3 Investment Tips for Buying a Florida Vacation Home

Affordability- Buying a Florida vacation home can be a great investment if it is done correctly. Making sure that are buying a home that you can afford with or without rental income is very important. Are you unsure of what you can afford? Google a mortgage calculator to help you figure out the estimated mortgage amount that you should take out on your second home. Usually, the calculators ask you how much you make, how much you owe, and what your down payment will be and it will estimate how much the banks will lend you. It is always recommended to go to your bank or lender and fill out the mortgage application to know how much you are pre-approved for. With the economy in the state that it’s in, most lenders will require a 20 percent down payment and your current mortgage or car note can’t be higher than 36 percent of your income.

Rental Potential- While a Bonita Springs, Fl vacation home is a good investment for rental income, that shouldn't be the only thing that you keep in mind while purchasing the home. You should make sure that the house and location will make for a good rental. Keep in mind that for some potential renters they may require certain things during their stay. So properties that are as close to the beach as possible with lots of space and cots for multiple people is a quality that vacationers look for. Purchasing a vacation home that is easy to find, with great parking and close to amenities, shops, and restaurants will ensure that your house will make a better rental.

Long-Term Profits- Having a vacation home is a good investment because most of the time, vacation properties are more likely to retain their value and equity. They even appreciate with time because they are in “vacation areas” that appeal to buyers. Making sure that you are getting a nice quality vacation home in a prime area is a good chance that you will get a good return on your investment.

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