You’ve heard your beach house can pay for itself. Renting your Seacrest property can be an easy way to make your mortgage, pay property taxes, and ensure that your weeks of relaxing in your Magnolia Dream Cottage are truly worry-free. But renting your vacation home requires a little more effort than simply listing it online. How can you turn your vacation home into a source of revenue? Read on.
Renting Your Beach House
If you love the beach, investing in a Seacrest property makes sense on both a financial and a personal level. But before you buy, you’ll want to ensure your new property is a good investment. Here are a few tips for getting started:
Find a good investment property. Many beachside properties are valued in the millions. Finding a quiet, up-and-coming community like Magnolia Cottages by the Sea allows you to buy a vacation home at a reasonable price. And while it’s great to supplement your income with a rental property, you don’t want to rely exclusively on rental revenue to pay the bills on a new beach house.- Manage expectations. It’s true that some beach properties make money right away, but smart investors have a nest egg tucked away to cover initial expenses. The 30A community attracts renters from Tallahassee, Atlanta, and even the midwest, but it may take a few months to get the word out about your property.
- Calculate all your costs. Once you’ve purchased your new beach home, you’ll need to consider the cost of furnishing your home, purchasing insurance, advertising your rental property, and paying property taxes, among other things. Most beach properties offer a good return on investment, but if you enter the process with open eyes, you’ll have a much better experience.
- Cover your kiester. Insuring your new property is an excellent way to protect your investment. Adding a “damages fee” to rental agreements is another simple way to make sure your dining room table doesn’t get scratched and your cutlery doesn’t go missing.
- Remember, not all costs are monetary. For many residents of the Seacrest community, beach properties are first and foremost vacation homes. Renting your beach house is a great way to cover costs, but if your home is booked every time you want to use it, what’s the point? Invest in a little R&R by carefully considering when you want to use your beach home. Do you love attending the 30A Songwriter’s Festival? Don’t forget to block that week for personal use.
To learn more about purchasing an investment property in 30A, call Magnolia Cottages by the Sea.