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If you’re like many people who spend a considerable amount of time in Florida and rent while you’re here, you may have considered buying your own vacation home. Purchasing a vacation home is a big decision, but the rewards can be considerable. These are just a few benefits of investing in a vacation property in Florida.
1. Your Own Florida Getaway
One of the most obvious benefits of having a vacation home is that you have a place to escape to anytime you want. You won’t have to worry about booking a vacation rental in advance or paying rental rates. You can come and go anytime you please, have as many people over as you like, and decorate your home just the way you like it. You can also store items in your home so that you don’t have to travel with heavy suitcases every time you come.
2. Extra Income
Another plus of owning a vacation home is that you can rent it out while you’re not there to make extra income. If managed properly, a vacation rental can bring in a considerable amount of income that could cover your mortgage payments and maintenance costs and then some. Florida is such a popular vacation destination that there are plenty of potential renters, especially during the winter months.
3. Tax Deductions
If you plan on renting out your vacation home in Florida, you may be able to write off any expenses related to the home. After all, it is a form of business. Expenses could include hosting fees on short-term rental platforms, home maintenance, cleaning fees, and advertising related to the vacation home. Vacation rental tax rules vary between states and counties, so be sure to check the requirements where you live.
4. Build Equity
As with any property, a vacation home can build equity over time. As you pay down your mortgage, your financial stake in the home will grow higher. Plus, if your home appreciates in value, you may be able to make a profit on your home when you sell it. Based on the way the real estate market is trending, it is reasonable to expect that your home might appreciate in value over the coming years.
5. Easy Property Management
One of the biggest concerns people have about owning a vacation home is managing the rentals and maintenance when they are not there. A property management company can solve this problem. A reputable full-service company can handle everything from monitoring the exterior of your home to paying vendors and even watercraft maintenance.
Thinking of buying a vacation home in Florida? We can help with all your Florida real estate needs including residential and commercial sales, leasing, purchases and full service property management. Contact us here or call our Central Florida office at 407-656-7814 or South Florida office at 954-760-5885 to speak to one of our Florida real estate experts today!
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