Calculate your costs before you determine your rental rate

After verifying any HOA regulations and rental restrictions, your next step is to figure out all your expenses. Costs over and above those you are dealing with as a homeowner are essentially broken down into five categories:

• Marketing – Online marketing is affordable and the easiest way to advertise and manage your rental campaign. Be sure to add your listing to several property rental websites.

• Tax – All short-term rental properties in Florida are subject to a Tourist Development Tax. This varies by county, currently from 2% to 6%, and applies to gross rental income received. Long-term rentals are subject to rental income tax, too. Check with your accountant on tax estimates.

• HOA fees – Your Homeowners Association may charge you an application fee to rent your property.

• Insurance – You will want to get a quote for public liability coverage on your rental property. This helps protect you as a homeowner.

• Maintenance – The cost of cleaning, appliance maintenance—like air conditioning, and garden up-keep all need to be factored in. Add to this the replacement of furnishings due to wear and tear.

Adding up all your homeowner expenses doesn’t take long and will help give you an initial cost basis before determining your rental rate. If you are looking to rent your Florida home, check out how to rent your Florida property in Seven Easy Steps.

FAQS
Frequently asked questions and answers for property owners.

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