Siesta Key is one of Florida’s hottest markets for investment properties. The award-winning beaches, world-class golf, and luxury shopping have the area flourishing in the tourism market. Here is what to look for if you are on the hunt for a great rental investment property on Siesta Key:
Location, Location, Location:
The property should be walking distance to the beach or come with boat storage and access. Even condos located just a block away can have a harder time attracting renters than those located on the beach.
Watch out for property taxes and condo fees when hunting for an investment property on Siesta Key. It is important to keep an eye on the purchase price, as well as the annual costs to really make sure you are going to come out ahead.
A Good Rental History:
A condo could be listed for a good price with low fees but might have a poor rental history or a bad track record regarding the building management. This could impact your ability to keep the unit rented.
Siesta Key is known for its high level of appreciation. The average sold price of a condo on Siesta Key in 2017 was $562,902 and averaged $538,661 in 2016 for an increase of 4.5%. Right now is a great time to invest in your future!