Buying a Vacation Home in DestinJuly 4, 2014
Have you ever dreamt of owning a beach home in Destin? Perhaps a condo on Scenic 30A is more up your alley. Whatever little piece of paradise you are considering, know that your are not alone.Â
According to the National Association of Realtors, in 2013 a number of real estate investors (80%) were motivated to purchase a property as a family retreat. While the area of choice may not be hard to narrow down, there are a few steps you can take as you embark on your search.
Decide how the property will be used. Do you want a place primarily forÂ family use or would you like it to double as a rental property? If you want to recoup some of the purchase price through rental income, look for a home with broad appeal and a management company like Southern Vacation Rentals to handle the finite details.Â
Also, you should keep in mind the potential tax advantages or even obligations that are involved with a second home/rental property. Both are subject to certain tax rules so it is important to know what is expected and what you can deduct.Â
If you are interested in buying an income property along Florida’s Gulf Coast, contact a RE/MAX Southern Agent who knows the area and the second-home market.