Condos make Great Vacation Rentals

KEY WEST, Fla. - Jan. 28, 2015 - PRLog -- Per Fred Mullins, Top Producing Member of Team Mullins at Coldwell Banker Schmitt, "Many people would like to enjoy an extended weekend or longer in the beautiful Florida Keys. Known for its laid back lifestyle, its gorgeous sunrises and marvelous sunsets, along with plenty of recreational opportunities, it’s a prime location for tourists. It’s also a great place to getaway and even better as a vacation rental property.

If you’re considering purchasing a vacation rental home, think seriously about the type of housing. While single family might be quite tempting, it will prove to have more challenges than a condo. There are several reasons for this, one just being the upkeep. Another will be the purchase price and ability to appreciate faster.

Benefits of Using a Condo as a Vacation Rental

The IRS allows owners of second homes to rent their properties out without having to pay income tax for up to 14 days a year. If you rent 15 days or more, those are pro-rated on your income tax, and, you’ll be able to take advantage of a number of benefits, which include, but are not limited to: writing off maintenance expenses, property taxes, losses, insurance, mortgage interest, travel expenses, and many more.

What’s even better is the benefits don’t stop there. Other advantages are having a passive income stream, and, in a place where tourists want to be most. Let’s take a look at what vacationers will love:

● Location, location, location. Sure, you can buy a single family, perhaps even a duplex, but these will be far more costly on the beach. Condos are plentiful and much less expensive, plus, it puts your renters right they want to be, on the water.
● A home away from home. That means a place to do laundry, the unwanted chore after returning home. It also means a place to cook to cut down on meal expenses, as well as plenty of storage space. Speaking of meals, they’ll be able to plan some of their meals and find a local grocery store.
● A safe, uncrowded place to stay. Unlike a hotel, your renters will love the security many condo communities offer and the private balconies. To them, it’s a win-win having a place to stay that’s more of a community environment.
● Amenities are plentiful. Many condo communities offer use of the pool, the clubhouse, spa, gym, and more.

Another huge benefit is that there will be all kinds of things nearby to do, from dining, to shopping, to entertainment, arts and culture, and of course, the beach. Because of the location, you’ll never have a problem in finding renters, what’s more, you’ll have a dedicated place to stay when you want to get away.Contact Fred for help with Key West Condos for sale.

Fred Mullins has more than 16 years of cross functional experience in real estate, international asset management and construction management. He has been a part of the management team for several Fortune 100 companies, including AT&T, Visa, FPL and C. B. Richard Ellis.

His responsibilities have included real estate / property management portfolios of more than 9 million square ft. and international responsibilities in more than 10 countries.

Fred holds an MBA, B.S., real estate license, mortgage broker’s license, USCG Master Captains license and commercial pilot’s license and is the owner of www.lowerkeys-homes.com serving the lower Florida Keys.