When looking for an investment or vacation home, there's no place better than Ponte Vedra Beach! A hidden gem with miles of beaches, and world class golf, Ponte Vedra Beach is the perfect place for luxurious resort-style living. Ponte Vedra has easy access to theatre, boating, fishing, fine dining and even professional sports teams. Both single-family homes and condominiums make excellent options for vacation homes and investment properties.
If you are considering buying a vacation or second home, keep these 9 tips in mind:
- Consider how you'll use the home.
Will it just be for family and friends, or do you plan to rent it as well? Realistically, how many times will you use it per year? Do you plan on using the home as your primary residence in the future? It’s important to research local laws and ordinances to ensure your plans align with the overall area. St. Johns County does have rules that apply to property and land use. For more information on housing codes in the area, click here. Property use information can be found here.
- Evaluate locations.
Are there enough amenities and attractions to keep you, and renters, coming back year after year? Many renters and vacationers are drawn to Ponte Vedra Beach again and again because of the world class beaches, warm climate, and access to wonderful recreational activities such as tennis, golf, surfing. Ponte Vedra Beach also has favorable state and local taxes (for example, Florida does not have a state income tax). Our area is also highly desirable to families with young children as the St. Johns County School District is one of the highest rated in the nation.
- Talk to the locals.
What do they love about the area? What's changing? And what's it like during the off season? St. Johns County continues to grow with constant economic developments. For example, the PGA Tour has been busy growing and bringing jobs to Ponte Vedra Beach in addition to pumping millions back into the local community with their charitable giving (read more here). To keep track of the latest St. Johns County news, click here.
- Study local laws.
If you plan to rent the home, local rules may restrict rental periods or cap the number of days you can rent each year. Each neighborhood may have its own covenants and restrictions regarding rentals and length of rental agreements in additional to local ordinances. Make sure to check with the Neighborhood Property Management Board for individual guidelines.
- Calculate costs.
Along with mortgage, insurance, property taxes and association or amenities fees, plan for wear and tear. (A good rule of thumb: Budget 1.5 percent of home's value on repairs annually.) And, if you intend to rent, add the cost of a property manager. Talk to an accountant. This person can advise you on such issues as the tax implications of rental income and changes in federal tax laws that could impact deductions. Don’t forget to consider other costs or savings that could affect your bottom line such as tourism taxes and homestead exemption eligibility.
- Test before you buy.
Once you've settled on a spot, you should rent in every season so you can gauge busy and slow times. The Ponte Vedra Beach area is beautiful year-round and outdoor recreational opportunities continue through all seasons. Winters tend to be very mild. Summers can be hot with afternoon rain showers. Hurricane season is June 1 through November 30, so you’ll need a plan to protect your rental or investment property.
- Take your time.
Don't let the excitement of one great vacation push you into an impulse decision to buy.
If you’re interested in an investment or rental property, give us a call. In addition to having a passion and deep commitment to the area, we have years of experience working with investors and buyers looking for great opportunities in Ponte Vedra Beach!