How to Select an Orlando Vacation Home or Condo

Define your Motives

The most important element in selecting a vacation home or condo is defining your long term goals.  Ask yourself, what do I need to consider before making a purchase?

Do you want a 2nd home for enjoyment purposes?
Do you want an investment that will most likely appreciate over time?
Do you want a property that will cover most or all of the costs of ownership?
Do you want a property that you can utilize for extended stays to
Orlando?
Do you want a property that you can eventually move into permanently? 
Do you want a combination of the above list or items in addition to this list?

For the purpose of this particular post, I will address the financial motivations and considerations to keep in mind when purchasing an Orlando vacation home.

Investment:  If your primary goal is investment, then there are a couple of approaches you can take.  First, you can look at future appreciation and right now is a great time to be looking at this. In the current market, there are a large number of properties substantially below market value.  Florida is adding approximately 1000 people per-day so it is logical to predict that our real estate will continue to appreciate over time.  Even though there are some unknowns, I believe that now is one of the best times to buy that we have ever seen.  There are low interest rates, low prices and great potential for rental income on some properties.

Rental Income:  If you are buying for investment and want to help subsidize your expenses, rental income will be an important part of your strategy.  If you buy at a low price but don’t have enough income to offset the running costs, it can eat away at your profits over time.  The ideal properties will have good potential for future appreciation in conjunction with good rental income potential. There are a couple great options which meet the above criteria and of course it’s “Location, Location, Location” plus amenities for the renters.  We currently have condo-hotels units listed that are substantially below the developers’ current selling price.  Many of these units are generating substantial rental income.  Global Resort Homes also has listings in some of the more up-scale developments that have great rental potential and past rental history.

Stay tuned for next weeks post where I will address the factors to bear in mind when purchasing a rental home or condo for personal and entertainment use.

Guy