Owning an investment property in Florida can be a lucrative affair. Having your tenant pay the mortgage and empower you with a consistent cash flow can be a wonderful experience. However, you have to ensure that you’re doing it the right way. Are you choosing a property that’s favorable to most tenants in Florida? Can your investment property minimize the risks involved and maximize your ROI?
Due to the increasing demand in Florida real estate, many investors are buying income generating properties that can be rented to tenants on an annual lease basis or as a vacation rental. However, without the assistance of a property manager, your investment can be in trouble. So, if you’re someone looking to buy a property in the Sarasota/Bradenton region of Florida then here are some things for you to know.
The current scenario of the Florida real estate market
Prime Florida properties with an extraordinary profit from leasing isn’t hard to track down. The average rent for a 1-bedroom apartment is currently $1,384. According to Zumper.com, this represents a 13% increase compared to 2020, which is likely to increase again in the near future. As there’s a 19.4% increase in buying homes since 2020, housing prices are skyrocketing in Sarasota and Manatee counties.
What to know before buying an investment property in Florida?
1. Home inspections
Once you find a house or condo of your choice, it is a must to get a home inspection. Under this, you get to check for various things like material defects, termites, drainage issues, odor or noise issues. Get your property inspection before finalizing the sale so that you do not face any issues in future.
2. Weather conditions
If you’re new to Florida, you must have an idea of the weather conditions in the state and the impact on properties such as the sun’s effect on a roof. At times the state faces hurricanes and flooding which can damage property. So, when looking for an investment property check if it is built to hurricane code and has hurricane impact windows or shutters. You will also need homeowner’s insurance in case something happens to your property.
3. Modifications and renovations
In Florida, there are some set of rules that define whether a home modification is legal or not. Before finalizing a property sale, make sure that there are no such modifications or renovations made by the seller so that you do not get into any legal trouble. An inspection agent can help you identify all such changes in the house or condo. Also, having an up-to-date property makes it more valuable and can bring in more income.
Benefits of hiring a property management company
Timing your property investments is an art. You will get familiar with this skill with the time you spend at property workshops. It is because accomplished financial investors go to these meetings and offer their insight to you. However, if you do not have the time to attend property workshops, you can take help from renowned property managers. You do not have to buy and rent a property on your own, rather a property manager can do it all for you, here’s how:
Boost Your Benefits
Owning an investment property without tenants can add a lot of stress. Entrusting your property to a property management company ensures your property is rented by tenants annually or during vacation season. They strive to make sure that your property is continually leased and acquiring income.
Settling issues
Your leasing agent will screen tenants and receive payment for the rental. This will permit you to get income from your property reliably. In case issues arise with a tenant for not paying the rent properly, or there is a maintenance issue with your property, a property management group will know precisely how to handle such scenarios. The leasing agent will have clear rules and guidelines in the rental agreement to avoid any non-payment or past due payments as well as damage to the property, all of which can affect your rental income.
If you’re in search of all the perks of a property manager with the added income in your pocket, Jennette Properties is the right choice for you. Call us today and let us handle your investment property in Florida.
