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Old 10-08-2013, 10:04 AM
 
Location: Newfoundland
7 posts, read 13,450 times
Reputation: 12

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So we are close to purchasing an oceanfront property on S Atlantic Ave in Ormond Beach.

We intend to move there permanently to work when the kids are finished university in Canada. I'm an engineer and my wife is a nurse.

We are purchasing now as prices are climbing and beachfront is what we want. To "fund" it before we move down and sell rental properties we own in Canada, we will rent it. We would like to rent it as a vacation home but know of the 6 month rule in Ormond Beach. However, neighbours on both sides are also currently doing vacation rental so I don't see complaints from them being an issue.

Anyone have thoughts on vacation rentals by owners in Ormond Beach?

Thanks in advance and yes, the weather is terrible in Canada
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Old 10-13-2013, 12:37 AM
 
Location: Pittsburgh, PA
1,304 posts, read 3,020,610 times
Reputation: 1132
Quote:
Originally Posted by East Coast NL View Post
So we are close to purchasing an oceanfront property on S Atlantic Ave in Ormond Beach.

We intend to move there permanently to work when the kids are finished university in Canada. I'm an engineer and my wife is a nurse.

We are purchasing now as prices are climbing and beachfront is what we want. To "fund" it before we move down and sell rental properties we own in Canada, we will rent it. We would like to rent it as a vacation home but know of the 6 month rule in Ormond Beach. However, neighbours on both sides are also currently doing vacation rental so I don't see complaints from them being an issue.

Anyone have thoughts on vacation rentals by owners in Ormond Beach?

Thanks in advance and yes, the weather is terrible in Canada
You share a dream of many "close to retirement" individuals who are/were considering Florida as their future part-time/permanent residence. It seems so logical to offset home ownership costs by renting their property, until they are ready to call Florida their home. Unfortunately, there are many caveats that should be considered before undertaking this endeavor. Foremost, you would have to expect significant costs. For example, if you are able to pay cash for your oceanfront home (no mortgage), you should anticipate your annual costs to run you around $12000. You will be paying association fees, utilities, non-resident real estate taxes, homeowners insurance (if you can find it), and maintenance costs. If you rent the property, you can anticipate further costs associated with having a rental agent and increased maintenance/cleaning costs. Association rules may also dictate your ability to rent your shared property. Plus, you cannot forget to collect sales tax if your property is of a shorter term rental

A predominance of current and past out-of-state landlords will tell you that the nightmares of renting their Florida property is both cost prohibitive and full of headaches. You will need to prepare yourself for the ongoing angst of trusting others to care for your property when you are hundreds of miles away. Good luck!
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Old 10-13-2013, 09:57 AM
 
Location: Newfoundland
7 posts, read 13,450 times
Reputation: 12
Thanks for the advice!

We are well aware however of the monthly costs, which by the way, are higher than you quoted despite NOT being in an HOA.
We also own rental units here in Canada and are fully versed on the responsibilities of being a landlord.

How is Ormond Beach as a vacation destination?
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Old 10-13-2013, 05:48 PM
 
Location: Akron,Oh and PSL, Fl
68 posts, read 165,579 times
Reputation: 49
my husband and I and our 3 adult children and 3 of their friends vacationed in Ormond Beach for a week in 2010 and LOVED it!! I would love to move to that area.
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Old 10-14-2013, 07:06 AM
 
Location: Newfoundland
7 posts, read 13,450 times
Reputation: 12
Quote:
Originally Posted by sue503 View Post
my husband and I and our 3 adult children and 3 of their friends vacationed in Ormond Beach for a week in 2010 and LOVED it!! I would love to move to that area.
Thanks!
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Old 12-02-2014, 11:24 PM
 
2 posts, read 2,866 times
Reputation: 15
I rented a home long term in Ormond Beach beachside right on the Halifax River and loved it. The neighborhoods of Ormond Beach are pretty safe. There were no association fees as many of these homes are older homes or built up into million dollar homes. The ones on the beach I am very sure have no association fees as in homeowner fees. And during events like the Daytona International 500 and Coca Cola 400, Bike Week and Octoberfest, most of the vacation homes are sold out. I had a family reunion July 4th weekend (during the Coca-Cola 400 race week) where I tried months in advance to rent a house and could find nothing within 25 miles available. So you might be successful renting.
There are a lot of snowbirds here. Plus you can drive on the beach, take the family for the day or whenever with food/drink/etc. and enjoy the whole day without having to lug everything around by hand. From Granada blvd. (near J. D. Rockefeller's mansion and vacation home - now called the Casements) to Ponce Inlet in Daytona Beach there are drivable beaches. They have a lot of festivals throughout the year, and free movies in Rockefeller park on Friday nights during the summer weather permitting. Plenty of bars, restaurants and parks too.
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Old 12-03-2014, 07:55 AM
 
8,005 posts, read 7,113,793 times
Reputation: 18162
Quote:
Originally Posted by East Coast NL View Post
We would like to rent it as a vacation home but know of the 6 month rule in Ormond Beach. However, neighbours on both sides are also currently doing vacation rental so I don't see complaints from them being an issue.

Anyone have thoughts on vacation rentals by owners in Ormond Beach?
This is the biggest turd in the punch bowl. The days of "getting away with it" could end the day after you close. What then? Just because the city hasn't enforced the rule doesn't mean they won't in the future. I saw it happen in both Cocoa Beach and Cape Canaveral much to the dismay of the property owners. Fines were involved in a couple of cases. If your dream depends on vacation rental income it doesn't appear to be prudent.
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Old 12-06-2014, 05:06 PM
 
Location: Daytona Beach, Florida
501 posts, read 1,873,265 times
Reputation: 505
Arrow Local Advice

In all my years being a Florida Native, I've NEVER heard of a condo complex without a HOA!
Um, what happens when the roof leaks, the building needs painting or the parking lot resurfaced?

Instead, is there one of those Amish-like barn-raising events where all the owners fly in for the weekend and pitch in their fair share of costs and labor? What does the widow with the walker in unit 12 contribute?

Daytona Beach has an airport (DAB), which makes it convenient for people to arrive/depart the area. This and also AMTRAK service (Station DYA), gives an advantage to rentals in this area -- over other Florida areas which people can only drive to.

In addition to collecting a Sales Tax, there is also a required tourist Bed Tax (and local licenses) for short-term rentals. All of the complexes in the area are aware of the rules (even though new individual owners may not) as there are very disturbing/high-handed consequences in place today for non-compliance/violators (including punishing the ENTIRE complex for your bad judgement, which will make you an immediate sensation poolside and at the monthly potluck or Holiday party)!

Another option which may be attractive to you is purchasing a unit in a "condo hotel" where you can stay in the unit when you want -- but it then can be rented out when you're not there -- to offset all these other costs already mentioned in this thread. It's a hybrid between a timeshare and a condo. Here's an example I know of for the Hard Rock Hotel breaking ground soon in Daytona Beach:
Residences at the Hard Rock - Daytona Beach

Good Luck!

Last edited by daytonadewd; 12-06-2014 at 05:15 PM..
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