Investing in real estate is a very long term-term investment and needs finances, which most Americans are short of. This is why many prefer to live in rental apartments most of their lives. This rental market has also shifted to tourist spots in Florida like Miami and Destin where people want cheaper yet comfortable stays during their vacation.
During the seasonal spurge of tourists, most hotels are sold out on their accommodation, and also, their prices skyrocket, which a normal American family cannot afford. This does not mean that people have to leave their dreams of spending a fun-filled vacation with their families.
If you are looking for affordable Destin Florida homes for sale, you can explore the real estate resource blog on DestinFlorida.com. It is a perfect place to not only plan an amazing Destin vacation but also for listing out your rental properties and for exploring real estate investment options. Whether you want to buy a luxurious home, an apartment, or a condo, this resource blog is a source that provides every single detail about the available properties.
How can branching out in Florida proved to be profitable?
Many people are investing in real estate in such places to earn some rental income. The Crestview-Fort Walton Beach in the Destin area ranks fifth after the most famous Miami and Orlando in terms of hotspots where the rental market has a very high demand.
This is why instead of Miami which is a very expensive metro city when it comes to property investments, many millennials are branching out for the following reasons:
- These areas have much lower medium home prices.
- The job growth seen in Crestview is 46% in the 5-year term 2014-19. This has made this area the single-most metro with the highest spike in job growth.
- Average rental income has seen a good increase here which is 11% in 1 year.
- Apart from Crestview, Fort Walton Beach in Destin is another popular area where investors are ready to put their money in real estate.
- Again, it provides affordable housing option which is much less than the expensive parts of Miami and Orlando while providing a good rental income.
- As the vacancy rate is going down in Destin for rental apartments, more builders are coming up to construct new property sites.
- Destin is an amazing tourist hotspot in Florida where people flock for vacation because of the awesome weather and wonderful beaches.
- Property owners can earn income by listing out their place for short-term vacation rentals.
- There is no income tax applicable in the state, so you can live here practically tax-free.
Ways to increase the vacation rental income
Once you have invested in a property in Destin Florida, furnished it, and stocked it for the comfort of your guests, you have to market the property to get short-term or long-term renters. Without proper listing, no one will ever know that your house or condo is available for rent.
Focus on giving the travelers a great experience rather than just your income and it will pay for itself.
You can do that by:
Maintaining an updated calendar:
- Syncing all your listings on different websites regarding the unavailability of dates will help you in managing the vacation rental booking efficiently.
- You will also prevent disappointments and frustration among travelers because of issues such as double bookings or cancellations from your end.
Ensuring that the rental price for your property is competitive:
- Keep the listing prices accurate with a clear listing of rental rates, taxes, any additional fees, and discounts.
- This should be achieved even before you have started to take any bookings for your property.
- Also, determine the price by researching general rental prices that are charged in your locality by owners with similar properties.
- If you are charging extra, the chances are you will get fewer bookings in the vacation season.
Keeping the house in perfectly maintained condition:
- It is important to keep up with the repairs, and out-of-stock amenities before every booking.
- Maintaining the garden in top-notch condition and the house clean for the arrival of guests should be your priority.
- Change of bed linens and cleaning of bathrooms is important to ensure that your guests have no complaint when they reach excited for their vacation.
Sticking to the house rules:
- Update the rule book of your house on all the websites where you are open to taking bookings.
- This is important to ensure that the travelers are safe during their stay and to avoid any hazards.
If your guests have enjoyed a comfortable stay during their vacation, their reviews and word-of-mouth marketing will do the job for you. This is why you should keep their satisfaction as your primary motto and the rest all will fall into place.
Hiring a property manager can also help to get better and quicker rental deals. They are more skilled incorrectly listing and marketing your property, managing the books, and ensuring that the guests are comfortable throughout the stay.
Apart from investment in real estate properties, you can also earn extra income in Destin through:
- Crowdfunding properties
- House hacking by investing in 2-4 units of property, staying in 1, and renting others.
- House flipping in which you buy a property at affordable prices, renovate it and do all the repairs, and sell it at a profitable price.
However, options such as house flipping need a lot of capital upfront, and only real estate experts and professionals get into this sort of profit-making platform. Mostly common man utilizes the easier method which is buying a property and renting it out.
Vacation rentals are very popular nowadays with skyrocketing hotel prices. People can easily afford short-term rentals while still being able to enjoy their vacation. You can also look for long-term rental opportunities in Destin. With its ever-increasing growth opportunities, Florida’s rental market is growing fast and you can also make it your income source.