With its miles of beautiful beaches and warm winters, Sarasota will always be attractive to vacationers and escapees from colder climates. Given that so many visitors prefer to stay in a home or condo—instead of a hotel or resort—it’s also a great market to own a short-term rental property. Here is Ascendia Group’s tips on finding and buying the perfect vacation rental property:
Head To The Beach
Similar to everything else in real estate, location is absolutely the most important factor in a property’s rent-worthiness. The home or unit could have the latest and greatest of everything, but if it’s not in a desirable area, the chances of getting high rents are low to none.
In Florida, that translates to being on the water, whether that means logging beach time, boating and fishing, or dining along the intracoastal waterways. Oceanfront properties will usually always bring more income versus properties located inland. The initial purchase price of the property is going to be higher as well.
The market is least competitive in the summer when the weather is the hottest, and that’s the time to buy.
Condo of Single Family Home?
Once you determine where to buy, you need to figure out what: A condominium or single-family home. This decision will likely depend on how often you will be in town, among other factors. If you’re not going to use the property yourself. Generally speaking, condo buildings with reasonable maintenance fees and relaxed rental restrictions are going to offer the best mix of features/amenities for the renter and ease of ownership for the owner.
However, not all condos welcome short-term rentals. Most communities with homeowners associations have rental restrictions. Some communities do not allow rentals the first year after purchase. Some do not allow it for two years after purchase.
Ascendia Group can help you decide which condo will make a good investment as they specialize in investment properties and property management in the Sarasota, Florida area.
Know Your Target Market
While condos will meet the requirements of singles, couples, or friends, single-family homes bring in people with kids (and possibly pets) who want backyards, pools, fences, safety, and privacy.
To that end, you should also think about management, maintenance, and restrictions before you make your purchase, especially if you’re planning on using Airbnb or a similar service to market and book your rentals.
Which Amenities Matter Most?
Once you’ve narrowed down the location and decided on the type of property, it’s time to look at the amenities. Make sure you inspect the clubhouse, fitness center, pool, and outdoor spaces to ensure they’re well-maintained and will appeal to vacationers.
The layout is a type of amenity that many buyers don’t consider. A condo with two separate living areas is a better investment. Or split bedrooms with a living area in the middle. That way people can have guests or family visit and not be on top of one another. For people who like to entertain, a summer kitchen, pool, and spa are “great investments in houses.
Whatever you decide, it’s especially important to work with a company like Ascendia Group which knows the South Florida market and can help guide you to properties for a solid investment choice.