When considering buying a second home you’re probably thinking about a get-away for you and your family. Some place fun and relaxing where the kids can play at the beach and you can stroll through shops and restaurants in your flip-flops. But what about a second home that’s a vacation spot for someone else’s family? That’s right. Over the last 10 years vacation-homeowners have shifted their focus from a second home for their family to a way to earn extra income.
The Changing Rental Market
The average homeowner with a rental makes between $11,000 and $33,000 of the property a year. The variation in numbers comes from short-term rentals like Airbnb or rentals that only include one room of a house. Because the more frequently that you rent the more opportunity there is for income. 42% of those owning a second home rental report that the rental income pays for all of the costs and upkeep of the home. Therefore, using your second home as a rental is a wonderful way to break even as your property values appreciate over time.
Services like Airbnb are revolutionizing rentals. More vacationers are looking for unique or affordable rentals that fall outside the mainstream. New Smyrna is a one of a kind seaside jewel – the perfect place to own a vacation home that pays for itself. We do have lovely hotels. However, research has shown that the renters that use Airbnb aren’t the same people that use a hotel. This is a new and growing market, and our community is perfectly situated to take advantage.
14% of vacation-rental homes are in Florida – mostly near the attractions or the beaches. And tourism in Volusia County is on the rise – up 1.88% between 2016 and 2017. Between our beaches, our restaurants and everything to see and enjoy on Flagler Avenue and Canal Street, our beautiful town is the perfect destination for a second-home-rental.
Contact one of our Second and Third Generation Native Lifestyle Experts today to find out about buying a second home that works for you.