Buying A Vacation Rental In Key West: 3 Tips
Key West is undeniably a nice place to vacation. You can relax on the beach, enjoy some key lime pie, and admire the historic architecture. After vacationing there a few times, you might decide you want to buy your own vacation rental on the island. You can visit it a few times a year and rent it out to make extra income while you're not around. Here are some tips that will come in handy if you do decide to go this route.
Don't overlook inland options.
People often start off convinced that they need to buy property that is directly on the water. Indeed, there are lots of nice waterfront properties on Key West. However, these waterfront properties come with a pretty high price tag. If you're looking at the prices and wondering whether you can afford them, then consider looking at inland homes instead. On a narrow island like Key West, some homes are still only a few minutes' walk from the beach, and they cost a whole lot less than homes directly on the water. You'll have no trouble renting out an inland home since the walk to the beach is still so short.
Check home insurance rates before you buy.
Homeowners insurance can be costly in Key West because the area is so hurricane-prone. Rates on primary residences and rentals are also different. So, before you buy a particular home, make sure you get quotes for homeowners insurance so you know what you'll be expected to pay. Older homes with fewer wind mitigation updates tend to be more costly to insure. If you buy newer construction or a home that's been modified with features like hurricane straps, then you'll generally pay less for insurance.
Buy in the off-season.
On Key West, the price of vacation homes often rises during vacation season when the island is getting a lot of visitors. If you visit during the off-season, in the winter or fall, the prices will generally be lower, simply because there is less competition to buy. So, it is a good idea to tour homes and plan on buying one during the off-season, even if that means being patient for a few months.
Key West is a great place to buy a vacation rental. There's plenty of tourism to the island, so you should have no trouble finding renters. Follow the tips above, and you should have a good experience.
Contact a real estate agent to learn more about Key West vacation rental properties.
Share