Profiting From Vacation Rentals in Panama Beach
Panama Beach City, Florida is one of the fastest growing areas to buy property. If you are interested in not only living there, but also want to own land, a condo, vacation rental homes or a resort property; as an investor, Panama Beach offers a wide range of possibilities. In 2016, a nationwide survey revealed that the area tops the US market for vacation rentals.
But, before you hop on a plane and scoop up properties, there are a few things to consider. Out of the 120 areas in the survey, Panama Beach City landed at Number One. It’s due to a number of attractive variables that include: affordability, prime location in the Panhandle, and it’s one of the largest tourist development areas. The market doesn’t cool off in Panama Beach, because it’s a year round travel destination. One of the most alluring features for investors is how people stay in vacation homes more than they do hotels in this tourist hotspot.
To invest in real estate doesn’t require making million dollar deals, but it does mean being privy to advanced knowledge about how to sell a home or how to buy a home. So, just what does it take to get started? Well, first off you need to have a steely determination to succeed, despite the trends. Because honestly it doesn’t matter if it’s a buyer’s or a seller’s market. Why? Because market trends come and go, just as stock market fluctuations come and go.
But what doesn’t change is a smart, savvy local Panama City Realtor who can help you navigate the market. They know how to deal with the fickle nature of buying or selling trends. It’s easy to buy investment properties when you have a professional guiding you towards maximizing your profit potential.
So what does owning an investment rental in Panama Beach city bring? It brings a wealth of opportunities. What makes the area so popular is that there’s a dedicated advisory board, the Tourist Development Council (TDC). The TDC works hard to make certain that Panama Beach remains a top vacation destination, no matter what the season.
So, the opportunities include the possibilities of making your investment property yield high profits as a year round Airbnb. And the biggest plus is that you, your family and friends can also enjoy the property by planning vacations there as well.
It’s a known fact that in general, turnkey properties means less risks than other types of investments. Investing in vacation rentals is especially appealing due to the profit potential.
And there are other added benefits. For example in Panama Beach City, you have the Tourist Development Council and then there’s The Florida Commission on Tourism and the Visit Florida partnership. All of which operate together to drive year round traffic to Florida. So, it’s like free advertising.
When you purchase a turnkey property as a vacation rental, with a few exceptions it’s ready to start earning you money right away. In an area such as Panama Beach City there’s going to be a mixture of old and new properties.
The old properties may also fit the bill as “turnkey,” but they might require some modifications, restoration or slight renovations.