Buying a vacation home in Orlando can be a very rewarding experience. Not only can you and your loved ones enjoy unlimited vacations, but it’s also a great long-term investment – a rental property enables you to earn fantastic returns when you’re not using it.
Together with our team of trusted Orlando-based realtors, Top Villas is the leader in both the realty and rental markets. We’re uniquely placed to be able to advise you every step of the way. Here’s our guide to the top 10 things to know about investing in Orlando:
1# Location, location, location
Choosing the right location is the key to success for any investment home. The largest draw in Orlando is Disney World, so buying a home within 10 miles to Disney is an absolute must. There are lots of fantastic rental resorts in the Disney/Kissimmee area including Reunion Resort, one of Orlando’s most popular year-round vacation spots.
2# Be unique
There are so many properties in Orlando – you can make sure yours stands out from the crowd by buying or building a unique home. You don’t want to have to compete with dozens of houses that look similar to yours, so instead you should aim for something with its own distinctive features so that it’ll stand out in the busy rental market. A unique home with unique features will always generate a higher rental return than a ‘cookie-cutter’ property.
3# Update the furnishings
If you’re buying an existing 5+ year old home that’s still decked out with its original furniture, don’t expect the bookings to come flooding in. Trends and tastes evolve all the time and there’s nothing renters hate more than bland furniture that looks outdated and worn. Keeping up to date with current trends will keep you ahead of the competition. So if you’re buying an existing home be sure to factor in the cost of updating the furnishings. Our local partners can help with all of your interior design needs.
4# Cash in on re-sells
Some of the best deals available are re-sells, yet many potential buyers cannot see past the shabby décor as they’re fixated on finding the picture-perfect home. You should make the most of this opportunity as these ‘outdated’ homes are always priced more competitively. Bookings may be slow at the time of buying but it’s incredible to see how these homes transform when they’ve had an upgrade and a little love and care.
5# Don’t make it personal
If you’re buying a home purely as a rental property make sure you don’t overspend on tailoring to your personal tastes. You may like outlandish designs and wacky gadgets but they aren’t going to make you money on the rental market. Style your investment home for your guests rather than for yourself.
6# Find the right marketing partner…
So you’ve found the house and now you need to get the calendar booked up with paying guests. The key to success is to make sure you have a marketing partner who is passionate about looking out for you and your home. Top Villas is the world’s most exciting luxury villa rental website and you’ll enjoy a raft of exclusive benefits when your partner with us.
7# …and property manager
One of the most important aspects of stress-free vacation home ownership is knowing that your home is in the best hands when you’re not around. If you select the right property manager they’ll take care of your home, look after your guests and make sure everything runs smoothly.
8# Buy from the best realtor
All realtors will earn commission for selling you a property. They may get a higher commission for selling some homes over others, so it’s important to find a realtor that isn’t just pushing you a home for their own gain. Find out about your realtor and their track record. Ask them for as much help and advice as you need. You’ll soon be able to tell whether they’re genuinely passionate about finding the best deal for you. We have made Top Villas Realty a huge success on the basis of our trusted and dedicated realtors.
9# Bear security in mind
Orlando is a very safe place both to live and to visit on vacation, however guests and owners alike prefer have the peace of mind that added security brings. The best rental communities are all manned and gated 24/7. This really helps to boost property values.
10# Cash vs finance
The topic of cash versus finance is a very interesting one. By financing your home with 20% cash down (US citizen) or 35% down (international buyer) you’ll be able to generate approximately double the return of a pure cash purchase. You can buy a better home and keep more money in the bank, comfortably covering all costs including mortgage payments, and also make a profit from the rental income.