Ever dreamed of retiring to Florida, or investing in property in the Sunshine State? There’s no better time! In fact, purchasing a vacation home in Florida offers you all the great perks of being a resident, and you can use the house as a rental when you’re traveling. Read on for some tips from Lamar G Property On Us.
New Or Resale?
New construction homes are brand new, and come with warranties, making it unlikely that you’ll need to make any repairs in the near future. However, they don’t usually come with fully landscaped yards, window coverings, or appliances, so these things will be an added cost.
Resale homes may need a little more TLC, but you can usually find beautifully maintained properties that are move-in ready. Getting a full inspection of the property can help assure you of its condition.
Look into the average resale value of homes in your area and then use that information to weigh out your options. If new construction is significantly below the median sale price, then adding in the landscaping and appliances might be very feasible.
Retirement Housing Options
Florida is home to numerous retirement communities, and buying a house in one of these areas offers a number of perks. Many are situated around golf and tennis courses, clubhouses, and swimming pools, providing a host of opportunities for socializing and recreation. Even if you don’t occupy the house year-round, you’re sure to find a base of potential renters.
Benefits of Real Estate Investment
According to Fortune Builders, when you buy an investment property in a popular area, you can often offset mortgage and maintenance costs through rental income. This allows the property to increase in value while tourists and short-term renters essentially pay down your note.
While you will have upkeep and property management issues to juggle, you can hand over these tasks to a property management company for a fee. You also have the option of using the home yourself in off-seasons, giving you a go-to vacation retreat.
Finding an Affordable Property
While every retiree’s income and housing needs are different, a qualified real estate agent like those from Lamar G Property On Us can help you identify the perfect property. You can do some online searching yourself to get a feel for different areas, price ranges, and amenities.
You can also get pre-approved for a loan through your local bank so that you know how much you can comfortably afford before you start looking. This will help you act fast when you find the perfect spot. If you find a property that is less than perfect, it may still be a good value. With some work, it could be transformed into an ideal property.
Investing as a Business
You may find you enjoy having investment properties as a retiree so much that you decide to create a business from it. Establishing a limited liability company can protect you from some types of liability, give you more flexibility, and make it easier to file come tax time. You can take the time to do the legwork yourself, hire an attorney to do it, or your best bet, use a formation company that’s already familiar with all the regulations for an LLC in Florida to handle the details on your behalf.
Marketing Your Business
You may decide you enjoy handling the day-to-day elements of managing rental properties, or you may prefer to have experts on call to help you with different areas as needs arise. You can also go through a vacation property rental organization. While you’ll have to pay for the service, they’ll handle marketing, tenant screening, contracts, and property management issues, freeing up your time and sparing you the hassle.
If you decide to go it alone, play up all of the local attractions and amenities in and around your rental as a way to entice prospective renters. You should also choose a decor that suits your property and location. You can find great design ideas online to help you get started staging.
You’ll also need to weigh the pros and cons of listing your property through various sites, like VRBO and Airbnb to determine which gets you the best clients at the right rates.
Dive into Property Investment
Buying a retirement or investment property in Florida can be enjoyable, as well as financially rewarding. An experienced real estate agent, lender, and property manager can all help you maximize your earnings. Finding the perfect tenant who treats your property like their own might be challenging. However, you do not need to worry about this matter because Lamar G Property on Us has your back. We will find the best tenants who will care for your property. We care for your property like our own. Let us manage your property and we assure you that you will never hear any complaints from your tenants. It will help you build your trust in the market among the potential tenants. Additionally, you can trust us with your financial matters because we keep record of every operation so that you can check them whenever you want. So, contact us today and leave all the property matters to us. We will take care of everything.