Stop Renting a Vacation Home: Why Now is the Perfect Time to Buy in Florida Instead

There’s no denying that Florida is one of the most popular holiday destinations around. People flock to its pristine shores from around the world, and a great many people call Florida home for as long as the weather remains cold further north.

This also makes Florida a prime market for rental vacation homes, especially in one of the many resorts that dot the shores and canals of this beautiful state. However, for those willing to take the plunge, there is the possibility of not only owning a rental property in Florida, but even making the permanent move to enjoy paradise year-round.

The big question is: when is the right time to buy versus rent when it comes to vacation and resort properties in Florida?

Below we’ve assembled some key reasons for why you should considering buying a vacation home in Venice and beyond.

Any decision about buying vacation properties in Florida will have to consider the benefits of renting, as well as the drawbacks of ownership. So let’s start with those…

To begin with, the obvious advantage of renting is the flexibility. You can choose a different location to enjoy each time you visit, sampling the best that the Florida coast has to offer, from wild pristine beauty to exciting urban centers.

Furthermore, renting can protect you when the market is more volatile, or when you’re not in a position to sustain any unforeseen costs. In short, renting is great for managing uncertainty. In fact, renting can be great runup to ownership, informing you of your options, both in where you could buy property, and in how the rental market works (albeit from the other side).

To sum up, here are the benefits of renting versus owning a Florida vacation home:

• Requires less up front financing
• Great if you’re not ready to commit
• Avoid additional fees and costs, like insurance, taxes, and mortgage payments
• Freedom to choose a different destination year after year
• Protection from market volatility

Should you buy a property and build equity with the potential for rental income? Or should you rent a getaway with no fixed costs, maintenance or hassle?

Not just a financial proposition - it's an investment in the memories you’ll cherish down the road.

Why You Should Buy A Vacation Home in Florida

If you’re looking for an income property or a permanent vacation home, then Florida is definitely the place to get it. From the abundance of waterfront property, to the fantastic weather, low taxes, and incredible amenities, there is no wonder at why Florida attracts so many home buyers and vacationers every year.

As such, the value propositions for potential buyers are slightly more enticing than what you would find elsewhere. For a start, the demand that comes with a destination like Florida means that you will be more likely to charge higher rental prices for any time that you’re not using your property.

In short, when you buy a vacation property in Florida, you’re putting the desirability of its real estate market to work for you.

And, if you’ve already fallen in love with this place through renting a vacation property, you stand to gain some added benefits. One drawback of renting is that you never fully achieve that sense of place or home. In more practical terms, when you rent here in Florida, where do you keep your stuff? Especially some of the bigger items that might make your stay more comfortable and enjoyable. Also, if you’ve really found a place that you love, renting might mean a certain degree of uncertainty at returning. Maybe you won’t be able to find a place to stay in quite the same conditions as you’d like.

Buying a vacation home in Florida removes that sense of transience and uncertainty. If you know what you like and would like to return to it year after year, especially as a retirement option, then buying might be the way to go.

One thing which you should be sure to do is run all the necessary calculations. While owning a vacation property of your own may come with financial benefits, the path can be complicated. For example, here are some of the extra costs that might come with ownership:

• Cleaning, maintenance, and landscaping costs
• HOA fees
• Property management fees
• Insurance
• Utility costs
• Mortgage payments
• Taxes

All that needs to be balanced against income from renting and the appreciation of the property itself.

Thinking About Legacy

Ultimately, the decision to buy a vacation home in Florida, although potentially lucrative, is not simply a financial one. Presumably, you’re buying a property here because you love it, because this is a place where you want to be, and although difficult to quantify, this kind of value might be the most important.

Thinking of the memories you’ll make, how you can spend your retirement years, and what you can share with or leave to your loved ones, can and should make all the difference in your decision.

If you're interested in finding a fantastic vacation home in Venice or elsewhere in Southwest Florida, please contact Gulf Shores Realty online or call 941.488.6644 to learn more!