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As mentioned in a few recent articles, 2022 is the perfect time to invest in a vacation rental property. The pandemic is expected to wind down, and when that happens, the industry will take off in new and exciting ways. More than likely, you have some interest in owning a property of your own. Of course, investing in a vacation rental comes with plenty of challenges, but the rewards are well worth the effort. If you want to know how to get started, we've provided a few steps that should guide you in the right direction.
At Kingfisher Vacations, we offer a wide variety of beautiful vacation rental properties in Sanibel and Captiva, FL. Please take a look at our selection here to get started!
1. Choose an Attractive Area & Narrow Down Your Options
Before you can invest in a vacation rental, you have to find the right one. Before you begin your search, you have to make a few important decisions. Do you want it to be within traveling distance of your home? How often do you plan to visit yourself? If you're enjoying the property along with your guests and renters, you'll want to choose a place you love. If there’s something you enjoy about the property you select, others will enjoy it as well. We suggest making a list of five areas you're interested in, then narrowing it down based on what the surrounding town offers.
In 2022, travelers will be focused on stimulating experiences and outdoor excursions. Selecting a location near attractions like cafes, shopping centers, national parks, and tourist destinations is a sure-fire way to make a strong investment. People also love to visit locations with nature spots like beaches and activities such as hiking or biking. Visit our area guide for Sanibel and Captiva Islands to see why sunny Florida might be the right destination for you!
2. Know Your Budget & Expenses
Investing in a vacation rental is an investment, which means you should have the finances to cover all the necessary costs. How much are you looking to spend? Browse through vacation rentals in your chosen location to determine what your expenses might look like. Real estate agents and property managers in the area can also sit down with you to discuss pricing and financing options. They may even be able to help you estimate how much you could make monthly. Luckily, the market is looking great for 2022!
Some expenses to be aware of include property taxes, rental income taxes, occupancy taxes, utilities, property insurance, HOA fees, and other various costs (furnishings, maintenance, etc.). Suppose you're looking to finance the cost of your property. In that case, you could utilize a variety of loans such as short-term loans, conforming loans, multi-family loans, and portfolio loans.
The possibilities are endless, but your first concern should be your assets. What other responsibilities do you have currently? How much income are you making? Do you have children to support? Due to the pandemic, you may be dealing with many financial challenges. Start by doing standard calculations to know what's in your price range.
3. Have a Management Company on Your Side (& Select One in Advance!)
More than likely, you're going to need additional help to maintain your future property. Taking on these challenges alone isn't a good idea since they can be very demanding. It’s also never too early to start thinking about hiring a vacation rental management company. If you don’t have a plan in place, your property won’t generate any income. Owning a vacation rental isn’t just about the initial investment: it’s an ongoing process that requires a lot of love and close attention.
At Kingfisher Vacations, we list, market, rent, clean, inspect, and maintain your property. Additionally, we communicate with all of our clients frequently and manage your online reputation with the care you deserve. We can help you decide if a vacation rental is the right choice and guide you through the ownership process. We can even connect you to local real estate agents and assist you with your financial plan. Contact us today to get started!
Invest in a Vacation Rental with Kingfisher Vacations Today
Our experts at Kingfisher Vacations are here to assist you in finding the ideal property in Sanibel and Captiva Islands. We have over 56 years of experience and can offer you the absolute best service given our vast knowledge of the area. Our gorgeous private properties have heated pools, hot tubs, stunning ocean views, delightfully bright décor, and boat docks. We provide you with everything you could ever want for your property.
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