Be a Sanibel Vacation Landlord
Are you considering buying a vacation rental property on Sanibel Island? Home values and interest rates are allowing people to buy their ideal vacation home or future retirement home now. To help make it financially feasible, many people are renting out their property while they are not staying in it. Other's are buying property simply for investment income.
Here are some points to consider about renting properties on Sanibel Island, one of the premier oceanfront communities in Florida.
Island Rental Restrictions
There are some island-specific restrictions to owning a vacation rental property:
- Sanibel allows weekly rentals of condos, but some associations limit this to monthly or restrict the number of times per year that you can rent your condos. A handful of condos are grandfathered into allowing daily rentals.
- Sanibel single-family homes are restricted to monthly rentals.
- Captiva doesn’t have these rental restrictions.
Owning a vacation rental home on Sanibel and Captiva Island can be a lot of work! Whether, you manage the property yourself, use a full-service vacation rental company or a combination of both, here are a few resources we think you'll find useful.
Sanibel Island condos that allow for 1 week or less rentals generally provide the best cash flow. Click here to view all Sanibel Condos for sale that allow weekly (or less) rentals.
These restrictions may impact how much income you can generate, how you will manage your property and what kind of renters you can target. Check with your home association rules before you assume that unlimited daily, weekly, or monthly rentals are allowed.
Owning a vacation home in Florida makes you responsible for any damage to your home. You have to keep your rental home in great shape to attract renters. Standard maintenance procedures you can expect include:
- Cleaning the indoors and outdoors.
- Weatherproofing the exterior.
- Protect the interior from humidity and excess water.
- Creating a clear set of rules for guests to extend the life and quality of your maintenance projects.
Most vacation landlords hire a property manager, especially if you live outside of the immediate area.
Pros and Cons of Owning Vacation Rental Property
Owning a rental property has many perks, even if there's often extra work involved. When you own a rental property, you can:
- Get extra income from renting out the space.
- Have a beach home that you can visit throughout the year.
- Reduce business-related expenses.
- Get more value out of your house later on.
One challenge of owning a rental home or condo is the upkeep. That's where having a trusted property manager or vacation rental management company can help you with preventative measures and routine maintenance schedules. Managing all of this, plus providing 5-star service for tenants is extremely time-consuming, but most people find that it's worth the effort in owning a vacation rental property.
Find a Trusted Realtor® on Sanibel Island
If you are interested in buying vacation rental property in Florida, McCallion & McCallion can help. Contact us to get in touch and we'll find the perfect home for your rental needs and/or personal use.
Resources for Vacation Home Owners
You’ll want to interview a few local vacation rental management companies before signing a contract. Here’s what to ask.Read More
Want to become a Vacation Landlord? Here are three typical Sanibel investor situations I see most often, and some tips on what makes a good vacation rental home on island.Read More
I’d be happy to share more about rental income and our market here on Sanibel and Captiva. Also, I can send you listings in the most popular vacation condo complexes - just send me an email or give me a call (contact me).