Buying a Vacation Home in Tampa Bay
There are many choices for buying a Vacation home, Second Home, or Holiday Home. While these are all homes that you will not live in on a daily basis, home selections are available in all sizes and prices.
A vacation home can be one of many: Estate home for multiple family pleasure, a single family home on water with a boat dock, a home in a gated community, a golf community, a townhome with no outside maintenance or even a Condo Hotel with full service concierge amenities. (A condo hotel may limit your annual personal use).
A vacation home can be anything...
There are new construction homes, resale homes, and even fixer upper homes that just need your finishing touches. Anything you can imagine is probably for sale and we will be glad to help you find it.
Cash or financing?
Cash is always simple. If however you are financing, the loan terms will depend on what your plan is for the property use. Using the property as a straight rental income will result in a higher down payment than if you were going to use the property as a pure vacation property for yourself.
To Rent or not to Rent
That is a personal decision. You may rent it out on a 7 month lease (so you may continue your occasional personal use) or even as a short term rental as an option, however there will be restrictions with both.
You will also need a property management company to help you handle the rental part.
If you do not choose to rent your home, you will have holding costs. If you do some type of renting, the rental income may offset some of your expenses. Either way, it is your choice and a good time to buy a real estate investment.
If you choose to rent it and later change your mind, that is OK. Or if you just want to relax in your own surroundings without ever having a tenant, that is OK too.
It’s your house, your decision...