I frequently get asked if they should or should not rent with golf cart (in the golf cart communities). Including the golf cart in your rental can have several advantages and disadvantages. Here’s a breakdown:
Pros of Renting Property in a Golf Cart Community:
- Increased Demand: Golf cart communities attract vacationers and retirees who enjoy the convenience and leisure of using golf carts as a primary mode of transportation. This leads to higher demand for rental properties in such communities.
- Higher Rental Income Potential: Offering a property in a golf cart community may allow you to charge higher rental rates due to the added amenities and lifestyle appeal.
- Convenience and Lifestyle Appeal: Renting a property with a golf cart included provides convenience for tenants, allowing them to easily access community amenities and nearby attractions immediately after arrival without having to go through the process of picking up a rental.
- Competitive Edge: In a golf cart community, including a golf cart with the rental property can give you a competitive edge over other landlords who don’t offer this amenity.
Cons of Renting Property in a Golf Cart Community:
- Maintenance Costs: If you include a golf cart with the rental property, you’ll be responsible for its maintenance, repairs, and insurance, which can add to your expenses.
- Higher Initial Investment: Purchasing a golf cart to include with the rental property requires an upfront investment, which may not be feasible for some landlords.
- Liability Concerns: There are liability risks associated with providing a golf cart to tenants, including accidents or injuries that may occur while using the cart. Adequate insurance coverage is essential but can add to the cost. Progressive could be an option here, Make All Your Insurance Easy | Progressive
- Limited Market: While a golf cart community may appeal to certain tenants, it could also limit your potential tenant pool to those who specifically desire such a lifestyle, potentially reducing your occupancy rates.
- Depreciation of Golf Cart: Over time, the value of the golf cart may depreciate, requiring you to invest in replacements or upgrades to maintain the property’s appeal.
Before deciding whether to rent out your property with or without a golf cart in a golf cart community, carefully consider these factors and weigh the potential benefits against the associated costs and risks.
