is imperative to conduct a title search on a piece of property before purchasing it, to ensure that no irregularities in the chain of title exist. Failure to do so may save money in the short term, but it can be infinitely costly if an alternate deed or lien on the property exists. Discovering a cloud on title can lead to months or years of litigation in some cases.

Another common mistake investors make is to ignore or misinterpret zoning laws, particularly if investing in commercial properties. Certain types of businesses cannot be opened in certain areas, but if an investor does not do their due diligence, they may wind up with a property they cannot use or sell. In general, without legal review of a real estate contract, an investor should not go forward with the transaction.

Location-Related Concerns

In addition to the standard errors investors may make, investing in Florida’s real estate market carries geographically-related pitfalls that a reckless investor may ignore. Perhaps the most notable has to do with beachfront property – between sea levels rising and hurricane season, it is crucial to be aware of what these natural forces can do to a home or business. Other issues include an increasing prevalence of ‘special development districts,’ in which a real estate developer essentially has all power in terms of what occurs in the neighborhood.

One more intangible factor that should still be a concern for potential investors is demographics. Tourism ebbs and flows in Florida, which can adversely affect supply and demand. In addition, as Florida gains population, the real estate market will fluctuate as old residents pass on or move away, and new residents settle where they choose. Prices and availability can change on a proverbial dime. A savvy investor should be ready.

Contact A Tampa Real Estate Attorney

If you are interested in investing in Florida real estate, it is important to have the right attorney on your side to ensure that no details are missed. A Tampa real estate attorney from the Seward Law Office can help you succeed in your endeavors. Call our office today to schedule a consultation.

Source:

msn.com/en-us/money/realestate/florida-officials-warn-buyer-beware-as-real-estate-developer-districts-spread/ar-AA1ELLYi