Destin, Florida, is a place of renowned beauty. With exquisite white sand beaches, world-famous fishing, unbelievable golf courses, and incredible shopping opportunities, this gorgeous destination is absolute perfection. Lounge out on a deck beneath a vibrant sunset while sipping your favorite drink with your friends all around you. You only live once, right? Why wouldn’t you want to invest in a property in such a magnificent place?
As with everything, there are various things to consider when purchasing something as large and as expensive as a second property. Affordability, location, property management companies, and how much time you can invest are all factors.
Perhaps the largest factor is asking yourself the question: do I want to resell this property in the future or do I want to rent it out?
Benefits of Buying a Destin-Area Investment Property
So why should you buy a property with the intent to invest in Destin, Florida? Below is a list of reasons why a Destin-area property could be the one for you:
- Great market for beginners
- Lots of opportunity to re-sell for a profit
- Huge opportunity to rent the property out
- Destin is home to some talented property management companies
- Incredible views and world renowned beaches
Destin is a growing vacation destination for families, anglers, retirees, and people who just want to have fun. Because it’s bustling with activity, there are plenty of options for those seeking to purchase an investment property here. Purchase a single home, apartment complex, or luxury estate; the options in Destin are absolutely endless!
Destin is growing vacation destination for families, anglers, retirees, and people who just want to have fun. Because it’s bustling with activity, there are plenty of options for those seeking to purchase an investment property there. Purchase a single home, apartment complex, or luxury estate; the options in Destin are absolutely endless!
Disadvantages of Buying a Destin-Area Investment Property
As with everything, there are always disadvantages. While purchasing your dream investment property may seem like the right thing for you, there are some things to take into consideration before you jump in with both feet:
- Do you have the money to invest in a second mortgage or home?
- Even with a good market, there may not be renters
- You may not have time to visit
- Tenants and guests might treat the property poorly
- Repair bills
Property management companies can also prove troublesome if you don’t do your research and pick the right one for you. A poorly chosen company can mean the difference between earning money and losing it.
A broken appliance, ruined carpets, damaged walls, and other repairs can cost thousands of dollars a year. On top of that, the property could also have damages not mentioned in the paperwork. Some surprises aren’t good ones, which is one more reason why research and time spent on learning about the property are so important.
Your mental health is also something to consider before investing in a property. What kinds of things are happening in your life? Do you have enough time to manage another property? Is your job stable enough to afford such a large investment? Are you stressed or anxious about anything already?
Make sure you think hard about these questions before you decide to go for that vacation dream home. The more prepared you are, the happier you and your tenants will be!