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How To Buy A Florida Vacation Rental

by Barbara Haley 01/27/2019

A vacation rental in Florida can give you the best of both worlds. First, you’ll have a place to stay anytime that you wish throughout the year. Second, you’ll have help paying the bills through renting out the property to tenants who also want some rest and relaxation on vacation. 


Florida is one of the best places to buy a vacation rental home. The weather is simply perfect for vacationing any time of the year, so there’s never an off season.  


Buying The Home 


Buying a vacation rental property is just like buying a regular home. You’ll need to look at your finances, consider where you want the location of the property to be, and you ned to decide how you want to pay for the property. 


While buying a vacation rental can be a bit complicated, it doesn’t have to be. There are certain tax write off restrictions that must be considered along with special types of mortgages that may need to be taken out. This is where talking to a lender is extremely beneficial. Your lender can be an advocate to you in the process of buying a Florida income vacation rental property. 


If you’re planning on paying cash for your Florida vacation rental, you’ll want to be sure that you understand each and every cost associated with the purchase. It’s important that you have the correct amount of cash available up front for your purchase. 


Finding The Right Area


You want to choose a vacation rental property in Florida in an area that you enjoy being in. You also want to know that you’ll have a high chance of renting the property out for the maximum amount of time when you’re not using the home.     



Being A Landlord


If you’re renting out a property, you’re a landlord. With this title comes a lot of responsibility. You’ll need to think about things like:


  • Security
  • Access
  • Cleaning
  • Management
  • Demand for the property location
  • Marketing the property
  • How long will rental terms be?


This gives you a lot to consider for your Florida income vacation rental property purchase. Know that the home is something that you own. If you’re not happy with the location, then buying this type of property may be fruitless. If you do buy in an area that you can see yourself living in, you may be able to make the vacation rental a full time residence for yourself at some point. 


If you’re ready to make the leap to owning a Florida income property, you’ll want to speak with a realtor in the area. Whether you live near or far, it can be a great investment for both financial and enjoyment reasons for you.   


About the Author

Author
Barbara Haley
Barbara epitomizes integrity, energy, determination & creativity during every real estate transaction. Barbara's extensive knowledge of the local residential real estate market is unparalleled. She specializes in applying her expertise and market knowledge for the benefit of her clients. Her clients trust her judgment and consistently seek her advice on deals up to several million dollars. Barbara is known as a skillful negotiator and will persevere to overcome any obstacle that is placed in front of her. Her attention to detail and honesty is paramount. Barbara keeps her clients updated every step of the way with consistent communication and prides herself on giving all of her clients the most precise information on the state of the market and local real estate trends. Barbara's personal passions include extensive travel, fitness and giving back to the community. She has visited 100+ countries in five out of the seven continents worldwide. Barbara completed her first full marathon in 2009 in San Diego with Team and Training while personally fundraising $5,000 for the benefit of the Leukemia & Lymphoma Society in memory of her grandmother. Fast forward to October 1st, 2016, Barbara completed her first full Ironman 140.6 distance triathlon in Cambridge, MD while personally fundraising $2300 in support of colon cancer research in memory of a dear friend. Barbara is well known in the real estate community for using the same drive, tenacity, and determination that she uses to complete Ironman triathlons in bringing even the most challenging real estate transactions to a successful closing.