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Old 09-30-2010, 06:00 PM
 
1 posts, read 3,435 times
Reputation: 12
Default Looking to buy a vacation home on Orlando

Hi,

I am looking to buy a vacation home in Orlando for personal use and to rent when I am not there.

1. Can some tell me if this is a good time to buy?
2. What are the best areas?
3. Should I buy in a resort or non-resort area?
3. Do you know of a good agent?
4. How good is the rental market right now?
5. Are short sale homes/ ROA homes worth it?
6. Should I buy new or off the market?

I am heading to Orlando to check out some home but I am wondering if this is a good time to buy.

A Canadian buyer.
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Old 09-30-2010, 09:32 PM
 
Location: Winter Park, FL
1,834 posts, read 2,399,510 times
Reputation: 799
Have you ever rented out a house before? Quite honestly, it's a pain in the a$$. Plenty of people do it of course, but you could end up with an empty house as there are loads of rental options around here. Tenants have a lot of rights here too and if they trash your place you could end up not being able to do anything about it. On the flipside, housing is so cheap here right now it is ridiculous. We have the lowest median home price in the entire state...just beware of any HOA restrictions or even an HOA at all if you plan on renting out a property. They can restrict that at any time and you won't be able to do a thing about it. That's what happened to me and I was stuck with a condo in Georgia that I was not allowed to rent out.

You might want to consider a timeshare or vacation club if you really plan to visit here often. I don't have one as I live here, but I like Orlando enough that if I lived somewhere else I would consider it, or a vacation club where I can use points elsewhere. Some people think they are a rip-off, so I don't know, but it's worth researching.
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Old 10-01-2010, 07:24 AM
 
Location: Orlando FL
1,052 posts, read 2,633,635 times
Reputation: 386
Quote:
Originally Posted by Ottawabuyer View Post
Hi,

I am looking to buy a vacation home in Orlando for personal use and to rent when I am not there.

1. Can some tell me if this is a good time to buy? That all depends on if the time is right for your personally and financially to buy. Have prices fallen here, YES, has the market hit bottom, very likely, are interest rates ridiculously low, yes.
2. What are the best areas? Given it looks like you will be restricted to area's zoned short term rental, be as close to Disney as you can get. Also Reunion and Champions Gate are good area's.
3. Should I buy in a resort or non-resort area? Again given you will have to be in a short-term rental area, and you are planning on renting the property part of the year, and using it yourself the other part....yes go resort area
3. Do you know of a good agent? I do
4. How good is the rental market right now? Short-Term Rental Market is pretty volatile when first starting to rent a property it takes sometime to build up your repeat vacationer clients. But the market is getting better. Just be sure to be able to afford most of the costs of owning the home the first few years as vacancy rates will vary widely.
5. Are short sale homes/ ROA homes worth it? Bank owned homes, Yes, Short Sales, Alot of times Yes but they are still a PITA
6. Should I buy new or off the market? You will almost always get a better deal buying existing homes but existing homes will usually need a bit of work (paint/flooring usually). Only go new if you want something no one else has ever lived in, you need move-in ready, and are willing to pay a bit of a premium for it.

I am heading to Orlando to check out some home but I am wondering if this is a good time to buy.

A Canadian buyer.
Now all of my above responses in BOLD are based on if you where planning on using this property at least once a year and would not be able to rent it out long term (yearly leases). If planning on doing that you must be in area's that are zoned for short-term rental. You won't have issues with an HOA not allowing you to rent a property short-term in 90% of the communities in these zonings, but your agent should help you confirm.

If you where able to rent a property long-term, that market is much more stable and doing well. The area's to purchase also quadruple. Windermere, Waterford, Lake Mary, Downtown Orlando, Winter Garden, etc....all have great rental markets for the right home.
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Old 10-01-2010, 07:54 AM
 
Location: Winter Park, FL
1,834 posts, read 2,399,510 times
Reputation: 799
Doh, I wasn't thinking about short-term rental, which is obviously what he would be doing.
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Old 10-01-2010, 08:45 AM
 
423 posts, read 591,977 times
Reputation: 211
I am looking to buy a vacation home in Orlando for personal use and to rent when I am not there.

1. Can some tell me if this is a good time to buy?

Great time will be this UPCOMING year, more foreclosures are hitting the market as the banks FINALLY whittle through their backlogs.

2. What are the best areas?

For the best return on your money (ie you not paying for EVERYTHING), the area around Disney is good.

3. Should I buy in a resort or non-resort area?

Depends on you and what you want in a rental. Resorts generally are better with security.

3. Do you know of a good agent?

A few (Probably should become one myself)

4. How good is the rental market right now?

Rental market is not so good, as far as DEPENDABLE renting.

Greg has it right, be prepared to spend everything yourself and anything you get would be extra.


5. Are short sale homes/ ROA homes worth it?

All are good, but you have to wait on the Short sales. Bought my own Town home last Nov, bid on it in July!

