Coastal Florida has lots of allure for short-stay and seasonal tourists as well, as year-round residents and Naples Real Estate Agents have the privilege to work with some of the most elusive properties on and near its many beaches. Naples is a popular destination for their white sandy beaches, golf, fishing, shopping, and relaxation, drawing thousands of tourists every year.
Most of our Naples Real Estate Agents are used to dealing with luxury real estate, since the city is home to some of the highest-earning individuals not of Florida, but of the country! Owning a rental property in Naples is a lucrative opportunity to increase your monthly income; airbnb renting
, vacation homes and long-term rentals are in high demand there. Vacationers come to stay for a week, a month, or a summer and are ecstatic to rent a beautiful property in a high-end Naples neighborhood close to beaches, golf courses, and other popular outdoor recreation venues. In fact, Naples Real Estate Agents will say that they have a lot of snowbirds
clients; especially from Canada for some reason.
Are you thinking of investing in real estate to rent in Naples, Florida? Here are some reasons our Naples Real Estate Agents point out why it’s a very good idea:
1. Florida has no state income tax.
Additional income is typically the main reason an individual would choose to purchase a property to rent to tenants or tourists. In Florida, you can maximize that income because all the income from your rental property stays with you, the property owner. This does not, however, include other costs associated with property ownership, such as maintenance and upkeep, as well as property tax, which Florida does levy, and any federal taxes. Still, a substantial portion of your income remains intact when you choose to contact a Naples Real Estate Agent to help you buy a rental property in a no income tax state like Florida. Depending on the state you live in, you may be subject to state income tax on out-of-state generated income. Consult with one of our Naples Real Estate Agents or a tax professional to understand fully what the implications of state and federal income tax laws are for your situation.
2. Florida has no estate tax.
Owning a rental property is not just an investment for you; it can be a long-term asset that supports your loved ones for generations to come. The lack of estate tax
- called by some people “death tax” or “inheritance tax”- in Florida maximize the benefit of that asset should you choose to leave the property to your beneficiaries. No matter where you or your loved one resides, the Florida-based housing asset will not be subject to state estate taxes. However, depending on the value of the property, you might get charged a federal estate tax so ask your Naples Real Estate Agent to recommend a tax specialist to help you out with that.
Does all of those great things make living in Naples a little bit expensive? Yes, but the cost of living in Naples
is worth it when you realize you’re buying your own little piece of paradise to escape to. So there’s no doubt, right? Contact one of our Naples Real Estate Agents at once so you can either enjoy Naples or the profit it will bring you!