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St
Augustine
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St
Augustine
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Augustine and St Johns County
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Retirement in St Augustine
There are many couples who have vacationed in St Augustine and enjoyed the wonderful lifestyle and ambiance of our city. As these people approach their retirement years they return here to search for a retirement property. If you are considering retiring to St Augustine there are a number of points you should be aware of.
Generating Income from your retirement property
There is a considerable vacation home industry that provides weekly and monthly vacation rentals to the thousands of vacationers that visit St Augustine every year. One can purchase a future retirement property and realize significant annual income by renting it as a vacation property. Be it a condo, townhome or a single family home, it can generate more than $20,000 annually as a vacation rental. Now, for the most part, this applies to residences located on Anastasia Island. There is also a potential for rentals in gold course communities and for homes close to downtown.The greatest income is generated by properties on or near the ocean. Some investors are generating serious income from beach properties that can accommodate large groups of vacationers. More common are the two and three bedroom condos that rent for $1,400 to $1,800 per week. Each condo association has rules regarding rentals and they vary from a minimum of three day rentals to some that require a minimum of one month. As an income property you realize tax deductions that you should discuss with your accountant.
The Market Today
Our tourist industry has remained strong through the current economic crisis. While we attract many people from out of state we also have many visitors from other areas of Florida. The value of condos and townhomes has remained strong compared to other areas of the state but there are many excellent buys as some owners are pressured into selling by their personal finances. So, there certainly are opportunities for buyers today.
Retiring to Your Home in St Augustine
Once you retire and make your home here your principle residence you realize a tax advantage by homesteading your property. Homesteaded properties realize a 25% to 50% homestead discount on their real estate taxes.
For More Information
I would be glad to help you research the possibilities of purchasing a retirement property. Just send me an e-mail or sign up for a property search.
Glenn Weilbacher, Realtor E-Mail
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