Yes it’s true we live in paradise. The Treasure Coast area welcomes people from around the world throughout the year, especially during the “high season” months of January through April.
If you’ve considered purchasing an investment property to lease on a seasonal basis to accommodate these visitors, this column should be of interest to you. This is the first of a three-part series on investing in vacation rental properties.
When considering the purchase of a vacation rental property, two important decisions to consider are the type and location of the property. Focusing on a multi-family condominium conveniently located near the ocean is ideal, since most visitors come for the sunshine and the beach.
Some key points to think about:
Low Maintenance: A multi-family condominium or townhouse community is ideal for an investment since your monthly condominium association fees usually cover the maintenance of the exterior of the building, pool and other amenities and common grounds, resulting in a well kept and appealing community for potential renters.
Favorable Rental Rules: Be sure to check on the community’s rental rules. Some developments only allow you to rent your condominium once or twice a year and often have a minimum rental term. Limited rental availability results in limited cash flow.
Additional Considerations: View your potential investment property as if you are the guest: Does the building have an elevator or will your guests have to negotiate stairs to reach your unit? How many parking spaces are included with your unit, and where are they located? Are pets allowed for rental tenants and are there restrictions on weight and the number of pets?
Yes, this does sound a bit overwhelming, but a safe approach is to work with an experienced Realtor who understands the details of purchasing a vacation rental property. Janice Norman, Joyce Page and Roberta Murray of the Norman-Page Team at Water Pointe Realty Group will be happy to assist you through this process.
Their office is located on Hutchinson Island, across from the Indian River Plantation Marriott Resort. Stop by and visit or call Janice at 772-485-9505, Joyce at 772-285-5791 or Roberta at 772-530-8018 for an appointment.
For more information on this or other real estate topics, contact The Norman-Page Team's Roberta Murray at 772-530-8018 or at Rmurray@waterpointe,com
