Purchasing Investment Properties in Florida
Florida is a popular investment market given the seasonal temperatures and year-round attraction to vacationers. If you enjoy visiting Florida often or merely wish to take advantage of the market, then you may be looking to purchase a home in the area. Here is some helpful information on purchasing investment properties in Florida.
Demand for Single Family Rentals
Single family rentals are extremely popular in Florida. Renters range from families to school/sports organizations or groups of adults. Many go there to enjoy the warm weather, visit the many theme parks, or attend events such as golf tournaments, conventions, trade shows, or competitions. Many visitors prefer the convenience of a home over renting a hotel room. It can also be more cost effective for larger groups of people. Thus, the demand is there if you’re considering purchasing investment properties in Florida.
Vacation Home Doubling as Investment Property
The great thing about purchasing investment properties in Florida is the ability to use it yourself! For many, visiting Florida is an annual ritual. By owning your own property, you can block out as many weeks as needed for your own use. And when not in use, you can rent it to others and generate income. It’s often a win-win!
Selecting the Right Investment Property
As you begin your home search, knowing its intended use is critical. The location, style, features, and amenities of a home may be different when using it strictly as a vacation home versus using it for both vacation and investment. It’s important to note the features that buyers often look for in a short-term vacation rentals. Here are some examples:
- Modern Design
- Open Layout
- A Reasonable Number of Bedrooms
- Good Bedroom to Bathroom Ratio
- Bonus Features (i.e. theatre or game room)
- Community Amenities (Pool, Clubhouse, etc.)
Furnishing Your Short-Term Vacation Rental Property
Furnishing are another important thing to consider. The more modern, updated, and well-furnished your home, the higher you will be able to charge for rent. When potential renters view photos of your property, it should look and feel more like a hotel than someone’s actual home.
Select furnishings that stand the test of time and offer added benefits. For instance, fabric sofas are easily stained so going with leather would be a better choice. Adding a pull-out sofa allows your rental to accommodate more people. These are just a few things to think about when furnishing your short-term vacation rental.
Assistance with Purchasing Investment Properties in Florida
Whether your goal is to purchase a primary residence or an investment property, it’s helpful to work with agents who understand the market and your particular needs. Local agents can also be a resource in many other ways if you are not familiar with the area. Contact Arrowsmith Realtor for assistance with all of your home buying needs!