You can find endless sun and fun in the beautiful city of Destin. Beyond being a great place for vacations, it is also a strong market for real estate investing. However, there is a lot you should know about Destin real estate before investing. This post is all about the essential things to know before diving into the Destin real estate market.
Emerald Coast Real Estate Market Watch
As of August 2023, homes for sale in Destin spent a median of 76 days on the market. However, real estate trends are always changing. If you need to buy or sell a home anywhere on Florida’s Emerald Coast, click here to contact us.
Conduct Market Research
Most investors in Destin buy to rent the homes out as vacation properties. In addition to checking home prices and other real estate trends, you must consider rental markets. Consider rent prices, occupancy rates, tourist seasons, and more.
A prime location is an essential consideration in real estate. Since Destin is a beach destination, properties closer to the beach have better value. Tourists want vacation homes within walking distance of the beach. Proximity to grocery stores, shopping centers, and tourist attractions may also be factors. You might also want to investigate different neighborhoods in Destin.
Local rules and regulations can have a significant impact on rental businesses. For example, not all neighborhoods have zoning for short-term rentals. You must also consider registration and licensing. The city also has several rules for how these businesses operate.
Most investors don’t have the time to manage their properties. That’s why people hire property managers. The property manager oversees bookings, marketing, maintenance, and guest relations.
One of the essential things to consider is the property type. Most investors are choosing between houses and condos. Each one has pros and cons. Beyond that, you might also consider rental models like short-term or long-term leases.
Investors have a lot to consider as it concerns finances. You need to have money to finance the purchase of property. Once you own the property, you need to manage the business’s finances. That means managing income and expenses, paying taxes, and more.
The rental markets in Destin are cyclical. While it does well for tourism most of the year, it isn’t one long peak season. Investors need to study market cycles so they can adjust operations. By managing changing seasons, you can maximize profits.
Are you interested in buying a second home in Destin, FL? Click here to contact our team. We are experts in the Emerald Coast real estate market. Reach out now to learn more about how we can help.
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