If you’ve ever considered buying a rental property, you’ve probably given some thought to where you’d like to purchase. Buying in an area that is popular with tourists is a great way to maximize your property’s occupied nights. Here in southwest Florida, we have no shortage of tourists to fill up rental properties on our beautiful coastline, lakes, rivers, and more!
Just a few of the many benefits of owning rental property in a popular vacation spot include:
Increased Income
Extra income is the reason almost every landlord decides to purchase a rental property. In areas like Fort Myers and Lehigh Acres, these rental properties can be easily rented out by the day, week, month, or year, giving you lots of flexibility and the potential to earn massive returns. Focusing on the tourists in the area allows you to charge top dollar for short-term stays and will give you a major revenue boost.
Owner Equity
If the pandemic has taught us anything, it’s that the price of real estate tends to increase, even in hard times. Home prices rose, on average, by 29% nationwide since COVID-19 broke out in 2020. So it’s no wonder why people view real estate as a safe way to invest their cash and expect some decent appreciation on top of that rental revenue. All that equity can be leveraged for loans for other properties, improving assets, and more.
Personal Vacation Spot
Landlords take vacations too! Buying a rental property in a vacation spot that you and your family love does double duty: generating passive income and giving you an awesome vacation house to use yourself. If you choose to cater to short-term renters like tourists, then you’ll also be able to block off days or weeks for your own family to enjoy the asset. Win-win!
Tax Deductions
There are many tax deductions, credits, and adjustments available for rental property owners. What you will qualify for depends entirely on your personal tax situation and is a conversation best had with an accountant experienced in rental properties. Maximizing the tax benefits of owning rental property is how the pros make a good investment a great one.
Rental Property Management in Southwest Florida
No matter what type of rental property you own, Douglas Realty Property Management has the team, tools, and knowledge necessary to manage it effectively and profitably. Trust our experts to handle every aspect of your rentals, from finding tenants to maintenance to financials and more. Visit us online at www.douglasrealty.net for more information.
