Benefits of Buying a House in Key West

November 24th, 2015

Considering homeownership in Key West? Here are eight benefits of buying a home in paradise.

Property Value Appreciation
While property values may fluctuate throughout the rest of the country, real estate values in Key West manage to stay pretty steady because paradise is always in demand. With South Florida experiencing an economic boom, now is a great time to purchase that Key West dream home and watch its value rise. You can rest assured that the purchase of a Key West home will be a solid long term investment.

Where Better to Own a Vacation Home?
From year round high temperatures in the 70s and 80s to a laidback “come as you are” vibe, Key West is an amazing place to own a second home. Whether it’s boating or bar hopping, the island offers ample entertainment and diversions anytime of year.

Limited Inventory
Key West is a small island of only eight square miles and historic preservation laws limit new developments and maintain a consistent aesthetic throughout the island. That’s why there are so many charming conch cottages and Victorian-style mansions coveted by many. This limited inventory makes the housing market competitive, so if you’ve found the gem of your heart’s desire, scoop it up before somebody else does.

Benefits of Buying a House in Key West

Slice of the Caribbean Without an International Flight
Perhaps the dream of an ex-pat island lifestyle is alluring to you. In Key West you can have this disconnected existence without the hassle of getting a handle on international laws and customs. Key West has all the tropical island charm within the familiarity of the United States.

Secondary Rental Income
Owning a Key West home as a vacation property can be a lucrative investment if you take advantage of the secondary income available through rental programs. Many condos offer management companies to work out all the logistics or you can take advantage of services like AirB&B to earn income on your home while you’re away.

Local Community
When you become a homeowner in Key West, you gain membership into a group that every tourist wishes they were a part of, that of the Key West local. You’re now a part of the creative, fascinating melting pot of those who call Key West home. In no time you’ll come to know almost everyone that you run into on your daily routine, from the local coffee shop to the marina to your favorite bar in the evening.

Benefits of Buying a House in Key West

Always Have a Place to Call Home on the Island
When everyone’s clamoring for a hotel room or a rental property during peak season (think Fantasy Fest, New Year’s Eve, Key West Songwriters Festival), you’ll be glad you have your own little pied a terre in Key West.

Better Investment Than Renting
If you’re weighing the pros and cons of renting and buying in Key West, buying is almost always a better long-term investment. Rent in Key West continues to rise steadily, while the market for buying homes has remained steady. Lock in your mortgage payments now and make a charming Key West house your home for good.