When buyers purchase a property on Marco Island it is often a second or third home or a home that they only intend to use at a certain time of the year and not year round. This allows the buyer the perfect opportunity to rent their property out for some of the time frame that they are not using the home for themselves. This allows the buyer to have the advantage of earning some extra money instead of their property just sitting idle.
Some buyers find that reaping the rewards of getting some rental income is what puts them over the top to be able to accomplish the purchase that they desire. Sometimes just that little extra income achieved from rentals allows a buyer to handle the costs associated with the purchase after closing when otherwise they might not quite be able to attain the property that they have in mind. And it is a very good thing that in general. most properties on Marco Island rent out quickly and without delay. Providing that buyer with almost immediate income for their rental property. The buyer can have peace of mind that as long as they want to rent the property, it should rent out fairly quickly and on a regular basis.
For those buyers who purchase in a neighborhood that has Home Owners Association Dues, obtaining rental income can be very helpful to offset some, most or maybe all of your HOA dues that are associated with the property. Rental income can also offset taxes owed on the property. This is desirable for many buyers as it absorbs some of their costs related to the property and its fees. This can be especially important when buyers own more than one property and they are taking into consideration all of the costs with multiple properties that they own. This can be another reason why people like Marco Island Real Estate Rentals.
A Rental Can Be a Short Term Getaway
People like Marco Island real estate rentals because they can rent them for a short term and enjoy a quick get away or a long weekend away or longer. Some people who rent on Marco Island do just rent for weekends. That is one of the nice things about Marco Island is that they allow short term rentals which some areas do not. But in the case of Marco Island the ability to rent for a short time or a much longer time allows for flexibility in the rental market which most people like. Being able to book for just a weekend or a week is desirable for those who don’t want to or cannot make a longer term commitment to rent. It is fairly unique to Marco Island that they allow weekly rentals. This attracts more people than other areas that may require a minimum of a 30 to even a 90 day minimum rental. Making Marco Island a popular place for short term rentals!
A Meeting Spot for Family and Friends
Whether you own a property that you can use occasional or you rent a property on Marco Island, it is a great opportunity to meet up with family and friends. There is just something about meeting family and friends some where other than your own home. It creates a more relaxed atmosphere for all. Especially when you are on Marco Island which is famous for its laid back, slow pace and island vibe. It is naturally relaxing and rejuvenating. If you own your own property that you can rent out to family and friends it is normally very much appreciated. They do not have to go to the hassle of renting from someone that they do not know. And they could feel confident that the property will be all you said it was since you are dealing with a friend or a family member. If you are choosing to rent a property and then enjoy it with family and friends that seems to be quite popular and the cost of the rental and fees associated with the rental are often split between family and friends to help the cost be more budget friendly. On top of the rental amount, you will normally have a few other fees associated with your rental property and some of those would normally be tourist tax. Tourist tax is 12% of the total rent amount. That goes to the state and county and is also called a bed tax which is the same as hotels charge you during your stay. You will also usually have a departure cleaning fee, and a security deposit, pet deposit (if applicable) and sometimes an application fee to apply to be in the neighborhood which can also sometimes entail a background check which comes at a bit of a cost, normally $50 per person. Many times all utilities are paid by the owner of the property, but sometimes the owner will only pay up to a certain amount for utilities, for electric for instance. This occurs usually because there would be a pool on the property that is heated by electricity and if left running that bill can get quite high. So in an effort to protect themselves from a sky high electric bill, the owner may have a “cap” on what they are willing to pay for electric costs. So if you can split these costs with another couple or two it can be more budget friendly.
Using the Property is Better Than Not Using
People like Marco Island real estate rentals because they also know that when they rent out their property it is better that the property is being used rather than sitting idle for many months at a time. We all know that when plumbing fixtures such as shower heads and faucets and dishwashers go unused it is causing more harm to the fixtures and appliance than if it were used on a regular basis. Flushing the toilets regularly as one does when a property is in use is better as is running water down sinks. It is nice for the owner so f a property to have a renter in place and then if there is any issue the renter can let the owner know so they are made aware. When if a property was being unused the owner would not have the advantage of being made aware of the problem. We have had tenants report issues that occur with pool heaters, A/C thermostats or even pest issues that need to be treated. All of which could go unnoticed if the property was vacant. And of course for security issues it is always better to have the property in use as often as possible.
Annual Rentals
Another reason people like Marco Island real estate rentals whether they are the person with the property to rent or they are the one renting is because annual or year long rental terms are also popular on Marco Island.
Sometimes a person may need a longer term rental such as an annual rental because they are working on their credit score and need to get it up in order to get the best financing for their purchase. And renting for a time will help them achieve this. Renting long term may also be the best option for people who are not sure they want to buy because they might not be staying in the area long term. And they are hesitant to purchase and then to have a property to sell. People may need to rent annually while their home is being built. It can often take about 12 months to complete the building process depending on how many square feet your home is that you are building.
Owners sometimes like the opportunity to have an annual tenant in place if this is a property that they purchased knowing that they would not have the opportunity to use the property themselves for some length of time. Perhaps travel, children, job or other life events keep them from being able to use the property for a time and having an annual renter in place is the best case scenario for the time. And in that case Marco Island is an area where annual rentals can be rented quickly in most cases depending on exactly what type of property you have.
So now you have 5 very good reasons why people like Marco Island real estate rentals!