Is Mount Dora FL A Good Place To Live?

Question Of The Day: Is Mount Dora FLA Good Place To Live In?

Mount Dora is a city situated along the 4,500-acre Lake Dora. Itwas founded in 1880 and is known for its small-town charm and laid-backvibe. It sits on a 184-foot plateau, thus the name.

Is Mount Dora FL a good place to live in?

Definitely!

Here are the top reasons why you should consider investing inMount Dora, FL real estate.

• Strategiclocation. This prime Central Florida community is locatedless than an hour away from Orlando. It offers the best of bothworlds – away from the hustle and bustle of the city butstill close enough to take advantage of job opportunities.
• Well-roundedentertainment. Downtown Mount Dora has a host of shopping,dining, and leisure options. It is easy to explore on foot anddiverse enough to attract a wide range of locals and visitors.

It is dubbed as the ‘The City of Festivals’ becausethere is always something to celebrate each month. There is theArts Festival, the Bicycle Festival, the Seafood Festival, and ofcourse, the Christmas Festival where lights blanket the downtownarea.

• Real estate value. Data shows that as of June 2021, Mount Dorahome prices went up by almost 21% versus last year. Homes for salein Mount Dora sell after less than two weeks, compared to almosttwo months last year. This trend is pervasive among manycommunities in Central Florida, because of the pandemic housingboom.

Quick Buyer Guide Part: Factors To Consider BeforeBuying An Investment Property In MountDora

• Down payment. There might be a difference whenit comes to the down payment requirements for a rental property anda new vacation home for residence. Whereas you might be allowed toput down less than 20% for a residential property, you willtypically be required to provide at least 20% for an investmentproperty. The approval requirements for financing are alsostricter. As in any real estate transaction, your income, creditscore, and debt-to-income ratio will be taken intoconsideration when you are assessed.
   
• Return oninvestment. Have you heard of the 1% rule? It’s a real estate term thatrefers to the percentage of the amount you should be making eachmonth, based on the cost of your investment. If you’repurchasing a high-end property, think longer-term. You can,instead, look at how to maintain your monthly mortgage payment at1% of your investment, or even lower.
• Local economicgrowth. Areas with strong job growth and planned localdevelopments will likely attract tenants. But watch out for newhousing and construction that could affect your property’svalue. It may also be worth checking with locals about thearea’s history of property tax increases.

You can always ask your realtor tohelp you navigate these processes and ask the right questions soyou can make an informed decision.

Real Estate Company In Mount Dora

Corcoran Connect is a Central Florida real estate companyrenowned in the area for delivering outstanding and personalizedresults.

Jeanine Corcoran and her team are known for their honest,timely, and adaptable approach to Central Florida real estate. Butdon’t just take our word for it. Read the genuine testimonials here. Or better yet, call them for apersonalized consultation at 407-953-9118.