Holiday home in Florida

[garrardrj]

Anyone got one or rent one out

Any opinions or views , have a look here first

http://mfr.mlxchange.com/DotNet/Pub/EmailView.aspx?r=1459627338&s=MFR&t=MFR

 

[PDT]

Are you planning on buying to rent as a form of income? If so its not as profitable as it may seem. Management company costs, property tax, maintainence etc... Make it a minefield.

[andrewparker]

Has to be the most boring place I have ever been.

[MC71]

Are you planning on buying to rent as a form of income? If so its not as profitable as it may seem. Management company costs, property tax, maintainence etc... Make it a minefield.

Your not wrong. Dont get me started on rental properties. 

We have a family villa in Jalon (xalo) in Spain and its a right pain, dealing with Noteries (lawyers), Agents ( who takes 30%) and the local Town council who keep turning the water and street lighting off to save money as their broke! Gardeners, the pool people and maintenance account for whats left of the income (and then some) and that includes the fact we charge £1100 a week for peak season and are fully booked.

Crazy dayz!! 

[Poverty]

My mate seems to be doing already on the high end of the market in Ibiza. Just bought his second villa out there. Diddy stayed at his first property this summer

[garrardrj]

Well saw a "Place in the Sun" yesterday and was surprised at the prices. When you compare these prices to property in Spain it puts them to shame with what you can get for £100000 . No wonder there are all the holiday homes still for sale in Spain , Spain is i think where "The Holiday home" started as they were all sold conning the buyer that they could pay for it just through rentals . This would never be the case for all of them as there were too many .
I know several people locally to me who have property that they only rent in Florida and was bought for investment income . They bought when the properties were alot higher in value . Now the majority have fallen to half their original price and banks are off loading them by the dozen .

I am due a Lump of Cash next year when i semi retire and am looking to earn an income but perhaps at the same time increase the capital too .
Shares/Stocks are i think a bit hit and miss and is down to luck , for example i have a large investment with Tesco but they have fallen by a quarter since last year and they are still a fantatstic company (Some would say otherwise) and they are also a British Company 

Just really want my Capital to be safe and earn 5%.

What would you do with £130-£150k ??

[PDT]

The big problem with Florida rentals is you have 2 markets, rent it to big holiday companies for pennies (if your property is average size, location, no standout features etc) or rent it privately for more money.

If you want to make money from it yours needs to stand out from the crown of 1000's of other Florida holiday villas, and with the way flight prices are going there are less and less people paying decent money for the villa they stay at.

Some people I know are booked up all year round for a 3 bed villa charging £800 p/w and they make a modest profit, others are empty for 6 months of the year, but they still have to pay full costs of the tax, management companies, licence fees, maintainence, insurance etc....

I go 1-2 times a year and would love a holiday home there. But I dont think I would do it as a business.

[garrardrj]

The big problem with Florida rentals is you have 2 markets, rent it to big holiday companies for pennies (if your property is average size, location, no standout features etc) or rent it privately for more money.

If you want to make money from it yours needs to stand out from the crown of 1000's of other Florida holiday villas, and with the way flight prices are going there are less and less people paying decent money for the villa they stay at.

Some people I know are booked up all year round for a 3 bed villa charging £800 p/w and they make a modest profit, others are empty for 6 months of the year, but they still have to pay full costs of the tax, management companies, licence fees, maintainence, insurance etc....

I go 1-2 times a year and would love a holiday home there. But I dont think I would do it as a business.

Thanks for your response.....Your view re standing out from the crowd is my view entirely and would be rented privately .

I think most people must have this dilemma when they are due a lump sum ??
Probably more so with interest rates like they are ....

So what would you do with the money ?

[PDT]

set up a car sales garage

[rich83]

The big problem with Florida rentals is you have 2 markets, rent it to big holiday companies for pennies (if your property is average size, location, no standout features etc) or rent it privately for more money.

If you want to make money from it yours needs to stand out from the crown of 1000's of other Florida holiday villas, and with the way flight prices are going there are less and less people paying decent money for the villa they stay at.

