If you're thinking about purchasing a vacation property somewhere sunny near a beach, you're in…
If you’ve been considering buying an investment property, 2022 is going to be the time to do it. Whether you’re interested in turning a home into a long-term rental property or a short-term rental, it might be the right time to make your idea a reality. Here are a few of the top reasons you should consider investing in the upcoming year.
You Can Gain Consistent Income
If you decide to get an investment property to turn into a long-term rental, you are guaranteeing yourself a regular income for the length of the lease. This means that every month you’ll know that you’re going to be able to put the money from your tenants toward paying your rental property’s costs down, meaning you won’t have to worry about out of pocket costs for the mortgage, taxes, or other expenses of owning the property.
People Are Traveling Again and Using Short-Term Rentals
As travel becomes more accessible again going into 2022, there are more people looking for Airbnbs to stay in during trips they’ve dreamed about for the past few years. Listing your investment property on Airbnb can be a great way to get your money back on your investment if you’re in an area where people like to visit. For example, waterfront condos with a nice view of the ocean could be somewhere that tourists want to stay during their time in Florida. When people are buying a vacation home, 36% of them opt for properties in beach areas, and a similar trend can be seen when vacationers are looking for short-term rentals.
You Can Use Rental Profit to Pay Down Debt
Not only can you use the money for a short-term or long-term rental to pay down the mortgage on the investment property itself, but also your own home’s mortgage or other debts. Though you should make sure that you’re in a good enough financial place to buy an investment property before you make the leap, once you have it as a consistent form of income you can reap the financial benefits.
If you’re looking for regular or waterfront real estate to turn into an investment property, 2022 is the time to do it. If you’re looking for a property in Florida, our team is here to help. Get in touch with us today to start looking for your perfect property!