Purchasing a property in a popular vacation destination with the intent to rent it out to visitors both long and short-term is a smart investment that could lead to significant passive income.
One great way to do this is to purchase an oceanfront condo in Ormond Beach, FL, a popular vacation spot that attracts thousands of visitors each year with its gorgeous beaches and lovely weather.
Before you sign the documents purchasing a vacation property, however, it’s important to consider a few factors that might play into the success of your business venture. One of the most important factors for high-value vacation properties is location.
Many people have to plan and save for their vacations for a long period of time, which means they won’t want to vacation just anywhere; they want to visit somewhere with gorgeous views, opportunities for relaxation, and lots of activities to participate in, such as Florida’s Atlantic coast.
That’s why you’re likely to see a lot more success owning a rental property for vacationers in a place like Ormond Beach than somewhere with less natural beauty or convenient amenities to enjoy.
Plus, Ormond Beach isn’t far from bustling Daytona Beach — which means you’ll attract lots of vacationers who want easy access to that exciting city while also enjoying a more relaxed beach town atmosphere.
Though location may be the most important consideration when purchasing a condo to rent, there are a few other details that you shouldn’t ignore as you make your decision. Even if you find a condo to rent out in the perfect vacation destination, things like local regulations and seasonal vacation activities could affect the overall value of the property.
Make sure to check local regulations around vacation rental properties. Unfortunately, some cities and communities restrict vacation rentals, making it difficult to have success with a condo rental in those areas. Luckily, you shouldn’t have an issue with local ordinances for your vacation rental in Ormond Beach.
Are you going to receive requests for your condo year-round, or is your vacation destination of choice only popular during a certain time of year? A year-round vacation spot like Ormond Beach will lead to more bookings, which means a greater, more consistent return on investment for you.