If you're thinking about buying a second home or an investment property in the Space Coast, specifically in the South Beaches area which includes Indian Harbor Beach, Indialantic, and Melbourne Beach, then this article is for you. In this article, we will discuss everything you need to know before purchasing your first vacation rental in these areas.
I'm Rachel Langley with Florida Lifestyle Realty, and I'm here with Elise from Flora Casa, a vacation property manager in the Space Coast. Together, we will go over important considerations and rental restrictions that you need to be aware of before making a purchase.
Rental Restrictions
Before diving into the details of each area, it's crucial to understand the rental restrictions that may apply. Working with a realtor who is familiar with the local ordinances, HOA rules, and condo restrictions is essential. You don't want to buy a property only to find out later that you're not allowed to use it as a vacation rental.
Some areas have restrictions on the duration of rentals, such as daily, weekly, or monthly restrictions. It's important to be aware of these restrictions before making a purchase. Let's now discuss the rental restrictions in each of the South Beaches areas.
Indian Harbor Beach
Indian Harbor Beach is a great place to look for vacation rentals. While you still need to go through a rental licensing process and fulfill tax requirements, there are no specific restrictions on short-term rentals in this area. It's definitely a top choice if you're open to exploring the entire Space Coast.
Indialantic and Melbourne
Just south of Indian Harbor Beach, you'll find Indialantic and Melbourne. These areas follow Melbourne ordinances and allow short-term rentals. However, in Indialantic, short-term rentals are only permitted east of A1A, which limits the options to condos and some luxury homes right on the beach. It's important to check for any HOA rules in these areas, as they may have additional restrictions.
Melbourne Beach
Melbourne Beach (incorporated) allows short-term rentals without any specific time restrictions. However, there are stringent requirements for licensing, property inspections, and guest information collection. It's recommended to work with a property manager in this area due to the additional responsibilities and regulations.
Unincorporated Brevard
In some parts of Indialantic and Melbourne Beach, you may come across unincorporated Brevard areas. These areas have different rental restrictions, with a 90-day minimum on the west side of A1A.
Choosing the Best Area for Your Vacation Rental
When it comes to choosing the best area for your vacation rental, it depends on your goals and lifestyle. Indian Harbor Beach offers the most opportunities for properties, making it a popular choice. However, it's important to consider whether you're looking for a vacation home to offset costs or an investment property for positive cash flow.
Cocoa Beach and Cape Canaveral are also worth considering. These areas are touristy but still relaxed, offering a balance between rental income potential and a relaxed lifestyle. As you go further south, the areas become more residential, which may be preferable for those looking for a quieter and more relaxed lifestyle.
Attractions in the South Beaches
Each of the South Beaches areas has its own unique attractions that visitors would be interested in. In Indian Harbor Beach, you have beautiful beaches and the convenience of being just a 15-minute drive away from Ogalli and downtown Melbourne, where you can find great food, art galleries, and shops. Indian Harbor Beach also has a dog beach, making it a great option for pet-friendly rentals.
Indialantic and Melbourne offer the amenities of Melbourne, including shopping, dining, and proximity to family if you have any in the area. Melbourne Beach, on the other hand, is a surfer's paradise with lots of boating, nature parks, and golf courses. It's a quiet and peaceful area, perfect for those looking to get away from the hustle and bustle.
Conclusion
If you're considering purchasing a vacation rental or second home in the South Beaches area of the Space Coast, it's important to be aware of the rental restrictions and considerations in each specific area. Indian Harbor Beach offers the most opportunities for vacation rentals, while Indialantic and Melbourne have some restrictions based on location. Melbourne Beach has more stringent requirements and may require the assistance of a property manager.
Ultimately, the best area for your vacation rental depends on your goals, lifestyle, and preferences. Consider the rental income potential, your own use of the property, and the attractions and amenities in each area. Whether you're looking for a vacation home or an investment property, working with a real estate agent and property manager can help you navigate the process and find the best property for your needs.
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