Those of you who have enjoyed vacation in Florida have probably dreamed of buying a vacation homes in Orlando at one point or another.
In principle it is easy: Choose a location and pay the money.
Maybe that is oversimplifying things a little?
Before you jump onto the internet, let alone a plane, there are some serious questions which require some honest answers.
- Why do you want a vacation home in Orlando Florida?
- How often will you use it?
- Will you rent it out?
- Will you NEED to rent it out?
- How much rental income can you expect?
- Can you afford to buy it for cash?
- Do you require a mortgage?
- How much will closing costs be?
- How much are the maintenance and running costs?
- Will you require a property manager?
- How much will a property manager cost?
- Does the property manager offer booking facilities?
- How much of a commission do they charge?
The questions above should be answered BEFORE you begin looking at pretty photos.
OK so you have your list of answers and you still wish to buy a vacation home in Orlando, here are the next questions
- Where would you like to buy your vacation home?
- Which type of property do you want? Single Family Home, Town home or condo
- How many bedrooms and bathrooms should it have?
- Do you require a private pool?
- What amenities do you want available within the community or nearby?
- Do you want a resale property or a new home?
- Do you have any preferred communities or neighborhoods?
The problems with personal preferences.
If you are buying a vacation home and DO NOT NEED TO RENT out the property to generate cash flow then up to a point you can buy what you like.
However if you do need to rent the property out then you need some solid local advice.
Example: Let’s say you are looking to buy a 3 bedroom single family home close to Disney, but the local property management companies tell you that a 4 bedroom property will give you better occupancy rates and a higher rental return. Do you go with your gut or listen to the advice?
If the difference in costs for buying and furnishing the property are comfortable for you and can be justified then you should probably buy the larger property.
If the difference in costs is too much, then maybe you need to look at a different property or even a different community.
Decorating and furnishing your vacation home for you and your family can be a dream or a nightmare. If you are not going to rent out the property then you can paint murals on the walls, go crazy with colors and buy the wacky furniture you saw online. It’s for you and your taste and ultimately it does not matter what anyone else thinks, because it is your home.
If you are intending to rent out your property we are going to have to squash your design inclinations and serve up some cold-hearted advice.
The probability of the MAJORITY of potential renters liking your weird and wonderful decorating skills is simply NOT GOING TO HAPPEN. Professional management companies who deal with rental properties will be able to give you a good idea as to what their clients expect. They will also probably suggest that you speak to a specialist company which furnishes properties for the rental market. If the property manager does not feel that your property is AT LEAST AS WELL FURNISHED as the rest of his properties you are likely to see lower occupancy rates which in turn means less cash flow.
Choosing the right Realtor is paramount to purchasing the right property for you and your family. There are thousands of realtors in Florida and they all have their niche in the market.
The Realtor you need is one that understands your needs and requirements better than you do. They will be able to give you sound and practical advice – and occasionally things you do not wish to hear – based on having sold 1000’s of properties to people just like you.
They will know which communities will rent out well, which floor plans are most popular for rental AND resale – you may want to sell your property in the future, so you may as well take advantage of good advice when you can. A good realtor will know which lots and units are best and what deals are available at any given time.
When a realtor sells properties on a regular basis in communities they have the possibility to twist the salesperson arm just a little bit more than by someone who is not a regular visitor. This could get you a better price, a free upgrade, better terms and a host of other things.
The best thing for you is that these realtors, including me, get paid by the builder or seller, which means that we are working with you for FREE. Yes of course you can go directly to a developer or community but why would you want to? The minute you walk into a community without a Realtor, you lose the right to use one in the purchase of the property. No realtor is willing to assist you if they are not going to get paid. Plus the developers work with these realtors on a daily basis. There is no way you will get a better deal on your own.
The other benefit of using a Realtor is that you get to be shown everything on the market which meets your criteria. Realtors have access to everything for sale on the MLS and I also have access to everything under construction in new communities which is something only a handful of Realtors have access to.
Searching for a property online – it’s fun but it doesn’t give you all of the choices. To get a true insight contact us and we will show you what is really available.