A house or condo in Florida can earn money while you are not using it. Many Poles from New York, New Jersey or Poland buy property with renting in mind and move here for retirement only years later. Margaret & Kris Wojtowicz of The Keyes Company in Wellington help investors choose property for short- and long-term rentals in Palm Beach County.
What kind of property to rent out
A single-family house usually attracts families looking for a longer lease. A condo is cheaper to maintain day to day but is governed by the association. A townhouse sits in between: your own entrance, a smaller lot and shared community grounds. The agents also help choose a lot for those who want to build a home from scratch.
Check the HOA rules and city regulations first
Many homeowners and condo associations set a minimum lease term, limit the number of rentals per year or require tenant approval. A home you cannot rent the way you plan is not a good investment – even in a great location. Short-term rentals also come with registrations, tourist rental taxes and local rules that differ from city to city.
Annual or seasonal lease
A long-term lease brings predictable income and less work. Seasonal rentals peak in the winter months, when residents of the northern U.S. and Canada head south. In Wellington, the season is boosted by the Winter Equestrian Festival, which draws riders, trainers and guests from around the world from January into spring.
Costs to calculate before buying
- Property tax – a home that is not the owner’s permanent residence does not get the homestead exemption.
- Insurance – you need a policy suited to a landlord; the cost depends on the roof’s age, hurricane windows and the flood zone.
- HOA fees, service and a reserve – air conditioning, pool, landscaping and repairs between tenants. Only after these costs do you see the real return.
Investing from a distance
If you live in Poland or in the northern U.S., you need someone on site. Margaret & Kris Wojtowicz help find and screen tenants and work with trusted local contractors and management companies, keeping the owner informed in Polish.
More about buying: buying a home or condo in Palm Beach County; about selling: selling a home or condo in Florida.
Contact: Margaret & Kris Wojtowicz, The Keyes Company
Margaret & Kris Wojtowicz work at The Keyes Company office in Wellington – the largest independent real estate company in Florida, in business since 1926 – and serve all of Palm Beach County. They work with clients in Polish and English, and the consultation before you start your search is free.
Address: 13920 Wellington Trace #200, Wellington, FL 33414 · phone 561-523-0360 · e-mail: [email protected]. More in the Margaret & Kris Wojtowicz listing in the PolishPages directory and at domyfl.com.
This article is for information only and is not legal, tax or mortgage advice.
