Updated for 2016
There is so much that goes into buying the perfect Florida vacation home. Many people think that it’s as simple as just jumping online and browsing different cities (usually beach areas) in Florida for homes. Though that’s not a horrible place to start it absolutely shouldn’t be the first place. The Florida vacation home market is a very specialized niche and understanding that fact will help guide you down the right path that will save you the most time and money. One of the major factors that play a huge role in choosing the right Florida vacation home would be neighborhood research. Here are a few things you should research (though not as fun) first before browsing homes for sale.
Is The Potential Florida Neighborhood a Vacation Rental Hot Spot?
Much like hotels the Florida short term rental vacation home industry has a reputation. Anyone who has been to Florida and stayed in a vacation rental home understands the importance of staying in a neighborhood that caters to vacation home renters. If you’re looking to purchase a home that will actually rent out to guests than the first thing to want to do is check out which neighborhoods seem to be renting the best. There are many different ways to do this but one of the easiest ways is to hop on Trip Advisor and start researching what people are saying about some of the local vacation rentals. You can get a good idea of what some of the more popular vacation rental neighborhoods are just by reading the reviews. You’ll start to see some of the same neighborhood names pop up over and over. In Orlando, Windsor Hills, Windsor Palms and Oakwater are some of the more popular ones listed on Tripadvisor.
What Type of Rental Rates Can I Expect In This Particular Neighborhood?
Another important factor to consider is the potential booking revenue you can expect from the neighborhood you are considering buying your Florida vacation home in. You might love the community and absolutely adore the house but if the rental revenue is much lower in that neighborhood than the surrounding ones wouldn’t it make more sense to fall in love with another home that’s similar in price and going to bring you in a better return? Don’t make the mistake of thinking that because another community close by gets great rental rates that your neighborhood will too. That couldn’t be further from the truth. You can check rental rates several places but one of my favorite and probably the easiest way to do this is to go on VRBO.com and look it up. VRBO is an owner site so the rates advertised are by vacation rental home owners. If you want to actually pay for data you can also use AirDNA.
It Pays To Do Your Homework-Literally
I hope you put these tips to good use on when buying your Florida vacation home property. As you can see buying in the right neighborhood makes all the difference in the world when it comes to rental revenue. If you would like even more great tips about buying a Florida vacation rental home or perhaps you’re looking for some type of reference to guide you through the process, check out the Frequently Asked Questions section of our site, download our free investor’s guide to vacation rentals and drop us a line! We’re happy to help answer as many questions as you have!
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