These has been unprecedented times for all of us, and we all understand that the highest priority is to stay healthy. But as we don’t know when this is going to end, is also important, for those who is possible, to continue working to reach their goals. This applies to all aspects of life, including financial plans and we have already seen this in particular at our Viva Orlando Realty office, with property buyers.
While some have had to postpone their plans, other purchase transactions continue to the closing, and we are receiving requests from potential buyers who want to know what strategies to use to continue investing in real estate.
With fewer homebuyers and the interest rates with lower level in years, there is a window of opportunities for those who are ready to buy.
It is true, in our city of Orlando, as in the rest of the world, we are still in the middle of the coronavirus COVID-19 pandemic, and although it has caused a great economic impact, there are buyers looking for opportunities to make solid investments, such as real estate, acquiring properties for long-term rentals especially, but others for short-term rentals such as vacation properties. Although we don’t know when this coronavirus crisis will end, we do know that the vacation industry will recover and in Orlando, which is the world capital of theme parks, tourists will return.
Our message to friends and clients is that postponing your dreams does not mean canceling them, it means that you need to focus in your priorities and when all this is over, taking up your goals. We, now and in the future, will continue to be here to help you.
If you are considering investing now, here are three of our recommendations to get you started:
1-Work with an agent who specializes in investment properties.
There is nothing better than starting a project in the right way, and for this, it is essential to first find a specialized agent that can give you the best professional advice about all aspects of buying a property as investment. There is a large amount of inventory available right now, but make sure you take the right steps to avoid mistakes. What is the type of property most convenient for you? How do you know you are paying a good price and which is the potential of the house? What benefits and incentives can you get now in this market? What is the property buying process like in Florida and what are the costs of being owner-investor? For all those questions you will find answers with us. At Viva Orlando Realty we are specialists with extensive experience in buying and selling properties in Orlando, mostly for clients who live outside of Florida or outside of the United States. Our office provides property management services for long-term and vacation rentals as well.
2-Evaluate the type of investment that you want to make before starting the search.
Buying a property to rent long-term is not the same as to buy a vacation home for short-term rental when you do not use it. Your decision should depend on the income expectations you are looking for. If you are looking for a stable income, with lower operating costs and make a profit after covering the costs of housing, long-term rental may be your best option. The need for rental housing is very high in Orlando and this trend will continue. Likewise, if you are interested in a vacation home, we will guide you through the entire purchase and rental process.
3-Determine the real budget of your purchase, evaluate location and characteristics of the home.
To make your investment a great success you need to purchase the right property and understand that the costs will not only be the price that you pay for it. Knowing the expenses you will have as an owner, the projection of income-equity, and the most convenient type of property to rent according to the market, will help you define your investment. Depending on the type of home, are the responsibilities of the owner and the maintenance it requires. Location, community facilities and access routes are also essential. We will show you all the properties that meet your requirements and you can make the best decision. We will assist you in all steps of the process until you close and receive the keys of your property.
Viva Orlando Realty, Inc. has a team of experienced Realtors and property managers. Contact us today!