Everyone dreams of having their own home where they can spend their weekends and holidays in peace. However, most people don’t even have a home of their own, let alone a vacation rental property. For those who do have the means, it can be a lucrative business venture. It can also provide a form of escape and anonymity from the demands of daily life. A vacation rental property is just like a hotel, except that it accommodates travelers, rather than guests. With the current shortage of hotels, this business model is becoming more and more popular. In fact, there are currently close to 1 million vacation rentals throughout the world. So, why invest in a vacation rental property over a hotel? Here are the top five reasons.
1. Great Return on Investment
Anyone can start a hotel business, but it takes more to become a successful vacation rental property owner. If done right, a VR property can generate a healthy income that can substantially increase your wealth over time. The starting investment for a vacation rental property is $50,000 to $100,000. That’s a lot more than you’d spend on a hotel room, but you’ll make it back in a few years. The most successful VR owners have reported earning $500,000 to $1 million in just five years. That’s a very successful venture! A property earning $100,000 per year will take about seven years to break even, and it can take 20 years to become profitable. You can apply the same math to see how long it will take you to become wealthy from owning a VR property. The good news is that you can start investing in VRPs even with just a small amount of money.
2. You Can Earn Passive Income
Most people spend half their lives working for money. So, why not turn your investment property into a source of passive income? You can set up a good business and collect a monthly fee to cover the expenses of the rental property. You don’t have to do anything but rent out your property and collect the rent. Some vacation rental owners have reported earning $5,000 to $10,000 per month. You don’t have to be a real estate expert to run this type of business. You only need a deep understanding of your rental property market, and the ability to collect rents from tenants. Landlords who let their properties sit vacantly aren’t earning any money, so you need to be proactive about finding tenants. If you want a professional property management company to not only help you find tenants but ensure a profitable listing, then contact us now or call (407) 919-6682.
3. Tax benefits for business-related expenses
If you own a vacation rental property, you can deduct the full amount of your mortgage interest and real estate taxes. That’s a nice tax break you don’t get with a hotel. Some vacation rental owners have reported saving up to $30,000 on their taxes. That’s a huge benefit to anyone who’s looking to accelerate their wealth-building efforts. It doesn’t matter whether you’re single or married with a couple of kids. The amount you can save on taxes will vary depending on your income and filing status. There are many things that you can have on your tax deductions when it comes to a rental property. Such as housekeeping, gardening expenses, furnishing expenses, and even your property management company (*Hint — Nova Vacation Homes!).
4. Have More Time with Those That Matter to You
Owning a vacation rental property is like having your own vacation home that you can visit whenever you want. You can also take your children to their grandparents’ house for the week, or spend a long weekend on a tropical island. You don’t have to be in the office every day or even leave the city limits. You’ll also save a lot on travel expenses since you don’t have to fly to another city to visit your home.
5. Protection Against Scams and Fraud
The rental property market is full of fraud and scams. It’s difficult to know who to trust, so it’s best to stick with a proven business model. Owning a vacation rental property is a proven business model, so you’re less likely to fall prey to the fraudsters. There are a few things you can do to protect yourself. First, choose a suitable property. You don’t want to rent a hotel room or house with a poor location.
Choose a location with good access to amenities such as restaurants, grocery stores, and shopping malls. Secondly, choose your tenants carefully. Look for tenants with references from previous landlords. Make sure they’re people you know, not professional tenants. Finally, make sure your tenants always sign a lease agreement. That way, you can hold them accountable for any damages they make.
Conclusion
There are a lot of perks to owning a vacation rental property. If you’re looking for a profitable business model, it’s one of the best on the market. You can also earn passive income, enjoy the flexibility of short-term rentals, and protect yourself from scams and fraud. There are a few things to keep in mind, though. It takes a lot of work to find good tenants, and you have to be diligent about maintaining your rental property. It’s also important to do your research, so you know what you’re getting into and what you need to do to become a successful vacation rental property owner.
If you want a group of professionals who has over 15 years of experience in this field, then please contact us to book a FREE consultation. Every homeowner is connected with their own manager at Nova Vacation Homes to ensure the best communication efforts and efficiency in work.
Not Convinced? Check out what some of our current clients are saying about us:
“I have used Nova Vacation Homes for the past 3 years and always go back to them to have them handle my properties in Florida. Their team is extremely knowledgeable and was able to turn a profit for many of my listings.” – Richard.L
“Amazing experience with Frank and his team at Nova Vacations for my 3 Windsor Island properties. 非常好!” – Susan.L
Summer is just around the corner and that means it’s time to start planning your summer vacation! If you’re looking for some ideas, check out our top 10 list for summer 2022 in Florida.
