Florida is a huge market for investment properties. Many purchase homes there as both a rental property and second home. Furnished rental properties are a popular alternative for families vacationing in Florida, which provides good rental potential for investors. The layout and features of a rental home play a key role in how often it may be rented and for what rate. Here are a few Florida investment property tips to consider.
Layout & Floor Plan
Open floor plans are desirable to vacation renters. Rather than segmenting the kitchen, living room, and dining areas, consider an open space. Most renters want to spend time together while on vacation, and an open floor plan facilitates this. Your furniture selection and placement can clearly define the separate spaces while still making them all within full view of one another.
Rooms & Features
The number of bedrooms and bathrooms is extremely important for Florida investment properties. In fact, the number of bathrooms should almost equal the number of bedrooms. Florida vacation renters commonly consist of multiple groups of people sharing the rental. For example, several small families may rent together or a group of guys may be renting for a golf outing. Separate bathrooms give them added privacy and the convenience of a hotel-like environment.
Since your goal is to have renters consider your home over a hotel, it is important to have some key amenities. These include flat screen TV’s in every room, cable, wifi, irons and ironing boards, hair dryers, toiletries, and linens (including extra towels). Given that daily cleaning service would not be included, having an onsite washer and dryer will be important as well (especially for renters staying a week or longer).
Certain amenities enable you to charge a higher rental rate. These include a second living room, game room, pool, jacuzzi or hot tub, patio furniture, and grill. For some amenities (i.e. pool, game room) the rental rate would be higher. Other amenities, such as a grill and/or heated pool, may be optional and with an added cost.
Other Florida Investment Property Tips
If you are building a home in Florida and plan to use it as an investment property (either now or in the future), it is important to consider the layout, features, and amenities of your home from an investment perspective. This will affect your rental potential and income. Ask our team about other Florida investment property tips!