Looking to dip your toe into the Florida Real Estate Market?

Have you considered a property with short-term rental opportunities?

If you’re not ready to make a permanent move to Florida – or you’re already a Florida resident looking for an investment option – why not consider a property with short-term rental opportunities?

Photo from sailportsuites.com

In addition to having the property for personal/family use throughout the year, you can really get to know an area/neighborhood before making a permanent move requiring a larger investment, all while generating extra income for the future.

There are a variety of property types:

• Condos,

• Villas / Duplexes,

• Townhomes,

• and even Condo-Hotel units.

Many are located in resort communities with lots of amenities. Single family homes are also a possibility, but buyers must do their due diligence regarding current and future local restrictions for short-term rentals within communities.

There are a multitude of condos, villas/duplexes, and townhomes throughout the west coast of Florida and we would be glad to offer our knowledge of the areas, answer any questions that you may have, and assist with the specifics if you would like to pursue ownership of any property.

Most buyers are familiar with these types of properties and understand that each (except for most single-family homes) will have rules/regulations, restrictions, and monthly, quarterly, or annual fees depending on their size, location, age, and amenities. But not all of these allow short-term rentals – especially those in more residential communities.

Buyers should be aware that many have minimum monthly renting periods and possibly requirements of years of ownership prior to renting at all. Owners are responsible for marketing, management, and maintaining the necessary financial documents, unless a property management company is hired to complete these tasks.

As with any rental property, extra insurance is needed to cover damages and losses and protect against liability claims.

Photo from Innisbrook Golf Resort

The condo-hotel category offers something different – legally a condominium, but operated as a hotel which maintains a front desk/reception area. Depending on the individual property, purchase prices and minimum/maximum stay requirements vary greatly within condo-hotels. You can purchase a condo within a condo-hotel with a fee simple deed and enjoy the benefits of a full-service vacation property when desired or have it rented and generating income when you’re not using it - without the everyday stress of maintaining a rental property.

There aren’t as many condo-hotel options as the other types of rental properties, and of course, this comes with a price - financing is usually costlier than for a primary residence and the homeowners’ association (HOA) fees are higher and vary depending on the condo-hotel’s location, on-going maintenance needs, it’s star rating, and the revenue splits and any additional fees agreed upon between the owner and the hotel management group.

However, owning a condo-hotel might be another option for buyers who want to purchase their first Florida property or those who have decided to enter the vacation rental market and either don’t have the time – or don’t choose to manage a rental property.

Think you might be interested? Here are a few examples on the west coast of Florida:

• T3375315 | Fly-in, fly-out waterfront unit on Tampa Bay, very close to Tampa International Airport with easy access to all of the Pinellas County beaches.

• U8154874 | U8159239 | Resort living for the golf enthusiast @ Innisbrook, A Salamander Golf & Spa Resort.

• U8160918 | Updated Treasure Island condo on the Intracoastal

• A4531424 | Anna Maria Island Gulf-front studio

• A4523103 | IMG Academy Resort Lodge

• A4537376 | Water View unit with dock option/water access to the Gulf at Sarasota Cay Club

• U8164442 | Direct beachfront unit on the Gulf of Mexico

If you’re ready to invest in real estate to build wealth and protect yourself from rising inflation, contact us. Our team can help you find a primary residence or investment property that meets your financial goals.

Carolyn Allen | Allen & Wikoff Team | 2022