Renting a Personal Condo for Passive Income
Owning a Florida beach condo along our "World Famous” coast can be both fun and fulfilling for everyone from families to retirees. But the costs associated with condo ownership can sometimes be prohibitive for those seeking a condo as a second home, vacation property or eventual retirement destination. Recurring expenses such as annual property taxes, monthly condo maintenance fees, and the possibility of assessments, keep some buyers from pursuing a Daytona Beach, New Smyrna Beach or Ponce Inlet condo. But whether you are looking for a condo near the beach for occasional family use, or you are looking for a condo you can spend more and more time in as retirement approaches, one option that may help offset expenses is to rent the condo on a short term basis while not being used personally.
It is no secret that there is a strong market for rentable condos in the Daytona Beach area. Oceanfront condos that can be rented by the night or by the week allow for frequent turnover and can generate exceptional revenue for the condo owner. Many condo buyers pursue daily and weekly rental condos so that they can use the condo for part of the year as a vacation or snow-birding destination, and earn some income from the condo while they are not using it. But this type of condo can begin to feel like a hotel: loud, busy and oftentimes wet elevators and common area floors from a high traffic of pool-goers. For this reason, some condo purchasers choose condo buildings with two-week or one-month rental restrictions, which limits potential rental revenue to some extent, but also allows the condo lifestyle to feel private and more like a home. In these scenarios, condo owners can typically earn enough to offset a portion of their recurring expenses such as a partial property tax bill or several months of condo fees, alleviating some of the pressure of those ongoing condo costs.
For those preparing for retirement, whether one, two or ten years out, one option is to purchase a beach condo now, and rent it either full or part time, until you are ready to make the move. This gives potential Central Florida retirees a chance to “try out” condo living, explore new areas and amenities, and help inform their decision prior to making a full commitment to a retirement property.
There are many benefits to owning a condo, and if you can offset some of the expenses with occasional rentals, well, that makes condo-living on the beach or river just that much sweeter. Contact us for more information on condos that have rental potential, and we will be glad to help.