Guest Post by Jim McKinley
If you have long dreamed of a vacation home in Florida but felt it wasn’t justifiable to go ahead with it, take a second look. Purchasing and maintaining a home in sunny Florida can become an affordable reality. Whether you are a retiree or a small-time real estate investor, your dream of a southern home is well within reach.
Southern culture can be so alluring. People who are interested in learning more should check out Embrace Southern States, a website dedicated to all the best aspects of the southern United States. Your journey to owning property in the beautiful south is just beginning. Enjoy each step of the planning process and learn how your real estate investment can earn you money.
Making Money with Your Florida Property
There are a variety of ways your new property can pay for itself. Whether you opt to rent directly to a tenant or go through a company like Airbnb, renting your property can be a profitable endeavor. If you live a distance from Florida, consider hiring a cleaner to prep the home between rentals. Property management companies can maintain your yard to ensure that it is up to your standards while you are away.
If your property has the land capacity and the right vibes, consider developing a small-venue events area. An outdoor area with beautiful gardens and arbors could offer a terrific backdrop for a small wedding or photo shoot. Your property may have more income-potential than it seems, and these varying strategies could end up paying the mortgage on the new home and even put additional money into your pocket.
Regardless of what sort of rental plan you devise, you can protect yourself and your assets from potential litigation by establishing a limited liability company (LLC) for your vacation rental business. Developing an LLC will ensure that your personal assets are protected in the event of a lawsuit from a renter. As you develop your LLC, you can hire a lawyer or use a formation service, which is considerably less expensive. Saving money on a property is important for most people; there are ways to reduce your real estate costs and get the most for your money.
Buying a Reduced-Cost Property in the South
Affordable housing can be hard to come by, but if you know what to look for, you can find a home that meets your needs and fits your budget. Given the events of the pandemic, many people are looking to sell, which means your housing selection will be greater. To find a less expensive home, look for houses that may need a little work. Minor home repairs can be completed with relative ease if you are handy with tools.
Buying property over time is another option for purchasing a home in Florida. Owner financing can be inexpensive as long as you have legal guidance on how to protect yourself and a contract that outlines details of the long-term transaction. Weigh all the pros and cons and be sure to investigate the property details to ensure that you are getting into a safe, legal situation.
As you make your plans for southern property ownership, keep in mind that your lifestyle is going to change in amazing ways.
Be Prepared for Heat and Happiness
Southern life is where it’s at. There is no doubt that the notorious southern hospitality, positive vibes, and incredible food will win you over from your first visit to your final move. If you have spent time in the southern states, you will know how important it is to have a plan for managing the heat. Invest in a quality air conditioning system that will keep you comfortable in your southern dream home.
If the south is calling, take a listen. Explore properties and make your Florida home ownership hopes a reality. With some creative planning, your property can pay for itself.
For lighthearted reading about southern life, check out Embrace Southern States today.