Some people I know are booked up all year round for a 3 bed villa charging £800 p/w and they make a modest profit, others are empty for 6 months of the year, but they still have to pay full costs of the tax, management companies, licence fees, maintainence, insurance etc....

I go 1-2 times a year and would love a holiday home there. But I dont think I would do it as a business.

Thanks for your response.....Your view re standing out from the crowd is my view entirely and would be rented privately .

I think most people must have this dilemma when they are due a lump sum ??
Probably more so with interest rates like they are ....

So what would you do with the money ?

Thats impossible to say.... because we don't know your personal situation. What I would do with it is different to what you would do with it.

If it were me (and bare in mind im 29 and have a 2 bed house) I would put our house on the market (only been in since january) and use ~100K to move into a bigger house keeping 15K to do renovations on the property and put the rest away for a rainy day.

I wouldn't buy property abroad, unless i intended to emigrate.

[Saintsteve]

Has to be the most boring place I have ever been.

don't get out much then?  


In all the years I've read, spoke to, have said Florida has something for everyone?

I guess you like Pontins in Sunny West Sussex instead  


Weird....IMO of course 

[andrewparker]

Has to be the most boring place I have ever been.

don't get out much then?  


In all the years I've read, spoke to, have said Florida has something for everyone?

I guess you like Pontins in Sunny West Sussex instead  


Weird....IMO of course 

I've never been to Pontins, nor have I been to West Sussex. I regularly holiday in the French Alps, the Pyrénées-Orientales region in southern France, Croatia (particularly Hvar and Brac), Puglia in Italy and Padstow in the UK. I've been to Cuba several times and have also travelled to Sri Lanka and Malaysia, albeit before I had children. To my mind there are hundreds, if not thousands of places that hold a greater appeal than somewhere that supposedly offers "something for everyone", not that I ever felt that was evident on the two occasions I have visited Florida.

But yeah, maybe I need to get out more.

[PDT]

Has to be the most boring place I have ever been.

Whilst in Florida I have done/seen:

Fantastic boat trips
Jet ski's
Shooting Ranges
Off road driving
Karting
Amazing beaches
Hunting
Fishing
Indoor Climbing
Skating
Surfing
Trekking
Zoo's
Theme Parks
Diving
Snorkeling
Swimming
Aligator wrestling
Amazing walks
Nature
Car shows


this place is amazing, been a few times:

&feature=related

[garrardrj]

The big problem with Florida rentals is you have 2 markets, rent it to big holiday companies for pennies (if your property is average size, location, no standout features etc) or rent it privately for more money.

If you want to make money from it yours needs to stand out from the crown of 1000's of other Florida holiday villas, and with the way flight prices are going there are less and less people paying decent money for the villa they stay at.

Some people I know are booked up all year round for a 3 bed villa charging £800 p/w and they make a modest profit, others are empty for 6 months of the year, but they still have to pay full costs of the tax, management companies, licence fees, maintainence, insurance etc....

I go 1-2 times a year and would love a holiday home there. But I dont think I would do it as a business.

Thanks for your response.....Your view re standing out from the crowd is my view entirely and would be rented privately .

I think most people must have this dilemma when they are due a lump sum ??
Probably more so with interest rates like they are ....

So what would you do with the money ?

Thats impossible to say.... because we don't know your personal situation. What I would do with it is different to what you would do with it.

If it were me (and bare in mind im 29 and have a 2 bed house) I would put our house on the market (only been in since january) and use ~100K to move into a bigger house keeping 15K to do renovations on the property and put the rest away for a rainy day.

I wouldn't buy property abroad, unless i intended to emigrate.

I ASKED WHAT WOULD YOU DO WITH IT . Not what would you suggest i di with it ! 

[garrardrj]

I don't really need it to produce an income but i don't reallly like the idea of it just sitting doing nothing and me just spending it on stuff !

There are probably as many ideas as there are people !

It just a discussion topic and as you say it depends on peoples circumstances ..... So if you were 50 and finishing working full time what would you do with it