Please feel free to contact me any time if you need assistance with your home purchase. I would be happy to assist you in finding the perfect home for your retirement.
Floridian Realty Services, LLC
Seasonal properties are popular in Venice, overall, which is a beach community, and South Venice, in particular, which has an optional beach ferry and community boat ramp.
Membership to the beach ferry, which takes you across the intercoastal to the beach, is $92 per year, or $35 for 30 days. Either way, it's a fun ride over the water to a quiet beach.
This neighborhood amenity is really enjoyed most by people with homes within walking or easy biking distance - so you might want to target you search to that specific area of South Venice.
Also, many seasonal renters prefer a pool in the back yard, which also brings you a higher rent.
For example, I recently helped an investor by a 1980 2 bedroom, 2 bath, 2 car garage pool home. They did some modern upgrades in the kitchen (granite, stainless), and it is now renting is for around $1300 per month.
This same rental could fetch twice that, nicely updated and turnkey furnished, for a seasonal rental.
FYI, annual rentals - particularly single family homes with garages - are in short supply. Most property managers have waiting lists, particularly with 3 bedrooms and a 2 car garage - in case you are playing with that idea, too.
Another attraction for investing in South Venice is that there are no HOA fees to calculate into your bottom line.
Other things to think about for investment properties include: price of purchase, closing costs, renovation costs (if any), turnkey set up (furniture, coffee maker, sheets on the bed, etc.), real estate taxes, insurance (including liability insurance to protect you, the owner), maintenance of the lawn and pool (and who is going to do that - you or the tenant - in seasonal, it will be you, in annual, it might be the tenant), how you will handle rent collection, repairs and other tenant issues, and who will clean the home before and after each occupant, if seasonal.
This is just a quick down and dirty food for thought, in the investment opportunities. For a more detailed conversation on how to calcuate which properties will bring the most profit to you before you buy - and how to find them - please feel free to contact me.
But you are definitely on the right track - good for you!!!
Broker Associate, CRS, GRI, SFR, CIPS, TRC
You can rent properties as annual, short term, long term, and vacation. You can choose to manage the property yourself or hire a property management company to do some or all of the work. This may include items such as marketing the property, handling calls from tenants, collecting rent, and maintaining the property.
If you are going to rent a property be sure to know Florida's Landlord/Tenant Law. You can find information on this at http://www.800helpfla.com/landlord_text.html.
Don't count on appreciation. With the market the way it is right now, appreciation is not a guarantee. When looking at homes, you want to purchase a home that would have an attractive resale value no matter what the market is like. Obviously you would like to make a profit if you did resell.
If you decide to rent the property, it is necessary to make sure your rental income will cover your out of pocket expenses such as the mortgage payment, taxes, insurance, maintenance, repairs and vacancy rate. Right now, demand is higher than supply. Check with local real estate agents or call rental ads to see what the going rental rate is within the areas you are looking to purchase a property.
Try an investment calculator such as the one at goodmortage.com. Go to their web site: http://www.goodmortgage.com/Calculators/Investment_Property.html. This will give you a good idea of the financial situation if you decide to rent an investment property.
There are tax benefits in any real estate investment. Check with your local tax advisor before entering into a purchase agreement for any investment property to make sure you qualify and follow the strict requirements.
Tammy Hayes, Realtor
Green Lion Realty, Port Charlotte, FL