One of Emerald Coast’s pride is Destin, FL. This city, located in Okaloosa County, sits in a large acre of stunning white beaches and emerald green waters. On the map, you’ll see that this city is on a peninsula separating the Gulf of Mexico and Choctawhatchee Bay. If you’ve always wanted to escape your daily routine and wander off to a special place, this is the ultimate vacation spot open for exploration all year long!
How to Buy a Home & Short Term Rental Property in Destin, FL
There are a number of Destin homes for sale available in the market. Whether you’ll be staying in Destin for a long or short period, buying real estate in this vibrant city is a great investment. You can even use your purchased land for a rental business.
Here are some factors to consider when in the market for a home and short-term rental property in this charming part of the Emerald Coast.
Choose Your Location
If you’re looking for a new beach home, you’ll never go wrong with Destin, FL. Of course, you shouldn’t miss staying near the soft, white sand and clear blue waters of Destin Beach. Properties built on the acre of land near Crystal Beach and Miramar Beach also offer an impressive selection.
For boat and sailing enthusiasts, get a property near Crab Island in Destin. Don’t be mistaken—there is no island named like this in the map. Instead, Crab Island is a popular sandbar hangout spot. Here, you can enjoy kayaking, paddle boarding, or indulging beverages from mobile food boats and floating restaurants.
Buying a downtown Destin property for sale is ideal for those who do not want to miss the urban action. This place resembles the lively city vibe. Having a house in this area provides you easy access to dynamic bars, a variety of restaurants, huge festivals, and other fun activities.
Set Your Budget
It is exciting to purchase a new home. However, make sure that you sort out a specific budget and stick with it. Save money first, and as much as possible, refrain from applying for a loan. Just like typical residential homes, buying a short-term rental property for sale will require you to cover monthly costs, including repairs, maintenance, taxes, insurance, property management, and more.
Watch the Market
Destin is a wonderful place to stay. One guaranteed way to get the best property here is to watch the market. Plenty of excellent deals are available. You can also search online for properties and do a “save search” for future reference. If you don’t have the luxury of time, ask the help of a professional realtor to keep you updated with the latest listing.
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Facts About Destin You Should Know
The sugar-white sand beaches are the city’s major selling point. Tourists love it here that a lot of them eventually check out Destin homes for sale for their future vacations. Learn about some of this city’s interesting facts.
World’s Luckiest Little Fishing Village
Destin, FL is known as the world’s luckiest little fishing village because of its rich underwater population. It all started when Leonard Destin and his family encountered an accident while sailing to Key West, FL. He wasn’t able to save his father and brother, therefore, losing them due to this tragedy.
After this, he discovered an area wherein there was a massive school of fish that can be a potential source of food and income. This is where the fishing industry of Destin, FL began. Today, it is known to be lucky because of the land’s close proximity to the deepest water in the Gulf. Furthermore, Destin has the largest fleet of fishing vessels in Florida.
Appalachian Mountains Produces White Sand
Thanks to the Appalachian Mountains, Destin Beach is famous for having one of the whitest and most uniform white sands in the world. The Appalachian Mountains are made up of quartz crystals. These are carried down the Gulf of Mexico through rivers. The final step is the tides carrying the quartz crystals from the gulf to the coast where it is collected as sand.
Most Visited Emerald Coast City
Emerald Coast is a 100-mile stretch of different counties and scenic beaches. But do you know that Destin is its most popular city? There are over 4.5 million vacationers buying tickets for sale every year to visit. It is also at the top of the 2017 U.S. beaches list according to the search data report of Tripping.com.
The Demand for Rentals in Destin
Destin, FL has a continuous flow of annual visitors. In 2016, it was projected that the demand for both acre property rentals and ownership in Destin will expand. True enough, Destin ranked second in the list of the top places to buy a vacation rental property for sale in 2017. According to this data, the number of single-family homes sold in Destin increased by 5% while townhome sales are up by 6% in 2019.
Most Common FAQs on Buying Rental Properties in Destin
Acre property rentals for travelers offer a big business potential. You just need to sort out the demands of the property rental industry to save you from possible mishaps. Know what are the frequently asked questions of aspiring vacation rental owners in Destin.
How much funds should I save?
The budget should always be the first in the checklist when looking at an investment property listing. Generally, investment properties require a larger down payment compared to primary residences. They also offer a more rigorous set of approval requirements. Prepare at least a 20% down payment to be able to purchase your desired homes for sale.
Single-family home vs condominium unit
During the planning stage of a vacation rental business, deciding what sort of property for sale to buy is always part of the discussion. It all boils down to personal preferences of square meters, how many guests it can accommodate, and other factors.
A beach condo is probably the best choice if you prefer sitting by the balcony while watching the waves. Note that the average size of a studio apartment/condominium unit is 514 square feet. If you want to accommodate more guests, invest in a condominium with one or two bedrooms and bathrooms.
Purchasing a house, on the other hand, welcomes more guests which can maximize your potential business income. According to GOBankingRates, the average size of a home in Florida is 1,375 square feet. Most single-family homes come with two to three bedrooms and bathrooms.
Where in Destin should I buy a rental property?
This all depends on your budget. From Destin, as you go East, the price of the properties increase. But if you have extra funds, then look for a lot in Destin that is near amenities and local activities you can personally vouch for your future clients. Aside from the obvious beautiful beaches awaiting, tourists can include dolphin cruises or go-kart driving to their itinerary at the Destin and Miramar Beaches. It’s best to do your research of the place and save search results for later comparison.
How much is the potential income?
When purchasing a new investment property, you must have a copy of a detailed cost analysis. Realtors can help obtain information about a specific vacation property and include its actual rental income details. In case you are interested in homes for sale that is not used in business, realtors can work on providing rental projections. This data presents average rent and occupancy rates which can help you make informed decisions.
Buy the Best Home or Rental Property in Destin
Looking to be a part of the rental property industry? Destin near the Gulf of Mexico is an awesome place to consider. With thousands of visitors wanting to experience its pristine beach, you can be sure to never run out of clients. Here, you can be sure to find a property available in different square meters.
Choosing the best among the selection of Destin homes for sale can be overwhelming. Save your valuable time and headache with the help of The Short Term Shop. Access to realtors who are always ready to provide knowledgeable guidance will help you through this journey seamlessly. No matter what kind of property or lot size you prefer, trust us to help you find the most ideal vacation rental property for you. Schedule a consultation with us and start your journey!
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