Affordable Real Estate in Florida
Finding affordable real estate at the beach in Florida is becoming more and more difficult but it’s not impossible. Searching for cheap real estate at the beach is no easy task but there are options left in beautiful places for many levels of income. New Smyrna Beach real estate inventory on beachside, although limited, still carries a variety of options for buyers on a budget without having to sacrifice the number one attribute of a property…LOCATION.
Local buyers and those in search of a primary residence usually tend to lean toward New Smyrna Beach houses for sale, versus second home or investment purchasers, who lean towards New Smyrna Beach condos for sale. Either way, if you are looking on beachside, you are a quick walk to the beach regardless of the property type. Beachside is considered as the area east of the two bridges in NSB: the North Causeway and South Causeway. Although the area between Riverside Drive in New Smyrna Beach and the North Causeway is in the 32169 zip code and is also an island it’s not technically a part of the beaches island and locals do not refer to this area as “beachside”.
If you’re curious which are the cheapest houses for sale in New Smyrna Beach on beachside, follow the link below for a list of active listings contained in the New Smyrna Beach MLS.
Florida purchasers of investment properties or properties to be used as vacation rentals in many cases lean toward the condominium market. New Smyrna Beach condos make an excellent rental and it’s not uncommon to see a significant return on the investment when used as an aggressive vacation rental. A lot of this depends on whether or not the buyer of a condo has a mortgage. I usually let my customers know, that a common scenario with a mortgage is to break even on expenses when the property is used for rentals. This really all depends on the mortgage amount, HOA fees, the utilization by the owners versus renters, and the rental rate for the unit. Most lenders will require at least 20% down on a condo and in many cases 30% and HOA fees vary by complex. Again, this all depends on each real estate investors personal purchase situation. Gross rental income on two bedroom two bath condos can range from $12,000/year or less for a non-aggressive limited view unit to $40,000/year or more for an aggressive direct view. See the link below for the cheapest condos for sale in New Smyrna Beach that are in the MLS. For less general rental income examples, I am a click away.
Whatever your purchase purpose is, be aware that inventory at the beach is limited. Areas in Florida with affordable beach real estate are becoming more and more scarce. Don’t wait until it’s too late, make a move and find your paradise. Above all, treat the beach with the respect it deserves. Keep it clean and enjoy every minute.