Are you considering purchasing Sanibel real estate? Congratulations! Sanibel Island is a beautiful place to stay, and it’s also a popular vacation destination for tourists from across the country. Purchasing a home or condo on Sanibel or Captiva Island for an investment property is not a decision to take lightly.
Before you take the leap to purchase one of the Captiva or Sanibel Island homes for sale, read on for more information.
Things to Consider When Investing
in Sanibel Island Real Estate
Purchasing property is a big move, so you want to take your time. Especially if you’re purchasing an investment property, you want to be sure that the accommodations you buy will produce profits for you in the long run. But how do you do that? There are a few key things to consider before purchasing real estate on Sanibel Island or Captiva Island.
Sanibel Island has a truly fascinating history, and it’s an absolutely gorgeous place to stay for a while or call home. In fact, Sanibel Island is one of the most protected islands in all of Florida. The majority of development here has just happened in the last few years, so it’s still a relatively undiscovered location offering that “Old Florida” charm.
Captiva Island has much the same story. This island is even more secluded and quiet than Sanibel, which can be great news for those who want a relaxing getaway or a private vacation home where they can escape the demands of the mainland. Either location can be an incredible place to purchase property; just be sure that you take your time selecting Sanibel or Captiva Island real estate.
Investment for Second Stream of
Income or Second Home
Before you purchase a property, consider what you’re buying it for. Are you wanting a second source of income, to purchase a property that you can rent to vacationers on the island? Or, do you want to buy a second home that you can use when you want to get away?
If you go for the first option, you’ll need to consider the demands of property management or the extra costs associated with a property management agency. Suppose you purchase the home or condo for your own use. In that case, you might consider renting it out throughout the year to cover the cost of utilities or make a bit of extra money.
Home vs. Condo
When purchasing property on the beaches of Sanibel Island, it’s an age-old question: home or condo? Each type of property has its pros and cons, and the right choice for you will be determined by your goals.
Condos are only allowed to be rented for a minimum of seven days on Sanibel Island (though some have been grandfathered in to allow daily rentals), while single-family homes can be rented for 28 days. If you want to maximize income, you would be better off purchasing a property with a shorter rental frequency since they tend to have better cash flow. However, if you want to simply break even, a longer rental frequency property like a home might be appealing.
Additionally, managing a weekly property rental can be more demanding than a longer rental, so if you don’t have that much time on your hands or don’t want to work with a property management agency, it might be best to invest in a home.
You will, of course, also want to consider the location of your potential property. We’ve already discussed a bit about the differences between Sanibel and Captiva Islands. Still, you’l0071a1l also need to consider whether you want to be near the water or in the middle of town on each island. Waterfront properties tend to be more expensive but also tend to bring in more income throughout the year.
Waterfront properties can be further divided into Bayfront, Gulf front, or canal properties. Each has its own advantages for the renter, whether they want to stay on the beach or have easy access to their boat. Again, these are all things for you to consider in-depth if you plan to stay on the property!
If you want to purchase a property in town, try to find one that’s nearby some of the island’s most popular attractions. A home or condo within walking distance of the best shops and restaurants on the island is sure to be appealing to newcomers. Plus, if you want to stay in the property yourself sometimes, you’re also likely to appreciate the convenience.
Check Out Surrounding Areas,
Amenities, and Attractions
With that being said, it’s best to see what’s around your potential property. Is the home or condo in a busy neighborhood or at the end of a dead-end street for a little more privacy? Which side of the island is it on? How far is it from the mainland? These are important questions to answer that may determine how much you can rent your property for.
Additionally, you’ll want to see what the closest amenities and attractions are. Does the home or condo in question have a pool or a deck? How far away is the nearest grocery store or gas station? What are the closest Sanibel restaurants? Again, all of these questions will help you determine how much your property should rent and help you write your listing.
Go Explore the Area – Stay with
If you don’t live near Captiva or Sanibel Island, it’s more than worth it to come down here and explore the area for yourself before you invest in a property. We recommend booking a stay with Gopher Rentals. Their properties are conveniently located near the best attractions in town. The helpful staff can let you know which neighborhoods are the most sought-after. Taking the time to explore the area like a tourist or summer visitor will give you a good idea of where you should purchase your property and what attractions are the most in-demand. You can even rent one of the larger properties from Gopher and turn your business trip into a family vacation!
Use David as Your
Real Estate Expert
When you’re finally ready to dive in and purchase Sanibel Island real estate, you’re going to want someone by your side to walk you through the process. David Schuldenfrei is a Sanibel Island real estate agent who can help you find and secure the ultimate investment property or second home.
David Schuldenfrei has been helping clients find the best properties on Sanibel and Captiva Islands for years now. He has made himself a household name in the community. With decades of experience under his belt, David can help you find the right property and purchase it at the right price. If you’re considering buying a property on Sanibel or Captiva Island, get in touch with David Schuldenfrei to see how he can help!