Top 10 Vacation Ideas for Summer 2022
- Hit the beach
Florida has some of the best beaches in the country, so make sure to spend some time relaxing in the sun and sand. Here are our top picks for the best beaches:
- Destin Beach
- Sanibel Island
- Clearwater Beach
- Naples Beach
- Siesta Key Beach
2. Take a trip to Disney World or Universal Studios
There’s no better place to enjoy summer than at one of these famous theme parks. Whether you want to experience the magic in the world of Disney or take an adventure through Orlando Studios. Florida is the best to live your best vacation life.
3. Go on a nature hike
Florida is full of beautiful nature trails that are perfect for a summer hike. Furthermore, you can immerse yourself back into nature and enjoy a scenic trail that is filled with wonders. Bring a friend or make a friend along and simply gaze at the scenery.
4. Visit a nearby city.
If you’re looking for some culture, head to nearby cities like Miami, Jacksonville, and Kissimmee. Get out and explore the magical lands.
5. Go fishing in Florida
Florida is known for its great fishing spots. Plus, whether you’re trying to fish with your friends or doing some quality time family bonding, this will be a great choice. So make sure to try your hand at this popular summer activity.
6. Take a road trip.
There’s no better way to see all that Florida has to offer than by taking a road trip. Grab your cars, friends, family or just yourself and hit the road. There is a whole new world out there that is waiting to be discovered by you. So what are you waiting for?
7. Try out some new sports.
There are plenty of fun summer sports to try in Florida, like kayaking, paddleboarding, and golfing. Here are some great spots to check out:
8. See the stars at night.
Florida is one of the best states for stargazing, so make sure to take advantage of the clear summer nights.
9. Visit a state park.
There are dozens of beautiful state parks in Florida, so you’re sure to find one that’s perfect for your summer vacation. Here are some of our recommendations:
- John Pennekamp Coral Reef State Park
- Rainbow Springs State Park
- Lake Kissimmee State Park
10. Go swimming.
Whether you’re looking for a quiet beach to relax on or a big waterpark to splash around in, Florida has something for everyone when it comes to swimming.
Best Places to Stay While Vacationing in Florida (Summer 2022 Edition)
Finding the best place to stay during your vacation is an important part of the planning process. If you’re looking for a great place to stay, check out our list of the best summer vacation home rentals in Florida.
1. Windsor Island Resorts
If you’re looking for all the amenities, the resort is the perfect place to stay. It has its own private beach, pool, and tennis courts. Then you have to check out Windsor Island Resort. Why do we recommend it?
- 24-hour security and gated community (Security and peace of mind is their top priority)
- One of the closest resorts to Walt Disney World®
- Tons of amenities on-site like pool, Cabanas, golf course, recreational rooms, game rooms etc
- and so much more…
If you are looking for a great resort home for your next vacation then check out some of these options:
- Brand New 5 Luxury bedrooms house with Disney Themed kids rooms
- Luxurious 7 Bedroom House so close to Disney you can see their fireworks
- BRAND NEW house with 7 luxury bedrooms (Complete with Marvel, Caribbean, & Disney themed rooms for kids)
2. Champions Gate Resort
Located conveniently next to the I-4 exit is one of the top premier resorts in the heart of Florida.
If you want to feel like you’re at the Disney World Resort without having to pay the full price, consider this resort. The Oasis clubhouse, which spans 20,000 square feet, is breathtakingly magnificent and world-class.
It has a large resort-style pool with water slides, a lazy river, and a splash park, as well as a playground and volleyball courts. It also has a state-of-the-art fitness center, tiki bar, and movie theatre. The opulent cabanas are air-conditioned and ideal for spending the full day by the pool.
- BRIGHT★2BR Home in CHAMPIONS GATE resort near Disney
- Golf Course Views 9BR Luxury Villa w/Pool/SPA
- 8BR Family Disney Getaway w/Theatre+POOL/SPA
3. Solara Resort.
The Solara Orlando Resort is a once-in-a-lifetime experience that will elevate your Orlando visit to new heights. This collection of custom-built Solara Resort Orlando rentals and Town Homes is located just 7 miles from the famed Walt Disney World® Resort area and offers numerous facilities unrivaled in Central Florida. Here are our top favorite picks for this resort:
- Brand new luxury home with 9 Bedrooms
- Luxurious 7 bedroom Home with themed game rooms near Disney World
- Dazzling 9 beautiful bedrooms with a private pool and Jacuzzi
Still not sure? Check out some of our selections here at Nova Vacation Homes. Or give us a call at +1 407–919–6682 and let us help you with your dream vacation needs.
No matter what type of vacation home you’re looking for, we’re sure you’ll find the perfect one on our list. Plan your next vacation today!