Property Management - Renting Your Vacation Home
Renting Your Florida Home
Many potential purchasers of Florida vacation homes ask the question "is my rental income guaranteed?"
The real question should be "can you guarantee international exchange rates and the continuing growth of tourism in Florida?" then add a dozen other imponderables that would give the Florida Tourist Board sleepless nights. The sensible answer is of course no.
Like the majority of investments, real estate is not immune from downturns in the market, neither is the continuing growth of tourism in Florida absolutely guaranteed. Ultimately it must be a decision based on sensible planning and the balance of probabilities when choosing to purchase a second, vacation or investment home in Florida.
For those seeking to maximize their Investment by helping to offset costs against rental Income, the opportunities are good. Florida's Gulf Coast has a potential 12 month rental season. Winter months December – April are busy times for the North American market (peak months are Feb/March) and summer months June – September are busy months for the UK & European markets.
It is important to recognize that Real Estate prices throught Florida continue to Increase, finding a suitable property will inevitably require a larger financial commitment than in past years. If purchasing with a mortgage is part of the financial plan, the level of cash deposit (gearing) will be a substantial element in determining the rate at which rental Income will contribute to overall costs.
For many owners of Florida homes renting their property during periods when it will not otherwise be used by the homeowner is a sensible option and the process can be relatively painless if a reputable property management company is employed to handle the process.