The big questions you want to ask yourself is, how are you using this vacation property? Will this be a winter home or a source of supplemental income?
If you won't be visiting your second home often, consider time shares as an option for vacation rentals, they require less capital and less risk, but you're usage is limited.
If you're paying cash for the property and the building allows at least one rental per year, some complexes are non-restrictive, buying a condo as a second home or vacation property in a desirable location like Ft. Lauderdale is currently a sound investment. Just make sure you find out what the rules and regulations are before you decide to purchase. Amenities, allowing small dogs, heated pools and even perhaps having a washer and dryer in the condo itself are all really good features that help facilitate future short term rentals. Work with an agent that will contact the association thus providing you meaningful information so it will be easier to one day sell and easier to one day rent. If you'd like, attached is a brief link for to fill-out and submit so I'll have the opportunity to find you that ideal property.
ERA Herman Group Real Estate
Here is a blog I wrote about vacation homes that you might find interesting:
Vacation Homes As An Investment
Let me know if you need help finding a vacation home in Fort Lauderdale!
Chad Gray PA | Realtor
Luxury Living Fort Lauderdale
(at Coldwell Banker Residential Real Estate)
100% of clients rated our service as "EXCELLENT"!
What do you consider a vacation home?
Many Americans, Canadians or from everywhere in the world, whether they are fully fully retired or semi-retired and even non-retired investors buy homes and condos as investments for 2nd or 3rd or more properties. They rent them out but in short rental periods so the can sometimes use them for personal short vacations. However, that works better for houses because condominiums are generally very restrictive with their rental policies.
Because the real estate market across the US is recovering and prices are rebounding upward, investing in properties is a good investment.