Florida is a wonderful place to own a second property. With great weather nearly 365 days a year, abundant beaches, and more theme parks and attractions than you can shake a stick at, it’s no wonder that so many people choose to invest in vacation homes here in the Sunshine State.
If you’ve purchased a villa, home, or condo in the Orlando area but live in another state, you probably look forward to visiting your vacation property all year long. The only problem is, you can only visit your vacation home a few weeks out of the year, maybe a month at the most. That’s why most people choose to turn their Florida villas into vacation rentals that can help them earn passive income even when they’re not in the state! To rent your home without any worries about what might happen when you’re not around, you’ll need high-quality property management from Vacation Pool Homes.
As we discussed above, Florida is one of the most popular tourist destinations in America. With about 75 million tourists visiting the Sunshine State on an annual basis, there are no shortage of potential customers for Florida villa rentals. While there are plenty of hotels that would be happy to accommodate these tourists, an increasing number of visitors are choosing vacation rentals like villas, homes, and condos.
Why Are Tourists Choosing Florida Villa Rentals?
While hotels are convenient and familiar, many Florida tourists are looking for a more unique experience. When they choose to rent a villa as opposed to a hotel room, they’ll be treated to unprecedented privacy and luxury. Florida villa rentals also provide the opportunity to bring more than one or two friends. Villas often have upwards of five separate bedrooms, each with their own bathroom, and plenty of living room and kitchen space. If you really want to spread out and get comfortable, a Florida villa rental is the way to do it.
Here’s are just a few of the steps required to legally and safely rent out your villa when you’re not in town.
Know your HOA regulations and any rental restrictions – Florida villa rentals that are located in highly-desirable resorts–especially those in close proximity to Disney and other attractions–are the easiest to rent out. However, these communities almost always have a set of rules that apply to this process. You’ll want to make sure that you have a full understanding of your obligations and risks as an absentee landlord before you put your Florida villa rental on the market.
Calculate your costs – Although renting out your Florida vacation home can be a great way to make some extra income, it’s important to remember that it will also come with added costs. You’ll be responsible for paying the utilities year round, for example, and they’re likely to go up with renters in the house almost every weekend of the year.
Prepare or obtain a Florida property lease agreement – You’ll want to make sure the rights of you–as the owner–are protected while renters are in the house, and a short-term lease agreement is usually the best way to do that. The lease should outline the expectations for you as well as the tenant, and list consequences should terms of the lease be violated by either party.
Determine how to screen tenants, handle money, and deliver keys – This can be very time consuming. How are you going to market your property to high-quality renters? How will they be able to remit payment to you if you’re not in the state? This part of the process is why most people choose to offer their Florida villa rentals through a property management company like Vacation Pool Homes.
Put your support team in place – What happens if the power goes out at your Florida property while renters are staying there? What if the washing machine floods the basement or the flat screen TV you bragged about in your advertisement won’t work? If you live more than an hour away from the property, you’re going to need a local support team in place. That’s where we come in.
Your success or failure as a vacation rental landlord depends on having a great property management company. We’d love to help you get even more satisfaction from your Florida villa by allowing us to rent it out on your behalf.