If you currently find yourself in the enviable position of looking to buy a second or third property in Coronado, California then congratulations! With this being a buyer’s market in Coronado and the Coronado Cays, the equity that you stand to gain from this purchase can be considerable. In order to maximize your gain, I strongly suggest that you begin with hiring the services of a REALTOR who holds the Resort and Second-Home Markets designation (RSPS). The next step in this process is to determine if you will be financing this purchase or paying cash. Next you need to decide what the second home will be utilized for. Is it a vacation home? Or perhaps it is to be used as a long or short-term rental? Keep in mind that the City of Coronado has laws that affect rentals. For example, the City of Coronado’s zoning ordinance states that you cannot lease/rent your home out for less than 28 days. The reason being is that they do not want the homeowner competing with the hotels and the revenue the City of Coronado collects from their “TOT” (Transient Occupancy Tax).
If you are looking at this purchase as a source of revenue then there are certain steps that you should take to ensure the home will bring in as much money as possible, thereby allowing you to pay off the mortgage quickly. For this type of investment, the cleaner the better. Nice homes are in high demand, and they fetch a good monthly rate. Also, ask yourself, "am I ready to be a landlord" This will involve the task of finding and maintaining good tenants, and sometimes having to do what's right for you and your property, not what's right for the renters. If you have the tendency to be "too nice," land lording might not be for you. In this case you may want to solicit the services of a property manager.
Expect More Than A Home…..Create A Lifestyle In Coronado!®
REALTOR / Broker Associate
Keller Williams Realty – Coronado