3 Things To Ask Before You Buy a Vacation RentalDecember 4, 2015
It wouldn’t surprise us if you fell in love with your Destin, Florida vacation rental. What’s not to love about emerald green water and sugar white sand? That said, you may be wondering if now is the time to cut your losses and buy aÂ second home to stay in rather than continue renting one from somebody else. We don’t blame you! But, before you decide to pull the trigger remember to ask yourself these three questions.Â
(1) Could you rent the property out when you’re not there? If you’re buying a condo or home in Destin, chances are, yes. However, this question hostsÂ a variety of other things to consider as you search. For starters, does the HOA allow rentals? Does the property itself offer amenities that would entice renters?Â
(2) What about property taxes? Taxes for a second home or investment property can be more complicated than those for a primary residence. You’ll need to advise a tax pro to learn about the implications for your specific situation.Â
(3) What will the bills look like when you’re not there? Even if you’re renting the property out, don’t forget to calculate the true, year-round cost of owning a home. This includes factoring in utilities, property management and maintenance.
Do you already know the answers to those questions and find yourself ready to buy a condo for sale in Destin? Contact one of our RE/MAX Southern agents today to begin the process of buying your vacation home!