Punta Gorda is a great place to own rental property. The average income is over $49,000 annually - almost $12,000 more than the national average. Also, who wouldn't want to live on the Florida coast, with its perfect blend of old and new?
Even when things look this good, you can't just pick a number out of the air for your rental valuation. To get it right, you need to consider the following four factors.
1. Location Is Key
There is no escaping that location is the biggest factor affecting any property value assessment. According to Neighborhood Scout, the most expensive areas in Punta Gorda are:
- Punta Gorda South
- Punta Gorda Isles
- Punta Gorda West
- Burnt Store Marina
Of course, you can't pick up your property and move it somewhere else. But you can perform rental market analysis. Check out what type of homes sell well in your Punta Gorda suburb and why.
Make any needed home improvements or decor adjustments to attract tenants who will pay a premium for your standout property.
2. Condition of the Property
This is a factor you can do something about. One of the best real estate appraisal tips is to stage your home. Remember, you're not just selling a home; you're selling a lifestyle.
At the very least, make sure your home is in an excellent state of repair for rental income optimization. The better the condition at the start of the rental, the easier and cheaper it will be to maintain it.
Also, consider the following upgrades that are attractive to prospective tenants:
- Energy-efficient appliances
- Fresh paint
- Landscaping
- New kitchens and bathrooms
A little money spent strategically before marketing could help you command a higher rental and result in satisfied tenants.
3. Seasonal Variations
Short-term rentals can be lucrative in Punta Gorda. After all, it's a perfect destination for people looking to escape the frigid north during the winter. This could mean that the rent you can command is much higher in the winter than in the summer.
Therefore, be prepared to fluctuate the rent throughout the year and budget accordingly. Offering season-long leases during peak times of the year could guarantee you a steady income.
4. Local Economy
Punta Gorda may be a small city, but it's perfectly located. It's an easy commute to the bigger hubs of Sarasota and Fort Myers. Therefore, keep a close eye on developments in those cities and closer to home. It may be that booming economies in those locations also allow you to increase your rental income.
Get Your Rental Valuation Right First Time
This brief landlord guide shows that a successful rental valuation is both an art and a science. Fortunately for you, the good people at PMI Heartland Realty have been getting it right for years. Rental valuation is just one of the services we provide when you sign up for property management.
Let us handle property marketing, tenant screening, rent collection, repairs, and more. We're also always ready to offer sound advice on rental income optimization.
Call us today at 299.944.7368 or contact us online to schedule a consult.
