Question Of The Day: Is Mount Dora FL A Good Place To Live In?
Mount Dora is a city situated along the 4,500-acre Lake Dora. It was founded in 1880 and is known for its small-town charm and laid-back vibe. It sits on a 184-foot plateau, thus the name.
Is Mount Dora FL a good place to live in?
Here are the top reasons why you should consider investing in Mount Dora, FL real estate.
- Strategic location. This prime Central Florida community is located less than an hour away from Orlando. It offers the best of both worlds – away from the hustle and bustle of the city but still close enough to take advantage of job opportunities.
- Well-rounded entertainment. Downtown Mount Dora has a host of shopping, dining, and leisure options. It is easy to explore on foot and diverse enough to attract a wide range of locals and visitors.
It is dubbed as the ‘The City of Festivals’ because there is always something to celebrate each month. There is the Arts Festival, the Bicycle Festival, the Seafood Festival, and of course, the Christmas Festival where lights blanket the downtown area.
- Real estate value. Data shows that as of June 2021, Mount Dora home prices went up by almost 21% versus last year. Homes for sale in Mount Dora sell after less than two weeks, compared to almost two months last year. This trend is pervasive among many communities in Central Florida, because of the pandemic housing boom.
Quick Buyer Guide Part: Factors To Consider Before Buying An Investment Property In Mount Dora
- Down payment. There might be a difference when it comes to the down payment requirements for a rental property and a new vacation home for residence. Whereas you might be allowed to put down less than 20% for a residential property, you will typically be required to provide at least 20% for an investment property. The approval requirements for financing are also stricter. As in any real estate transaction, your income, credit score, and debt-to-income ratio will be taken into consideration when you are assessed.
- Return on investment. Have you heard of the 1% rule? It’s a real estate term that refers to the percentage of the amount you should be making each month, based on the cost of your investment. If you’re purchasing a high-end property, think longer-term. You can, instead, look at how to maintain your monthly mortgage payment at 1% of your investment, or even lower.
- Local economic growth. Areas with strong job growth and planned local developments will likely attract tenants. But watch out for new housing and construction that could affect your property’s value. It may also be worth checking with locals about the area’s history of property tax increases.
You can always ask your realtor to help you navigate these processes and ask the right questions so you can make an informed decision.
Real Estate Company In Mount Dora
The Corcoran Connection is a Central Florida real estate company renowned in the area for delivering outstanding and personalized results.
Jeanine Corcoran and her team are known for their honest, timely, and adaptable approach to Central Florida real estate. But don’t just take our word for it. Read the genuine testimonials here. Or better yet, call them for a personalized consultation at 407-953-9118.