5 Tips for Buying a Short Term Rental investment Property in FloridaTerry Riffe | April 29, 2016
There are many things to consider when buying short term rental property in Florida – here are 5 tips…
- Is the community gated? Let’s face it, for the consumer this is very desirable. When families travel, they come across many unknowns that can cause them to feel uncomfortable. Whether they are travelling to a country or region unfamiliar to them or travelling to an area that speaks a different language. The security of a gated community to many renting a vacation property is often their number one requirement.
- Location: distance to main attractions, restaurants, shopping. Location Location Location. There are many things you can change about a property, but location isn’t one of them. Be sure that you purchase your short term rental investment property in a community that is close to all that the area offers.
- Pool location. Firstly, in a short term rental investment property a pool is a must. Be sure that the pool is South facing – as this receives the most sun. Many vacationers like swimming in the early morning or the later hours and having a South facing pool is very important to them. This could be the difference in someone choosing to rent your home over someone elses.
- Home amenities and furnishings. To truly offer a ‘home away from home’, you must be sure that you have exquisite furnishings and upgraded appliances. You never have a second chance to make a first impression. If a potential client is viewing your property in consideration of renting it, the appearance of worn out drabby furnishings could turn them away.
- HOA and CDD costs. Now this tip is very important. Your HOA (home owners association) and CDD (community development district) fees are additional to your normal monthly operating costs. These fees can vary drastically depending on the community and location. Be sure that you completely understand what these fees are before buying your short term rental or investment property in Florida.
If you are interested in investing in a short term rental property in Central Florida, email me at An@OrlandoVacationRealty.com or give me a call (001) 800-0888.