Not every Naples resident lives here all year long. In fact, according to the official Collier Country website, the seasonal population of Collier Country increases by 65,663 persons from October to May. That means a lot of people come to the area during the winter months to enjoy the Collier County weather. Some rent properties while they are here. Others choose to purchase property here where they can feel more at home. If you’re considering buying a second home in Naples, here’s what you need to know.
It’s an Investment That Pays Off in a Number of Ways
If living in southwest Florida is appealing to you, it can make sense to invest in property that will increase in value—rather than simply renting. According to zillow.com, home prices in Naples increased 3.3 percent over the past year. Zillow projects that prices will rise 5.0 percent within the next year. While that’s not a guarantee that prices will always continue to rise, this is the kind of investment that has historically paid off over time. It’s not just your initial investment, however, that makes an investment like this pay off.
Purchasing a second home is also a good way to ensure you have a place to stay anytime you want to come. If you’ve visited the region before, you know that it can sometimes be difficult to rent a suitable property during high season. Naples is popular for a lot of reasons—from fine dining to great golf courses and outstanding beaches. That can make finding a good rental challenging. When you own a second home in the area, you’ll always have a place to stay.
Another advantage is that you don't have to come just during the high season. You can visit anytime you want. Maybe you just want to get away for a week—or even a few days. You’ll never have to worry about room availability.
In addition to availability, you’ll have the opportunity to make your second home truly feel like home—and not just a place to stay. You can set it up exactly the way you want. You can decorate it according to your tastes. You’ll have the ability to furnish it with furniture and accouterments that fit your personality, style, and needs. That’s not a financial gain, but it’s worth a lot.
A second home can also be a great draw for an extended family such as kids and grandkids. Having a second home in a fun place such as Naples can create great memories and be a strong tie for years to come—and that's priceless.
There is also the potential for an additional financial benefit. If you choose, you can rent your home out when you’re not there which helps with the mortgage. Many visitors prefer staying in a home to spending time in a hotel. And if you look at the rates that GSA allows for overnights in Naples, it’s easy to see why. In February, March, and April the lodging per diem is $268 and the meals and incidentals are $64 per person per day. If you choose to rent out your place during those busy months, you can put a serious dent in your mortgage payments!
A Second Home Doesn’t Have to be a House
What if you’re thinking about purchasing a place in the Naples area but don’t need all the space (and don’t want the upkeep) of a house? Your second home doesn’t have to be a house. Depending on the lifestyle you choose and the activities you want to pursue, condominium living may be a better solution for you. You’ll find a great variety of condominium offerings in the area.
Just because you choose a condo doesn’t mean you have to restrict yourself to a “one-size-and-style-fits-all” living situation. One thing you should know, however, is that remodeling a condominium is a bit different than remodeling a stand-alone structure. There are restrictions and regulations that need to be observed that not all remodeling contractors are aware of. At Reed Design-Build, we have years of experience and expertise in condo remodeling. Click here to take a look at some of the projects we’ve worked on recently. You might even get ideas for your own condo!
Having a second home in a great location like Naples doesn’t have to be a dream. And by taking the time to ensure the home you purchase is renovated to meet your needs and desires before you move in (an ideal time to do remodeling) you can make it a dream come true. We’d love to help you with that!