19 Aug 2019
Are you thinking about purchasing a 30A investment property? We know it’s a big decision. Buying a vacation home on 30A may be a long-time dream of yours, but it comes with some risks. Thankfully, the more prepared you are for the purchase, the more confident you can be in the investment. To help, we asked our experts to share 8 things to know before buying your second home at the beach.
Find a Management Company Who is Invested in Your Success
The right management company can help you generate revenue while keeping your property in great condition. You can have your cake and eat it too. In fact, it’s a proven benefit to have activity in your home and to have a team of experts keep things in proper working order.
Find the Perfect Community for Your Personality
30A is an amazing place. It is an 18-mile road with a view made up of many different villages, all with a different personality. Spend some time to find out which village maximizes your mojo. It’s best to buy in a neighborhood with a proven track record. However, it can be advantageous to purchase just outside of the famous villages along Florida’s Emerald Coast.
Get Help From Local Resources
You’ve found the perfect home in a great location! Does it need a little lipstick? Know local resources to help rejuvenate your vacation home in a competitive market. Have a list of trusted resources and companies to help with painting, decorating, landscaping, technical upgrades, and more. Also, keep in mind current trends (primary colors are out....monochromatic is in).
Consider the Size of Your Property Management Team
Find a company that is not too big, and not too small. The key to rental success is to find a management partner just the right size. Large enough to have a marketing presence, but small enough to be nimble and maintain the personal relationship that you desire.
Look for Data-Driven Projections
Choose an innovative management partner that utilizes data to stay on top of the market. Projections are great, but they need to be supported by the numbers. A great property manager will use neighborhood history, portfolio actuals, and industry trends based on real data to set goals and expectations for your property. Choose a leader, not a follower.
Ask Property Management Companies the Tough Questions
Do some research on local property management companies and understand their financial security. Does the management company that you are interviewing have debt? Do they operate with escrow money? Asking the tough questions in advance can alleviate financial heartbreak down the road.
Pay For Sought-After Amenities
You may have to spend a little more upfront, however, homes with private pools rent the best. Homes that have a good community pool are next. Families come here for the beach, but they love access to pools for a break from the salt and sand.
Choose a Property with Close Proximity to the Beach
Where is your nearby beach access? Pay attention to this one. While you might be close to the beach distance-wise, some dunes are protected and some beach access points are private, which can make your stroll to the beach a pilgrimage. Know the lay of the land before you purchase.