Buying a Beach Vacation Rental Property: 5 Things You Need to Know | MELANIE ❤️ TAMPA BAY
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Buying a Beach Vacation Rental Property: 5 Things You Need to Know | MELANIE ❤️ TAMPA BAY


have you been dreaming about that
beachfront vacation home one that you get to enjoy but also pays for itself
with rental income are you ready to take the plunge but not sure where to start
well stay tuned because today I’m gonna give you some great tips hey everybody
this is Melanie Atkinson realtor with Smith & Associates in beautiful Tampa Bay
Florida and I know a lot of you have been dreaming about spending those
winter months down here in Florida with the Sun on your face and the sand in
your toes but before you go off and buy something I wanted to give you some tips
so you can make the right decision for you and your family tip number one location location
location it’s the number one rule in real estate for a reason and it very
much applies to beachfront vacation rentals there are two things to consider
when evaluating location first what type of location do you want when you’re
using the property and second what are renters gonna want as you drive down our
beach areas here in Pinellas County there are a lot of different towns from
the vibrant areas in clear water to the sleepier towns like Indian Rocks Beach
you have st. Pete Beach Madeira Reddington
Indian Shores Treasure Island and one of my favorite areas for looking at
beautiful homes bel-air Beach all have a very different look and energy to them
so it becomes really important to do your research and figure out which
location you like best especially if you’re gonna spend a long time there
also you need to consider what activities you’re going to want to do
when you’re not on the beach for example if you want easy access to downtown st.
Pete then you’re probably gonna be better off in areas like Treasure Island
or say Pete Beach because the northern areas of the beach can be a very long
drive as far as where renters want to be put yourself in their shoes what is
important to you is probably going to be important for them too if you have a
nicely updated beachfront condo that has easy access to shops and restaurants
you’re probably not going to have a hard time finding a renter to pay top dollar
tip number two minimum rental restrictions this is a big one if you’re
looking at beachfront condos please know that almost every condo association has
specific rental restrictions that you’re going to need to adhere to some condos
will allow you to rent out your place for one to seven days two weeks one
month three months even six months it’s extremely important to know the rental
restrictions because it determines how you’re going to be able to rent out your
condo if you prefer to rent it to more people for shorter periods of time then
make sure you’re looking at condos that allow for rentals between one day and
2 weeks if you prefer to rent out your condo for longer periods of time then
make sure you’re only looking at condos that have rental restrictions of a
minimum of one month or more what you will probably notice when you start
looking is that the more populated beach areas tend to have the shorter rental
times whereas the sleepier towns tend to have the longer minimum rentals so which
is better for you it completely depends on how you’re planning on using your
vacation home long term rentals mean less flexibility and when you can use it
but you might not like the environment of a shorter term rental building where
people are coming and going kind of like a hotel so you want to figure out
whether you want your vacation home to feel more like a home or a hotel if
you’re looking for a single-family home that doesn’t have the restrictions of a
condo please make sure you’re checking into the rental restrictions of those
individual towns or villages some of them do actually have rental
restrictions especially when dealing with short term rentals or renting out a
portion of your home this is a real hot-button issue for beach town so make
sure you’re getting all the most up-to-date information tip number three
property management most of my clients who have purchased beachfront vacation
rentals don’t have the time or energy to advertise their condo collect the rent
do the leases manage the maintenance of the property and pay all of the taxes
that is why a property manager can be well worth the money most property
managers that I’ve run across charge between eight and ten percent of your
monthly rent which may sound like a lot of money but they can also save you a
lot of headaches and keep you out of trouble
especially when dealing with state and local taxes if you’re renting your house
or condo out for less than six months you not only have to pay estate sales
tax but you also have to pay a tourist development tax in Pinellas County
currently those two taxes combined are 13% which you need to charge to your
tenant and then pay accordingly you also want a professional on your side that
can take care of any problems or maintenance issues that come up if you
live up north it is really hard to know who to trust to fix your air conditioner
if it breaks and speaking of repairs that brings me to my next tip tip number
four cost there are a lot of costs associated with vacation home owned
ship that you need to consider condo association fees property taxes
insurance property management fees and the general maintenance of your condo
these costs can add up so you really need to crunch the numbers to see if you
can actually net a profit every year and while you’re doing that it would be very
beneficial to you to consult an accountant and talk to him or her about
any tax implications or deductions and further it’s also helpful to consult a
property manager who might be able to give you estimates of how much your
condo will actually rent for now a lot of people aren’t looking to make a
profit on their Beach vacation rental they just want to have a fabulous place
to live when they’re here and they want the renters to pay for a portion of the
holding costs if that’s the case then you don’t have to stress as much but I
still recommend that you crunch the numbers and you figure out exactly how
much you’re gonna be spending per month to hold on to your condo or home tip
number five know your seasons rent prices vary depending on season
obviously during the winter months of January February and March our rent
prices are at their peak but that’s also when a lot of northerners actually want
to use their condo or home so if you’re looking to maximize your rental profit
you may have to actually enjoy your home or condo in the off-peak seasons a lot
of people I have worked with choose to balance this by using their condo or
home for about a month and then renting it out for the other two months now my
bonus tip for you is to make sure that you’re using a qualified real estate
professional to advise you on all the things that we just talked about your
beach vacation rentals can certainly come true but make sure you do your
research and get some professional help if you’re looking for a beach vacation
rental here in the Tampa Bay area I’m happy to help give me a call or send me
an email if you’re looking for something else to watch on my channel check out
the wide Tampa video so you can learn a little bit more about the Tampa Bay area
if you like this video please click the like button below and feel free to
comment or ask any questions thank you so much for watching and I’ll see you
next time with love Melanie

8 thoughts on “Buying a Beach Vacation Rental Property: 5 Things You Need to Know | MELANIE ❤️ TAMPA BAY

  1. Feel free to leave me any questions about buying vacation homes and / or beach rentals!

    What to watch next ✔️ Living in Tampa / St. Petersburg 🌴 Things To Do, Job Opportunities, Where to Live
    https://youtu.be/sndtsx62uM4

  2. Melanie, I came across your channel simply by searching for florida related videos. I am not moving anytime soon but, I do love your channel and just simply watch the videos just because. I would love to move to clear water in the future!!

  3. Excellent information although does not pertain to me. As of today I have 22 months before my wife retires and we move to the greater Tampa area. Thanks for the great videos, always enjoy them.

  4. Your videos are so helpful thank you. I emailed you about a week ago inquiring about moving to the area. Hope to hear back from you, Missy

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