Interested in buying a vacation investment property on Sanibel? Here are some tips on how to select the best vacation home for you.
Types of Vacation Landlords on Sanibel
First, determine what type of landlord do you want to be. Do you want to be an investor landlord who rarely or never uses the property? If so, you’ll want to look for an investment property with high income producing capabilities. Or maybe you’re already a Sanibel vacationer and will want to use the home a couple of times a year, let friends and family use the property, and have the option of renting it out. If you plan to retire on Sanibel, you’ll want to take advantage of the real estate market, interest rates, and your financial status. You can either use the property when you’re on vacation or use it solely for rental income until you retire.
Sanibel Vacation Investment Property Types
It’s usually easier to rent out properties for shorter periods of time, so give this some consideration. You may want to consider looking into condo complexes that allow shorter rentals to get the highest potential income. Sanibel condos vary with rental restrictions. If you’re wanting to buy a single family home, Sanibel has a 28 day minimum rental requirement.
Beachfront condos usually rent more frequently and at higher rates than condos with little or no water views. They also sell for a higher price! Near beach condos are less expensive to buy and they can generate good rental income.
In addition to beach access, a swimming pool can also increase your rental income. You’ll also want to consider any pet restrictions, along with other amenities such an elevator, tennis courts, proximity to golf, etc.