Guest post by, Michael Longsdon
Brevard County is the kind of area real estate investors dream of buying into. With miles of oceanfront views and activities and millions of visitors year-round, a Brevard County rental property is a good investment. And as property prices continue to remain relatively stable, investing in a home here may be a safe bet. However, Agi Anderson explains that new investors have two major obstacles to overcome before they reap the rewards of Brevard County’s strong real estate market.
High home prices make it challenging for first-time investors to buy into the Brevard County market, especially in exclusive areas like Diana Shores where a single-family home will cost at least $700,000, but investors who know where to look could find a steal. A fantastic resource is an experienced realtor who’s intimately familiar with the area, like Agi Anderson.
While remaining close to the oceanfront lets vacation rental owners charge a premium, homes in the surrounding area can be a good choice for an investment property as well. Palm Bay attracts visitors while offering more moderately priced homes than you’ll find within Melbourne city limits, making it a sound choice for investors.
What investors shouldn’t do is wander too far from the action in search of an affordable price point. Most travelers want to be within 15 to 20 minutes of all that Melbourne has to offer, whether that’s water sports, golfing, or corporate conventions. That means remaining within a short drive of the Space Coast Convention Center, and less if catering primarily to beach enthusiasts.
Like many popular tourist destinations, Brevard County has had to grapple with the ways that short-term rentals have changed the local housing market, as CNBC points out. While short-term rentals aren’t at risk of being banned in Brevard County, investors do need to comply with local regulations to avoid incurring fines. As there are risks in any business, many rental investors operate as a limited liability company (LLC) to protect their personal assets. If you’re unfamiliar with starting a business, use this guide on how to start a company to help you get started.
Due to the abundance of distinct communities within Brevard County, it is difficult to offer specific guidance about establishing a short-term rental property. However, most short-term rentals are classified as “vacation rentals” under Florida law. Local regulations affecting short-term rentals may change, so consult the local government office for the most current information.
Within town and city limits, buyers should refer to city code. In addition to city and county regulations, short-term rentals may be limited by a homeowner’s association.
While these factors can make Brevard County an intimidating market for first-time real estate investors, it’s no reason to shy away from buying in this world-class vacation town. Just as Brevard County tourism shows no signs of slowing, nor does its robust real estate market. Investors who get in on the action will enjoy high demand for their vacation rental while knowing they own a little slice of paradise that will only grow in value over the years.
I am Agi Anderson, Your Brevard FL REALTOR® on standby ready to assist with your real estate needs on the Brevard FL Space Coast. I am confident you will enjoy navigating my website which features the best real estate information to buy, sell and invest on the Florida Space Coast. Happy to answer questions you may have. You can call / text me at ContactAgiNow.com
A big thanks to Michael Longsdon with elderfreedom.net I always welcome his contributions!