Many people dreamed about own a vacation home in Orlando. Are you one of those? It’s possible to make your dream comes true. To invest in a vacation home here is a very rewarding experience. As you know, our city is the perfect vacation place for millions of people of all ages around the world, thanks to the most famous theme parks like Walt Disney World and Universal Orlando Resort. But Orlando is more than the theme parks. We have a fantastic weather all year round, beaches one hour away, excellent gastronomy, natural attractions and as is located in Central Florida, people can easily visit other great cities in Florida. For all these reasons, our city has a huge demand for vacation rentals and the good news is that is constantly growing.
You can enjoy here a wonderful vacation in your home and also, you can use as a short term rental home.
If you’re planning to purchase a vacation home, is important to know the process, the benefits, the responsibilities and everything that comes with your ownership. There are some similarities with buying a home as residential, however, you will find huge differences as well and is important to know before you buy.
Here I’m sharing some important tips and factors to consider that will help you to make your dream a reality.
1-The location is key. As always, in Real Estate, this is at the top of the check list when you’re planning to buy a home. And if is a vacation home, you should be sure that the property is close to the main attractions that attracts the tourists here, the theme parks. Home close to Disney represent an incredible investment opportunity.
2-Compare new homes with resales. Here you will find both options. If you prefer the warranty and benefits of a new home, you will find great choices, some of them ready to move. But also there are great resales opportunities for properties that are fully furnished and some of them still under warranty.
3-The types of properties that are available. There are a wide variety of homes (single homes, townhomes, villas and condos) from 2 to 14 bedrooms and most of the them has a private pool.
4-The community where is located. Not all the vacation homes are the same. Not only they are different in models and prices. They also have differences depending the community where they’re located. Ask about the lifestyle that the community provides and you will be amaze to know about the multi-million dollar facilities, like waterparks and golf courses that most of them has.
5-Be sure that the home is in a short term rental zone. This is important if you are going to use as a short term rental property. The community has to be zoned for that purpose, that will allow you to rent to tourists.
6-The income opportunities for your home. Evaluate the potential of your investment and ask the seller for a return to investment report. Is important to know if you can cover or not, the cost of the home with the rental income.
7-Hire a property management company. If you don’t live in Orlando, is essential to hire a management company to handle all the aspects of the home. This is recommended even if you want to take care of the marketing and bookings; the support of an expert team will be important for everything else. You must pay a management fee, but is totally worthy as that company will take care of your property, manage the marketing and rentals, if you need it; deal with maintenance fee and issues and advice you about the rules and regulations that apply in Florida, for vacation home rentals. You will have peace of mind when you have a good company that takes care of your investment here. We can refer if you like to great management companies for your evaluation.
8-Know your obligations. As the owner of a property in Florida, like other places, you will have obligations, in addition to the monthly payments for utilities and services as electricity, water, internet or cable TV, that a vacation home needs to be ready to rent. Is important to know about the taxes of the property, the insurance and also about the Home Owners Association (HOA). Almost all vacation homes has HOA, which is the association that charges a fee to take care of the community and amenities, like the security, pools, sport courts, common areas and club houses. Before your purchase, you must read about the rules and regulations (covenants) of the HOA, restrictions and the fees that they charge for the maintenance. These fees are mandatory, you will be obligated to pay them.
9-Your financial situation. Are you planning to buy cash or you will need a loan to buy your house? Analyze the money that you have available for your purchase and if you need a mortgage, you will need to know your options and have to get a pre qualification for a lender in USA.
10-Work with a Real Estate Agent that knows the market. As Real Estate Company, we have a dedicated team that specializes in vacation homes and work constantly with international and other US buyers. Don’t wait more, this is the best time to purchase a home and make a great investment in Orlando. Remember, our services cost nothing to you as a buyer.
We recommended to consult a CPA or a Real Estate Attorney to discuss any question that you may have related to taxes or Florida Law.
Looking forward to helping you invest in the ideal home for your goals and dreams – Milena@vivaorlando.com