Getting The Most From Your Investment Property
Maximizing the income potential of your investment property can be quite the task, but necessary if you want to be competitive in a surging market. The demand for quality rental homes, condos and properties is at an all time high and Destin is no exception to this trend. The Florida real estate market is one of the strongest in the nation as millions of people flock to Florida on a yearly basis for vacations and relaxation. This has caused a boom in the tourism industry and the creation of jobs, services and an abundance of housing.
The first thing you should decide is what kind of rental property is your investment going to be. Is it going to be a long term rental or , are you going to market to the vacation rentals market? Both have their definite advantages. The advantage of long term rentals is the fact that there are dependable (hopefully) tenants. Tenants that are paying monthly and that is a major attraction if you want to have that property paid off quickly and with a minimum amount of concern. The vacation rentals market can be a little more worry some, but the weekly rental rates can compare easily to a monthly rental price. There is also the security of knowing that in Florida, the tourism industry does not take the winter off.
Once you have chosen which vein of rentals you are going to market to, you should consider any renovations that need to be done to appeal to your chosen market. Long term renters will be looking for things like proximity to work, schools, shopping and the like. Location is extremely important for renters. Vacation renters are looking for a different type of convenience, mainly that the rental is within driving distance of major attractions, beaches and restaurants.
If you have chosen to go with the vacation rentals market there are a few things that you should do to ensure that your home stays rented for as much of the year as possible. One thing that is extremely important it the actual marketing of your home to consumers. There is no better way to do this than with an excellent website. Also, be sure to keep the home in pristine condition. You home must look appealing to prospective renters from across the county and the world. Likely the only look they will have at the home before they arrive is online. Make sure that your home looks they way it does online when they arrive. Maybe they will recommend your home to others!
Renting homes in either market is a tried and tested way of making some great money. Not only do the homes pay for themselves, but you are accruing equity the whole time, and that will only allow you to increase your net worth and maybe pick up another home or two to expand your real estate portfolio.