Want to purchase a South Florida property? One of the places you should set your sights on is Wellington. In this post, you’ll find a few tidbits about the place so you can decide whether or not it’s a market for you.
Where Is Wellington?
If you go west of West Palm Beach, you will find the village of Wellington. With a population of over 65,000 (according to the U.S. Census Bureau), Wellington is one of the most populated villages in South Florida. By comparison, the city of West Palm Beach boasts a population of about 111,000. Wellington belongs to Palm Beach County, which has a population of about 1.5 million.
How Much Do Properties Cost in Wellington?
Are you planning on purchasing a property in Wellington? You may be wondering what the price tag on single-family homes is. According to Realtor.com, the median home price is around $750,000 or more than $300 per square foot. If you intend to rent it out, you can expect to price your property at around $2,400 per month with a 20 percent yearly increase. This, however, will depend on the property type. To get a general idea of how much the monthly rent is, consider consulting a property management company.
What Properties Can You Find in Wellington?
You can find a wide range of residential properties in Wellington, including single-family homes, townhomes, apartments, and more. Although there aren’t that many high-rise residences, there are plenty of upscale properties in gated and non-gated communities such as Isles at Wellington, Castellina, and Polo West.
In general, properties in gated communities are built on lots that span about ¼ an acre, but you can find bigger lots in non-gated communities. Equestrian estates (these are properties that are perfect for housing a horse) can also be found on lots with about 1 to 2 acres. Examples of equestrian estate communities include the Equestrian Club Estates, Winding Trails, and the Grand Prix Village.
What’s more, Wellington has two 55+ communities, which are communities reserved for older adults who can care for themselves. With that said, if you want to rent to senior tenants, you may want to set your sights on neighborhoods such as Buena Vida and Mayfair.
Before investing in this village, it would be best to consult a Wellington property management company to be sure that a particular neighborhood aligns with your investment goals. They can also help you identify which community you should invest in, depending on what type of tenants you want to rent to.
When Were Properties Built in Wellington?
While Wellington’s very first home was built in the 1950s, you won’t be able to find many older homes in the village. Many of the homes in Wellington were built in the mid-1970s, which is why it’s a great market for people who are looking for newer properties. And while construction has slowed down since the 1970s, many new homes are still being built to this date.
What Is Wellington’s Market Like?
Wellington welcomes a wide variety of visitors yearly. Not only does it hold a variety of events, but it’s also best known for being the Winter Equestrian Capital of the World. That’s why it sees many visitors for the first quarter of every year – this is typically when the village hosts world-class events such as polo and dressage.
Since Wellington has some of the state’s top schools, there’s a good chance that you’ll find yourself renting to families with children. But you probably won’t be renting to college students, as Wellington does not have any universities within its village.
Wellington Amenities That May Attract Tenants
Let’s take a look at why Wellington is a market worth investing in:
Top Florida Schools
Wellington is home to some of the top-rated elementary, middle, and high schools in the state. Although it does not have any universities, it is a drive away from a number of universities in Boca Raton and Lake Worth.
Outdoorsy tenants will love Wellington as it has over 87 acres dedicated to nature preserves, parks, and the like. These are sure to attract family-oriented tenants who may want to spend some time at the softball field, having a picnic, playing volleyball, and so on. Tenants can also participate in community activities such as cheerleading, soccer, and yoga.
Ease of Transportation
Getting to West Palm Beach from Wellington is easy as you can take a bus, and the ride won’t last any longer than 40 minutes. From there, you can go to the Palm Beach International Airport, which is the closest airport to Wellington. Apart from West Palm Beach, Wellington is also a stone’s throw away from Boynton Beach, Delray Beach, and Boca Raton.
Warm Weather Year-Round
As in the rest of the state, Wellington offers a tropical climate with only two seasons. Winters are still warm, and while temperatures can drop drastically at times, it is rare. In general, Wellington’s temperature ranges from 57°F to 90°F, with the warm weather lasting year-round. It’s worth noting that Wellington is prone to strong winds due to seasonal hurricanes, so you may want to partner with a property management firm that offers hurricane preparedness services.
Your future tenants will find plenty of dining and shopping options right within Wellington. The village has many malls, including Target and Walmart, grocery stores such as Whole Foods and Walgreens, and more.
Don’t Forget to Hire Wellington Property Management Services
As you can see, the village of Wellington offers a variety of attractive features, making it a great market for investing. But before you do, be sure to consult the professionals at Luxury Property Care. Our team of experts can help you find the perfect property so that you can continue to earn passive income for years to come. You can also delegate your property management duties to us, particularly if you’re going to be a long-distance landlord.