Orlando Real Estate - The Market
Orlando real estate can be a savvy investment if you're looking for a holiday home, a winter retreat or a retirement home. However, there are plenty of hard-nosed agents in the Orlando real estate industry who will dupe you with aggressive sales pitches for badly-built and mismanaged timeshare apartments so it pays to do a little research and avoid anyone who seems too pushy.
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Florida is experiencing a building boom and new homes are springing up all over the Orlando holiday area. Although property values have risen 10 to 12 percent in the last ten years Orlando real estate is still an affordable option and generally a good investment. This is particularly true when you factor in the potential income you could make from renting your property to holidaymakers.
Where to buy the best value Florida investment
Choosing a location for your new property is very important. Most buyers opt for properties between Orlando city and the coast. This provides easy access to both the theme parks and the beaches, and income potential from the millions of holidaymakers that descend on the area each year. By renting out your property while you're not around you have the possibility of covering a substantial part of your mortgage and running costs. Be sure to ask agents about the rental market in the area and what occupancy level you could expect when you're not using the property yourself.
However, the coastline provides an attractive alternative for many, particularly older buyers. The Gulf coast is generally more popular as it is slightly warmer and has a quieter lifestyle than its Atlantic counterpart which is home to lots of high-rise developments. And as older couples generally plan to spend more of their time in their own property rental income is not such an important element to factor in.
What to buy
Whatever your budget or chosen location, always look for a property with a heated pool. This makes letting, and in the long term selling, your property much easier. Properties within an hour's drive of an international airport are always a good buy and those within 20 minutes drive of the main attractions or the beach are the safest long-term investments.
What you'll pay
New-build Orlando real estate should always come with a builder's guarantee and it's worth negotiating a deal that includes furniture and white goods. Although values fluctuate, expect to pay about $130,000 for an apartment with a shared pool, and $190,000 for a fully furnished three-bedroom, three-bathroom house with a pool. Along the coast prices can be higher, particularly in up-market locations such as Naples (reputed to be home to more millionaires than any other part of Florida). A similar home here would cost between $300,000 and $350,000.
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