Using a Fl Keys home as a rental part 1

Real Estate Agent with Coldwell Banker Schmitt - Florida Keys

Using a Fl Keys home as a rental

Renting your home out as a seasonal(vacation rental)or long term.
Long term renters are easy to find as there is a shortage of homes for rent. So, if you want to buy something for retirement or a vacation home and rent it out to help your payments-this is typically the easiest way. (Long term rentals are considered to be anything over 6 months, as the tenants don't pay the 11.5% Florida tax)
• Generally long term rentals should be unfurnished.
• Initially we do a credit check before submitting a lease to you, then with your approval of the lease, we collect the first and last months rent plus a security deposit which is typically a months rental amount. We are very proactive in this area and I assure you the home is handled professionally.
• As to utilities- The tenants take the lease to the water, electric, phone and cable people and have the utilities put in their name and of course they pay their own deposits. Garbage down here is included in your tax bill-so there is no garbage bill.
• Seasonal rentals. Currently we can only rent monthly or 28 days, meaning the owner can only rent the home out 12 times per year. This means about 5 months of income-Jan-Feb-Mar and July-August. There are some April and June monthlies.
• As to finding people to rent for the rest of the time! We deal a lot with navy transfers÷they generally need something for 2-3 months while they sell their home and buy another. So if it is the off season, Our rental department will try to fill your home up this way. Another way to fill in the gaps is to Companies that come down here. Most of the major government and private building projects are done by outside firms. Their management people will generally want a nicer situation so they will generally rent homes at better than average rates.
• As to what is the best rental situation , that is size, which areas, views, pools, how water and boating accessibility affects rental amounts and the typical rental amounts for both long and short term, plus the fees involved, please contact me. As to extra costs and what is necessary to have a Home as a Rental.

Provided as a courtesy of
Ruth Hemp

Coldwell Banker Schmitt RE Co. Lower Keys Office
FAX: (305)872-4220
Mobile: (305)304-2348
Main office phone: (305)872-3050 ext. 5252
Direct: (305)872-5252
Toll Free: (800)488-3050 ext. 5252
29967 Overseas Highway

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