Top 7 Tips for New Rental Home Investors in Venice Florida
Have you wondered if investing in Southwest Florida would be a wise move? While there are never any guarantees with investments, the rental-income-investor typically does very well in our area of paradise. Why? Here are a few examples:
- Amazing Beaches (Location, location, location)
- Beautiful weather
- Above average new home prices
- Snowbirds with disposable income and reliable credit
- Large service industry with younger employees and providers
With plenty of reasons to invest, the next question that an investor will face is ‘what.’ The first step would be to decide what kind of rental property you wish to invest in. Are you interested in an annual (year long) rental or a seasonal (short term rental)? There are advantages to both. Generally speaking, annual rentals are going to be an investor’s best bet for a guaranteed income and are going to net the most money over the course of a year. With an annual, an investor is going to have a guaranteed income for 12 months without the upfront expense of furnishing the unit and carrying the utilities throughout the entire year. Your average lease is 12 months, but we see a large amount of tenants that renew for multiple years.
Seasonal rentals on the other hand often command two or more times the rent that an annual rental commands in season. For reference, “Season” in Venice is considered January-March. In Venice, the minimum time frame that one can rent their property is 1 month, with some condo associations restricting that rental time frame even more to 2+ month minimum rental periods. Many investors love to turn their home into seasonal rentals though as they wish to have the home available for personal, family, or even VRBO rentals when it is not rented. This is the overwhelming positive to a seasonal rental. Seasonal rentals are a more popular rental option in highly desirable areas, such as around beaches, waterways, and downtown centers.
Once you decide on the type of rental property you wish to own, the next step is to contact a local expert in property management and real estate. From there you will want to follow their advice, which will most likely resemble the following list from https://mashvisor.com:
- Conduct a real estate market analysis
- Look for the best market
- Conduct a neighborhood analysis
- Perform an investment property analysis
- Use an investment property calculator
- Use an investment property finder (local expert real estate agent)
- Look for trends, forecasts, and changes to the market with predictive analytics
Thank you for taking the time to read our blog. We hope this will help educate both owners and tenants in the Venice, Nokomis, Osprey, North Port and Englewood area. If you have any questions about investing in real estate in Venice Florida, or would like a free rental analysis of your property to find out how we can maximize your rental investments potential, contact Home and Condo Rentals and Property Management, Inc. 941-484-0670 or Contact Us
Thanks and have a wonderful day!!
The Home & Condo Staff