You’ve decided that you want to buy a vacation home in Orlando. That’s fantastic! Before you make an offer on that perfect Florida retreat, here are ten things you need to consider before you buy.
• Spend time here to get a feel for the area
If you’ve never been to Orlando or Central Florida before, you might not understand how the area is laid out and where to look for a home. The greater Central Florida area is actually composed of four counties and is quite large. Orlando/Kissimmee are the Vacation Home capital of the world! Which means there are a lot of communities to choose from.
To really get a feel for your perfect home, visit us and stay in one of the resort communities you might want to buy in. While there, consider the following to figure out what the ideal vacation home looks like to fit your vision:
•How do you like to vacation?
•What is the size of your family and who might vacation with you?
•What conveniences and amenities do you care about?
Our sister company Casa Floridian has many homes in to choose from in desirable vacation communities so you can test your potential neighborhood before you commit to purchase.
• Choose your location (and timing) carefully
Location, location, location! It’s the first rule of real estate, isn’t it?
This definitely holds true when buying a vacation property. The best vacation homes in Central Florida are close to the theme parks due to the demand in the area. If you’re considering using your home for a short-term rental, you’ll want to make sure you pick the best location to suit your enjoyment needs and investment goals.
You should also consider the timing of your purchase too. There are many fabulous communities currently under construction that are offering fantastic incentives to buyers if you act now.
• Pick a real estate agent that knows the area
Hiring a real estate agent who is knowledge about the vacation homes in Orlando/Kissimmee is critical. Secondary properties have different regulations and tax laws than a primary home, and laws can vary from state to state. A knowledgeable real estate agent, like those with Viva Orland Realty, should be able to help you through the entire buying process.
If you are purchasing a home internationally, it can be even harder to figure out everything you might need to know. An experienced real estate agent is a helpful guide who will assist you through the entire process and be a resource for any questions you have at the time of purchase and beyond.
• Understand the laws and regulations of the area
Your real estate agent will be able to advise you on the rules of the areas you are shopping in. Each community will have its own rules, home owner and association fees, and expectations from residents. Understanding the different rules in each community might sway your decision on where to buy.
If you are thinking about using your home for short-term rentals, there are even more rules and laws to consider. Listing your home as a short-term rental isn’t as easy as listing the property and booking a guest. There are laws and regulations to follow and should be considered before purchasing the home.
•When you will visit (and how often?)
If you want to use your property as a place as a family vacation spot and a rental property option, you need to consider when you would like to visit. Orlando is very busy during holidays and in the summer months. If you want to stay during those times, you might be forfeiting income opportunities. You might need to reconsider your vacation schedule if the income from the home rentals is important to you. Fortunately, your real estate agent or property manager can advise you on the best dates to visit.
• Know all your costs
The down payment, closing costs, and a monthly mortgage are not the only expenses you will need to consider with a vacation property. You might be responsible for additional fees like homeowner association fees, resort fees, maintenance costs, property management costs, and even furnishing costs.
•What are you going to do when the house is empty?
With a vacation property, there will be times your home is unoccupied, sometimes for long periods of time. You will need to consider what to do with the home when you aren’t living in it and who will take care of it.
Property management companies can help home owners take care of their properties when they’re away and can assist with finding short-term renters to stay in the home when it’s not occupied.
• Do you want to make income from renting out the home?
Listing your vacation home on the short-term rental market is a great way to offset many of the costs that you will have to handle when you own a second home. Plus, because it will probably be unoccupied much of the time, it’s a great way to create an additional income.
Properties management companies, like our sister company Casa Floridian, can:
•Advise you on what rental price to list your home at.
•Advertise on their networks to attract guests to your home.
•Manage guests needs on their visit.
•Manage the maintenance work on the home in your absence.
• The safety of your home’s neighborhood
Safety is a key concern if you are considering purchasing a vacation home, especially when there might be long stretches of time your home is unoccupied.
Many of the Orlando/Kissimmee vacation homes are in resort communities with manned guard gates and require guests to sign in before entering making it safer for anyone who is staying in your home.
• The additional maintenance a vacation home will need
Additional ongoing maintenance of a vacation home should be a concern of any potential buyer. Every home has basic maintenance needs that have to be addressed from time to time. If you choose to do all the maintenance yourself, you should be prepared to spend the first days of your time in the home dedicated to general maintenance work.
We understand you might have additional or specific questions in regards to this investment. We invite you to contact us at Milena@VivaOrlando.com or call 407.922.4620. Our team is ready to help serve you in the purchase of your dream vacation home.