The timing has never been better to purchase a vacation home or investment property in Destin, Florida.
The Destin area has over 5,000 vacation rentals that are frequented by tourists year after year. June 2014 brought in the highest revenues for lodgings that Destin and Okaloosa County has every seen. According to Governor Rick Scott, "24 million visitors came to Florida in the second quarter of 2014 (April-June), an increase of 3 percent over the same period in 2013."
This in turn set records for visitor spending, good for local businesses and great news for anyone with a Destin rental property.
Many of the tourists we see are repeat visitors, booking for the next season upon checking out. When you find a good rental that is convenient and fits your lifestyle, it's worth hanging onto. It's one thing to attract renters to your condo, but it's another to keep them coming back every year. For those seeking an investment property that they could also visit, but rent the majority of the time, here are some tips to making your rental, a profitable one.
Location - Location - Location
Golf Course Condos: These are extremely popular, especially if guests have views of the course and are situated close to an amenity-laden clubhouse.
Beachfront: Nothing is better then being just steps from the beach and not having to lug all that beach gear for a long distance. Ever notice, the cooler is always heavier after a long day of playing in the sun?
Beach View: The next best thing to being beachfront, is having a nice balcony with an expansive Gulf view. This is a much more economical option and would increase your chances of renting.
Amenities: Some properties have more amenities than others, but some of the standards include swimming pool and BBQ grill. Nice to haves are beach access, private beach, tennis, fitness room, sauna and whirlpool.
Convenience: Nothing is worse than a rental property that is miles from the nearest store or restaurant. It's ok, if you're marketing your place as a private getaway, but if you want to appeal to families, you should be close to activities, beach, restaurants and shopping.
Quality Experience: People will be paying good money for your property and it's important that they don't feel cheated. Take some time with the decorating and spend the extra money for higher quality finishings, wall coverings, furniture and a comfortable mattress. Equip the kitchen with nice appliances that work. Make sure you have a few extra freebies on hand, such as beach chairs, boogie boards, and cooler.
Maintenance: Get a good property manager that will ensure the cleanliness of your unit and keep on top of small repairs, spraying for insects and handling tenant complaints on a timely basis.
Boaters: This isn't for everyone, but if your condo has docking facilities, you increase your chances of rentals by appealing to the boating/fishing demographic.
If you're at all considering an investment property in the Destin area, I'd love to show you what is available.
12273 US Hwy 98, Suite 204 | Miramar Beach, FL 32550
Office: 850-460-2955 | Fax: 850-807-2999