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Tuesday, January 07, 2014
How to Set Up a Florida Vacation Home as a Rental
One of the best real estate deals nowadays is to own rental property. Is that really possible? Yes, however, it must be a certain type of property. The property should be a vacation property able to support short term
rentals throughout the year. In order to be effective at turning a second home into a vacation home, there are a series of considerations and steps that you will need to be aware of and undertake. These will be described in more detail below.
Legal Considerations
Most of what is stated below will deal with Florida and local laws. However, most vacation homes in other states will have similar rules that are applicable. The author's previous experience has been with short term rentals, for the most part.
Florida basically permits an individual or corporation to rent a dwelling, whether a condominium or home. In some cases, the local county where the property is located, will insist on an inspection of the property, however for the most part, this isn't the case. In the case of condominiums, often the condo association will handle some of those issues.
The major interest the state and county has is whether or not the owner of the property is collecting and paying sales tax on the rentals and remitting it on a regular basis. One other consideration: before trying to rent your property out, make sure that the local ordinances support short term rentals. One further consideration is that it might be advisable to set the property up as a corporation for both tax and legal protections. Consult an accountant or attorney for advice in this regard.
Sales Tax
Sales tax on short term rentals are applicable to hotel rooms, rental homes and condominiums for stays of less than 180 days. With declining local tax revenues throughout the country, states like Florida, are now more vigilant in their efforts to collect sales occupancy taxes. In Florida, sales taxes on short term stays are especially important because the "occupancy" sales tax is typically double the regular sales tax rate.
If a county has a sales tax rate of 6 % or so, one expects that the occupancy sales tax would be approximately 12 %. Obviously on a week long stay with rentals of $900 or so, the sales tax collected for the state would be approximately $90.
Licensing-- Any type of business activity must be licensed in the county where the business activity occurs. This is an occupational license. The fee for one may be anywhere from $75 and up. Sometimes in the case of a condominium, the condo association's license is all that is required. Second, you may have to apply for a state license for your rental property. This will of course, entail another fee. This is renewable every year. In certain case, the state may insist upon an inspection of the property before granting a license.
Rental contracts-- In line with the above, it's important to have a well written, short term rental contract that protects you as the property owner. It is worth one's time, expense and avoidance of future problems to have an attorney craft such a document
Safety Considerations - Most of the safety precaution are common sense, but it's important that the property conform to the letter of the law. Additionally, there are some safety considerations that will be applicable. A short term rental home must have a fire extinguisher and a working dead bolt lock for all entry doors. Typically, the home must also have a fire alarm and an emergency light that automatically illuminates, if power is lost. The home must be easily accessible or easy to exit in cases of an emergency. If the home is a condominium on an upper floor and there is a balcony attached to the property, there must also be a restraining fence to prevent someone from accidentally falling.
Billing/Payment-- Renting out a vacation property is a bit different from most other types of rental arrangements and business activities.
� It is such a short term transaction that it is important for the owner to obtain all payments well in advance of the rental period. If someone decides to rent your property and fails to pay in a timely manner and then cancels right before they were due to arrive, you'll not usually be able to replace the rental.
� If they pay by check and the check doesn't clear and the renter has already left, you might have a difficult time forcing him to make good on the rental and is certainly not worth the hassle. Insist on payment either by check (long in advance of the rental) or Paypal.
Insurance-- It is always vital to carry good insurance to protect against damage, weather disasters and liability in the case of accident.
Rental Season Profitability - In most case, if a vacation rental can accommodate virtually all seasons, such as the Keys, Tampa Bay area or South Florida, the total yearly rentals generated will be significantly greater on average, than properties that may only be rentable within a single season, such as a ski area or more northern lake properties. Typically, properties that have a year round rental attraction can usually show a profit within the first few years of ownership. This may be a major consideration when you are planning to purchase such a property.
Rentals Policy-- When you are setting up a rental property, you will need to decide if you are interested in longer term seasonal versus shorter term vacation rentals. Longer term rentals, one to three months, tend to be less profitable because rents will always be lower than a short term weekly rental.
Furniture, Equipment & Flooring-- In order to make a vacation property attractive, the furniture should be of a reasonably high quality to accommodate years of rental abuse. In the case of sofas, the material should be treated with a stain resistance compound. Instead, install a good ceramic or porcelain tile which is worth the expense to avoid future headaches.
