A Resource Guide to Renting Out Property in Fort Lauderdale

A Resource Guide to Renting Out Property in Fort Lauderdale  Photo via Pixabay

Article Written by Brittany Fisher http://financiallywell.info/

If you own property in Fort Lauderdale that isn’t being used or if you’ve always dreamed of renting out a vacation home in order to earn money throughout the year, there’s no time like the present! Many Americans are ready to invest in their futures, and a great way to do that is to turn a house into a moneymaker. After you’ve found your perfect Fort Lauderdale property with the help of Eileen Kedersha with Sotheby’s International Realty, there are a few things you’ll need to get started, such as resources for finding renters or for getting the property into shape. This guide will allow you to do the job right the first time.

 

Resources to get started

Prep an existing house for renters

Top 16 Internet Providers in Fort Lauderdale

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Buying a Vacation Rental, Read this First!

Things You Should Know Before Buying a Vacation Rental

While the vacation rental industry is no longer the new kid on the block, it continues to grow at a steady pace with vacation rentals expected to surpass hotels in 2020. It’s not too late to start earning money in the vacation rental marketplace, but before buying a vacation rental property, there are a few things you need to know about finding and buying short-term rentals.

Why do you want to buy a vacation rental?

There are two main reasons people buy vacation rentals:

  1. To generate profit.
  2. To subsidize a vacation home.

Your reason for buying a vacation rental has a big impact on your approach. While investment buyers are looking for the property that offers the most for their money, second-home owners need to balance price and rentability with their own list of wants.

Buying for investment

Investment buyers should carefully assess an area’s affordability before purchasing a vacation property. However, when it comes to real estate investing, affordability is relative

While popular travel destinations like Fort Lauderdale have high home prices (see graph) — the median Home Value & Sales Price in Fort Lauderdale — they also command higher rents. According to data from Evolve, Fort Lauderdale vacation rentals average a daily rate of $92 in the high season, with larger rentals coming in as high as $531 nightly. Investors should use neighborhood-level data to calculate a property’s cash flow potential before buying.

BUYING FOR PLEASURE (AND PROFIT)

Buyers in search of a vacation home have a different set of priorities. Second-home buyers need

properties that they can comfortably afford with or without rental income. Staying within budget is especially important for these buyers because personal use during the high season limits the property’s earning potential. Nonetheless, it’s important for second-home buyers to consider a property’s appeal if renting is part of their plan. While a quiet residential neighborhood may be a lovely place to retreat, it may not attract the rental traffic you’re after.

Should you buy a fixer-upper?

Buying properties that need work is a smart strategy for investment buyers who have the capital and flexibility to renovate a property before listing on vacation rental marketplaces. As long as a property is structurally sound and doesn’t require cost-prohibitive repairs, it only takes a few cosmetic fixes to convert a fixer-upper into a desirable vacation rental.

Second-home buyers, on the other hand, tend to live too far away to oversee renovations. And while DIY might sound appealing to budget-conscious buyers, no one wants to spend their vacation remodeling a kitchen. In this case, it’s most prudent to buy a turnkey property.

What makes a great vacation rental?

Besides a top-notch location, what should buyers look for in a vacation rental? These are signs that a property would make a good vacation rental:

  • A low-maintenance exterior. While beautiful, maintaining expansive grounds is a major expense (lawn care services in Fort Lauderdale average $65 per visit). Look for properties that have a livable, but small outdoor space.
  • Open floor plans for easy entertaining and accessibility.
  • The right number of bedrooms and bathrooms. If marketing a multi-bedroom property to groups, make sure it has enough bathrooms to keep everyone comfortable. Avoid properties with exceedingly small bedrooms.
  • Air conditioning. A stuffy property is a guaranteed way to get bad reviews. Avoid properties without air conditioning or that only have a window unit.
  • Parking is important to guests, and they’ll pay more to get it.

Finally, make sure the law is on your side before investing in a vacation rental. While the vacation rental industry continues to boom, some areas are cracking down on short-term rentals and making it harder for buyers to keep their properties booked. Understand local codes regarding short-term rentals and comply with licenses and taxes to keep your property legal. When it comes to running a profitable vacation rental, it pays to do it right.

Image via Unsplash | Article Written by:Henry Moore, Guest Contributor

 

Eileen Kedersha, Broker Associate One Sotheby’s International Realty – Kedersha Group 954-561-4100 EKedersha@OneSothebysRealty.com

Fort Lauderdale Cruising and Dining

Fort Lauderdale Cruising
and Dining

Fort Lauderdale is known as the Venice of America. It is truly a waterfront paradise. As you explore the cities many canals you begin to realize the unique status it holds. To see the center of Greater Fort Lauderdale from an completely new perspective, including the fabulous mansions and mega-yachts of Millionaires’ Row, cruise the New River around Tarpon Bend on one of the charted cruises  available. The handsome marinas of the Intracoastal Waterway are in full view and give boaters stunning views in all directions.

If you follow the water west, the meandering Middle River gives you the chance to take in the area at your own pace using perhaps a kayak or on a paddleboard. You can take your pick of scenic waters to explore.

If you want to explore at a faster pace rent a jet ski and power your way around the waterways to find your own favorite spot.

If you would like to dine on the water front Fort Lauderdale most assuredly can accommodate you wishes.

15 Street Fisheries is one of South Florida’s most popular waterfront restaurants for nearly forty years offering 2 types of dining. Its award-winning cuisine upstairs, served in a charming suite of nautical-themed dining rooms, and the ever popular casual family fun found downstairs featuring lunch, dinner and drinks in an open-air, dockside setting, the Fisheries is extremely popular with locals and visitors alike. Adults and children alike enjoy walking the boardwalk and feeding the fish. 
1900 SE 15th St. Fort Lauderdale, FL 33316 954-763-2777

Blue Moon Fish Company is Chic waterfront restaurant located on the Intracoastal Waterway serving creative fresh Florida cuisine. Deco-inspired exterior, contemporary American menu. Gospel brunch on Sundays 11:30am every Sunday $30, includes one bloody mary, mimosa, or champagne.
4405 W Tradewind Ave. Lauderdale-By-The-Sea, FL 33308 954-267-9888

 

Eileen Kedersha, Broker Associate One Sotheby’s International Realty – Kedersha Group 954-561-4100 EKedersha@OneSothebysRealty.com

Local South Florida Counties February Summary Real Estate Sales Data

Eileen Kedersha, Broker Associate, EKedersha@OneSothebysRealty.com
William Kedersha, WKedersha@OneSothebysRealty.com
One Sotheby’s International Realty – Kedersha Group
Your Trusted professional real estate agents serving our clients for over 25 years
954-561-4100 800-696-3100 Fax 888-954-3535https://www.sfloridaluxuryhomes.com/