It’s easy for non-real estate people to watch news stories and think, “The market’s crashing.” But it’s just slowing during a market correction and still up year-to-year.
The Year 2021 was a record year for real estate in South Florida, yet the last eight months of 2022 have been about the market slowing. Questions linger as to how bad the decline in the market is and whether it’s headed for a crash.
There’s little doubt that the market has slowed over the past six to eight months: Closed sales are down as buyers grapple with rising interest rates, it’s taking longer to sell a home, and bidding wars are not as common as they once were.
That doesn’t necessarily mean that the South Florida market is crashing.
Renting a Condo as a Short Term Rental may not be as easy as it sounds
Regulations, HOA rules, insurance and taxes need to be considered before you buy a condo to use as a Short Term Rental.
Online condo rentals via Airbnb and VRBO, has become increasingly popular especially in Florida. A lot of owners rent for a few months to help defray the costs of ownership and allowing the owner to still use their condo for part of the time.
While it can be very rewarding financially to rent out your condo on a short time basis, there are several risks and drawbacks associated with renting out your condo, especially to complete strangers. Considering these risks before deciding to rent can save condo owners many headaches and possible future expenses. Most