Maintenance and Repairs-- Typically, the short term renter pays for the exit cleaning. Therefore, it will be of paramount importance to locate cleaning people to come in and change the linens and perform the basic cleaning after guests have departed. In line with the above, a potential vacation home owner will need to have a working relationship with local maintenance people that can unblock a sink, repair damage or fix any appliances, when necessary.
Economic Advantages of Living in a Warmer Climate
There are a number of health benefits to living in a warmer climate, according to research conducted by prestigious Standford University. What's more, there's more opportunity for people of all ages in places like southeast Florida.
WARM CLIMATE HEALTH ADVANTAGES
First and foremost, there's practically no risk of slipping and falling on ice. For seniors and those with limited mobility, that's a huge benefit. It's also advantageous to motorists because southeast Florida doesn't have freezing winters. So accidents from black ice help to keep insurance rates down. Then there's the matter of exercise and activity. In warmer climates, temperatures are moderate even during the winter months. And that means more months of being able to participate in a myriad of outdoor activities. What's more, warm climates are better for those who have arthritis.
Economic Advantages of Warm Climate Living
The health benefits of living in a warmer climate, there's also financial advantages. Southeast Florida, and the whole state is very business friendly.
Cold climates take their toll on a home. From damage caused by freezing pipes to frozen septic systems to wood rot, winter months are hard on homes.
Automobiles last longer in warmer climates. They also bring out the salt to keep roads safe.
In Florida, there's only a nominal sales tax. And corporations have many exemptions as well as other financial benefits.
Because so many people relocate to southeast Florida, new construction is ever-present. It also means not having to rehabilitate older homes to make them comfortable and energy efficient.
Not only are does living in southeast Florida have these benefits, it's also less expensive during the winter months. There's no need to buy snow tires and residents practically live for months with their windows open, letting mother nature provide coolair to the house.
What you need to know about Relocating from Great Britain to the Keys
Relocating to the Florida Keys from the United Kingdom is a dream of many. Enjoying the wonderfully warm climate and escaping those ever disappointing English summers that lead to long, cold winters is a beautiful thing.
Lower taxes, and more outdoor activities in the tropical island paradise certain sounds great, and is, for many expats living in the area. Going from British subject to U.S. citizen, however, doesn't come overnight. There are some things you'll have to do before and after you come across the pond.
What's great is there'll be new opportunities, and a plethora of things to see and do. Many Brits holiday in the Florida Keys and find it all too irresistible. Calling the Keys home will take more than a plane trip over the Atlantic, here's what you need to know.
Becoming a Permanent Resident of the Florida Keys
Most expats start with their passport, then move on to obtain a green card. This requires a valid employment opportunity or an immediate family member already residing in the USA. You'll be able to go through the naturalization process after living in the Keys for five years.
Banking Arrangements and Credit
Moving to the US means having to take your finances with you. This can be somewhat a difficult task, but with a little patience, it can be done. You'll have no credit history after you move to the Florida Keys, so you'll have to start building your credit file.
You'll also need to get a Social Security number, which can be obtained through the Social Security Administration. Apply for a retail store credit card, or an unsecured credit card to get the process going so you can build your credit history. This will be beneficial in a few years, allowing you to get better rates.
Removals
The best bet you'll have is to leave your household goods behind. These items are less expensive across the pond, and, it just adds to the stress and cost of relocating to the USA. For irreplaceables, hire a reputable removal organization.
Transportation
Of course, once you get to the Keys, you'll need to get around, and that will require you to purchase a car. You'll need to haggle with car salesman, and get your Florida driver's license, along with auto insurance. To get your Florida driver's license, you'll need to take an exam, and insurance can be found at a reasonable rate if you shop around.
Getting a Mortgage
Buying a home in the Florida Keys is best left in the hands of an experienced real estate agent who's familiar with helping expats relocate from the UK to the USA.
An internet connection is all you'll need to get started. From there, you'll have to speak with a mortgage broker or a US banking institution to get idea of what your budget will be.
You'll enjoy a less expensive cost of living, lower income taxes, and some of the finest weather anywhere in the Florida Keys.
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