So you want to purchase a Florida vacation home and rent it out.

Congratulations! This is an excellent way to have a vacation home, build equity for the future and set yourself up for major stress. Yes I said major stress. It is not all glitz and glamour!  Trust me, it isn’t as easy at it sounds. Owning a Florida vacation rental property is not something to be done by those that are faint at heart. It isn’t as simple as purchasing a FL home or condo, furnishing it and booking rentals… That is the fun part of the process. You have property management, regular maintenance and the supervision of the property. I know many who start out renting their vacation home, only to decide to sell because it was too much work.

There is the management of the property that can be the stumbling block to a successful Florida Vacation Rental. I know because my son’s father does this on Marco Island. He has several homes that they manage and it a lot of work. They have it down to a science. Their website not only allows potential renters to see the houses they have for rent, but they can book on-line and the back end of the system manages the process for them. They also have had to rush down to Florida to handle issues that arise, and have gone through many property management companies before they had the right supervision on their homes.

They are the exception. Most people are not prepared for the realities of owning a vacation rental home in Florida.   If you would like more information on purchasing a vacation home in Florida and renting it out, please give me a call.  I would be happy to assist you in finding the right resources so you can be successful!

Thinking of selling your Erie County home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.

What about one of these homes?

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About Colleen Kulikowski, Associate Real Estate Broker (716) 650-0051

Colleen Kulikowski is an Associate Real Estate Broker with J. Philip Real Estate specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.

Comment

  • Pensacola Mortgage

    December 19, 2008 at 12:46 pm

    Colleen,

    Great post. We get a lot of owners from the north that buy a condo here to escape the harsh winters. There is not doubt that a beach property is a great investment (especially in today’s market), there are some things that buyers need to be aware of. The stress that you are referring to depends largely on whether the owner can afford the condo on their own, or if they NEED the rental income to survive. This is important because if you are renting just to help offset some of the annual expense, it is a lot less stressful than if you need the rental income just to survive.

    Another issue is the sheer expense of the management fees. Most rental management firms charge 25% to 30% (that is not a misprint) of the gross rental payments received. For those with long term rental properties with management fees of 8% to 12%, this can be a real sticker shock. Because of the expense associated, many owners are moving to do it yourself services such as VRBO.com (stands for Vacation Rental By Owner). With a service like this, you get all the tools you need for a fraction of the cost. You still have to arrange for cleaning the unit in between rentals (not difficult to do), but the annual savings could be worth the extra work you have to put into it.

    Beach condos are down in value by about 40% over where they were just 2 years ago. This makes it an incredible buying opportunity for those who understand that there will always be value in waterfront property.

    Steve

    • Colleen Kulikowski

      December 19, 2008 at 1:20 pm

      Steve,
      So very true. It is important for the buyer to understand all aspects of purchasing a vacation home in Florida. Planned right can be a great investment. Thanks for the additional insight!

  • Barton Perce

    September 3, 2010 at 9:05 pm

    I love when you talk about this type of stuff in your posts.

Comments are now closed for this article.