Are you planning to buy a vacation rental home in Orlando? Congratulations! It’s a great decision but if you like to receive all the benefits that this purchase represents and get the desired results, it is important to take your time, to evaluate the information and avoid making these five common mistakes:
Mistake #1 – Not having a defined investment goal
Without any doubt, Orlando is an ideal destination to invest in real estate, but if you don’t know the most convenient property for you, you are at risk of putting your money on the wrong property. Before the investment, analyze the following:
Are you buying a house for your enjoyment but also plan to rent when you don’t use it? Excellent! There are beautiful options for you to buy the vacation home of your dreams; In this case, rental income is not the main objective.
Are you buying an investment property that you could also use for your vacation? In this scenario, generating money through rentals is the main goal.
Do you want to buy a property, but want to build value through appreciation? You need to understand that it requires a long-term outlook to be successful in this instance.
Do you want to buy a property to move in the future or looking for your retirement home? You can do that too!
Some properties can achieve a combination of these goals. Be as open as you can with your Orlando Vacation Home Specialists from Viva Orlando Realty, and we will be glad to help you to find your ideal property, the one that meets your expectations and goals.
Mistake #2- Choose a property too quickly without evaluating if it meets all the requirements
Keep in mind that in Orlando you will find many beautiful properties, but the most popular vacation homes for rental vacation have to meet all the expectations of tourists that love homes with state-of-the-art amenities and great location. For example, they must be properties in resort-style gated communities, with all the comforts and advantages of a house or condo, but with the luxuries and facilities that they can find in any hotel. Pools, hot tubs, water parks, sports courts, gym, play areas and walking trails, are usually amenities that make them very successful as rental vacation homes. But above all, in Orlando, being close to the Walt Disney World Theme Parks, shops and restaurants is essential. It is important to compare between several properties to choose your best option.
Error # 3 – Not understanding the finances and responsibilities of ownership
Every home purchase comes with responsibilities and the vacation homes are no exception. Before buying, analyze the cost of the purchase, and isn’t only the price of the property, but also the operating expenses associated. As experts in the purchase and sale of vacation homes in Orlando, we analyze with our clients all the financial aspect, as well as the monthly expenses, such as HOA, (Home Owners Association), utilities and services that must be paid monthly, such as water, electricity, cable, internet, cleaning and maintenance, pool service and property management. Also long-term expenses, such as, Licenses required to operate as vacation homes, City and State taxes and insurance, among others.
Mistake # 4 – Not working with a local agent who specializes in the vacation homes market
It is not only important to hire a Real Estate Agent. It is to have one who has experience in the vacation homes market, who has a solid professional support team and who knows all the available communities. That brings to you peace of mind knowing that the agent is an expert, such as we are in Viva Orlando Realty, with more than 12 years of experience in the market for buying, selling and managing rental vacation homes. We have excellent references, meet with the most recognized home builders and work hand by hand with professionals from related areas who can guide you in your investment, such as lawyers, accountants and contractors.
Mistake # 5 – Not researching your property management company
When you invest in vacation home, you need to hire experts to partner with and that manage every aspect of your property. Choosing the right office is as important as using a specialized Real Estate Agent to buy your home. The management company will not only be in charge of marketing your property to find guests, but also to coordinate the entire rental process, send reports to you as the owner and keep the property in optimal condition while you’re away. That will help you to earn extra income from your vacation home.
In Viva Orlando Realty we are pleased to have a team of experienced Realtors and property managers that will help you to make your first real estate investment a success. Call us today!
Milena Valle – 407.922.4620 / email@example.com