Orlando Vacation Homes and Property
If the agreeable climate, relaxed lifestyle and glut of attractions have tempted you to buy a luxury Orlando vacation home there are some things you should know before agreeing to pay up for your own little piece of the sunshine state.
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Who to buy from
The safest way to buy is through a licensed real estate broker. This means you'll avoid all the pitfalls commonly associated with buying vacation homes and you'll be sure to cover all legalities. This service should cost you nothing as real estate brokers receive their fees from the vendor. If you're thinking about buying property in a managed 'community' check the management company's history at the Better Business Bureau of Florida to ensure no complaints have been filed against them and check company references before making your final decision.
New build or previously owned?
You'll need to decide whether to buy a new or a previously-owned Florida property. Try staying in vacation rentals in the area before you buy as you'll get a good idea of what it would be like to live, or rent, there. If you have your heart set on a particular location you'll be more likely to find the property you want if you are willing to buy a previously owned home. If you go for this option you'll need to get a building inspector's report as building warranties are not transferable. If you buy an older home and plan to let the property to offset the mortgage cost you'll need to factor in the cost of bringing the property, furnishings and décor up to the expected luxury rental standards. If you're buying a new home make sure to check that the property does not fall into one of the coastal zones where short term rentals of new homes are not permitted.
Orlando vacation home rentals: financing your dream
You'll most likely need a deposit of 20 percent to secure a mortgage on your vacation home in Orlando. But if you can muster up a deposit of 25 percent and rent the property for between 35 and 40 weeks of the year you should be able to break even on your mortgage and maintenance costs. However, beware of any broker or dealer that guarantees you a set number of lettings per year - these guarantees are usually worthless and are only employed as a sales tactic. Do your research well, speak to letting agents and spend some time getting to know the area and the properties before making any decision.
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