Similar to many people today, you might want to get yourself a getaway place not very far away from home, a spot where you can settle back and recharge with family and friends. Depending on your needs, you may really want the second home for work as well as play.

In cases where a getaway is something you’ve been considering…discover the information you need. It’s essential to make a good determination.
To Find Out:
What are your favorite second-home locations?
How may I determine my return on investment?
I’m interested in resort property.
Should I purchase resort property now?

What’s my second step?
What are the best second-home locations?
1. Typically, the most beneficial locations are not any more than 2-3 hours from major metropolitan areas by car or plane.

2. A number of second-home locations are highly sought after and dissuade overdevelopment, such as Vero Beach or the Florida Keys..

3. How can I figure out my return on investment?

No one can predict the foreseeable future. However, certainly, there are elements you can give consideration to to help make sure a 2nd home is effective for you.

Tips on second homes:
You will definitely enjoy it more if you use it regularly.
Be sure you can get to it easily for spur-of-the-moment getaways.

Consider your interests.
Determine a location you’ll enjoy playing in today and retiring in down the road.
Trust your awareness about your regional area.
You’re most likely to come up with a better investment decision when it’s nearer to your home.

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We’re all aware of the fact that real estate values are falling, yet buying a vacation home now maybe the best investment one can make. Just be sure that when you buy a vacation home, you buy it in the Florida Keys. This is a year round vacation investment that pays you every week!

The conventional wisdom is that, now in today’s unstable economic times, is the worst of all times to buy vacation real estate. And this may be true, for real estate investments in most areas… Yet, if one considers that a vacation home, in the right area, the Florida Keys, is an investment that can almost always shows a positive cash flow. The major side benefits of owning a vacation condo, or even a home, in the Florida Keys outweighs most potential downside risks. That side benefit is that when the owner wishes to use it, he can. It’s not like owning a parking garage or warehouse.

Investing in Real Estate in the Florida Keys, the Whys
Obviously for someone that hates the sun, the tropics or clear blue waters, the Florida Keys is not a place to invest. But for those that love water sports, world class fishing and year round sun, there’s almost no other place that compares in both physical beauty and a potential continuing source of income. Year round, The Keys is a vacation destination. Those from the northern states during the winter, flock to the southeast and especially the Keys, as a welcome escape from the cold.

Deep sea fishing, sailing, diving, spear fishing, underwater exploration, flats fishing, sailing, water skiing are just a few of the many sports and past times people enjoy during the rest of the year. There’s almost no limit to the water sports that are available. While it’s possible to do many of these sports year round, the spring, summer and fall have the warmest and calmest coastal waters. Vacationers, a rental property owner’s target market will pay high weekly rental rates to stay at a condo or home in the Keys to enjoy and experience these sports.

If a vacationer has a yen for history and interesting surroundings, the Keys also provides interesting tours and sights to see in Key West, as well as other places like Big Pine Key, where a state sanctuary exists to preserve the Keys Deer species. With its history and its beauty, the Florida Keys is an incredibly interesting place to invest. With tourists year round, owning a vacation home in the Keys makes a lot of sense.

High Returns Result from Short Term Vacation Rentals, but There’s a Catch
Some communities, townships, homeowner and condo associations in the Florida Keys have placed restrictions on short term rentals. If an investor decides to purchase a home or condo, it is imperative that one checks to see if there are any rental limitations concerning weekly rentals. The ‘key’ to rental profits in the Keys is the owner’s ability to rent the property year round on a short term, weekly basis. If that’s not the case, look elsewhere where no such restrictions exist.

Depending upon the type, size and location of the unit, weekly rentals and purchase prices can vary tremendously. For instance, there are waterfront mobile home villages that offer rentals as low as $300-$400 per week. In contrast, there are homes that may be rented for well over $5000 per week or more. Obviously, the cost of purchasing a mobile home, condo or luxury home will vary tremendously and one may be an order of magnitude higher in price, than the other.

During the summer, with diving and water sports the big attraction, weekly rentals are easy to line up using only the internet and perhaps some of the vacation rental internet sites. Many of the locals in and around South Florida, as well as other parts of the country will come to the Keys, sometimes several times per summer. Even in the fall, while a bit slower, is a time that people might come down for a week or so for a quick vacation. Of course, the onrush of vacationers, typically staying a month or longer occurs during the winter months. Obviously, this season offers the Keys property home owner the highest rental rates. Although even this has been changing within the last 10-15 years.

Vacation Rental ROI & Rate of Return
The first year or two of actually owning a vacation getaway in the Keys typically shows a near break even cash flow. If one aggressively pursues the marketing on the internet travel sites, cash flows may become positive even during the first year of ownership. A positive cash flow in terms of mortgage versus rentals will usually show itself after the third or fourth year. There are many factors determining ROI, most notably are:

. The condition of the rental property
. Number of return renters
. Water view and facilities
. Location and ease of travel from the airport

Locate the Best Keys Areas and Properties
If all of the above are positive, the owner can command the highest rents and the number of returning vacationers. These will be the easiest to rent and command the highest weekly rents. There are also excellent internet sites to research potential rental properties for purchase such as: VRBO.com, vacationrentals.com, homeaway.com or cyberrentals.com.

An excellent place to start to look for properties in the Florida Keys is by contacting some of the large realtors in Key Largo, Islamorada, Marathon or Key West. Many of the larger real estate firms also provide listings of properties for rent or sale that may be among those that they manage directly. With economic conditions being what they are currently, a real estate investment in the Keys is compelling. If an investor is looking for an investment that can not only be enjoyed, but can ultimately provide an income in the very short run, the Keys is a great place to start.

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