6. Should I buy new or off the market?

Would say that the better deals are off market, Bank owned right now.
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Old 10-04-2010, 12:32 PM
 
Location: Fort Myers FL/ Ottawa ON
1,205 posts, read 1,851,825 times
Reputation: 425
Hey Ottawabuyer!!! I am based in Ottawa as well, and came close to buying in Baldwin Park or Celebration, but South Fort Myers is what stole my heart...

this is something we put together on the CD forum for Fort Myers/Cape Coral (PM me if you want to have a coffee in Harperville)

you can fly Ottawa to Tampa direct in season, or Syracuse to Orlando year round direct, or connect through NY to SWF airport.

the prices are much lower in SWF...so you don't have to rely as much on rentals. Sanibel or on the beaches is best for tourist rentals.


==
FUN THINGS TO DO IN SWF & LEE COUNTY

Great thing about Lee County is that everything from Everglades City up to Sarasota are day-tripable. If you like plenty of bars, restaurants, unlimited shopping, beaches, boating, golf, festivals and being 2-3 hours from Miami, Fort Lauderdale, Orlando, Tampa, and 30-90 minutes from Naples and Sarasota, with the Keys close enough for overnight trips, then you WILL have fun here. Starting at the top:
NORTH OF THE COUNTY
Fisherman’s Village| Charlotte Harbour Park| Town of Boca Grande| Gasparilla Inn & Club| Gasparilla Island Museum| Boca Bike Path| Haze Bike Path| Legacy Bike Path| Babcock Adventure| Arcadia Antiques| Ca D’ Zan Mansion| Polo
CAPE CORAL, MATLATCHA AND PINE ISLAND
Yacht Club Beach| Sunsplash Water Park| Paradise Bikes| Cape Coral Art League| Historical Museum| Cultural Park Theatre| Four Mile Cove Preserve| Rotary Park| Boat Rental| Island Girl Ferry| Tropic Star Cruises| Cabbage Key| Pine Island Preserve| Matlatcha| Matlatcha Pass Preserve| Matlatcha Bridge Fishing| Golf
SANIBEL/CAPTIVA
Bailey-Matthews Shell Museum| Ding Darling Refuge| Sanibel Fishing Pier| Sanibel Causeway| Big Arts| Sanibel Bookshop| Andy Ross Lane Beach| Turner (Blindpass) Beach| Captiva Historic Cemetery| Chapel by the Sea| Colgate Sailing School | Green Flash
FORT MYERS & FORT MYERS BEACH
Notable Shopping & Restaurants
Bell Tower Shops| Tanger Outlet| River District| Shell Factory| Veranda Restaurant| Beach Seafood Market| Total Wine| Sun Harvest Citrus| The Bike Route| Schwinn Cyclery |Paradise Bikes| Night Clubs | Fleamasters|
Nature & Sports
Ostego Bay Science Center| Manatee Park| Princess Cruise| Calusa Nature Center| FM Beach & Pier| Imaginarium| J.C. Cruises| Butterfly Estates|
Skatium| Minnesota Twins| Boston Red Sox| 6 Mile Cypress Slough| Key West Ferry| Boat Rental| Bike Paths | FM Golf | Lehigh Golf| Horseback | Sailing Tour|
Matanzas Pass
Culture
Edison & Ford Winter Estates| Burroughs Home| SW Florida Museum| Laurel Art Gallery| Arts for ACT Gallery| Arts Cultural Center| Davis Art Center| Alliance for the Arts| Reperatory Theatre| Theatre Conspiracy| Broadway Palm Dinner Theater| Mann Arts Centre| Gulf Coast Symphony| SW Florida Symphony| Murder Mystery Dinner Train | Mound Key| Bridge
BONITA SPRINGS/ESTERO/IMMOKALEE
Lover's Key Park| Dog Beach Park| Miromar Outlets| Poker Room | Gannon’s Antique Mall| Coconut Point Mall| Koreshan Historic Site| Kayaking| Corkscrew Sanctuary| Airboats| Seminole Casino| Bonita Golf| Estero Golf
COLLIER COUNTY (NAPLES, MARCO ISLAND, EVERGLADES CITY)
Naples Pier| Tin City| Segway Tours| Trek Bikes| N. Cyclery|Alley Bike Path| 5th Ave. South| Waterside Shops| Naples Golf| Botanical Gardens| Museum of Art| Zoo| Co. Museum| Turtle Club Restaurant| Bach Ensemble| Opera Society| Philharmonic| Theatre Zone| United Arts Council| Von Liebig Arts Centre| Flying Club | Stilts Restaurant| Tiger Tail Beach| Manatee EcoTour| Everglades City Airboats| Ave Maria|
FURTHER AFIELD (Google Map Travel Time)
Daytona (4 hours - NASCAR)
Orlando (3 hours – Disney World, Universal Studios, Sea World)
Tampa (2.25 hours – Ybor City)
St. Petersburg (2 hours – Dali Museum)
Palm Beach (3 hours – Flagler Museum)
Fort Lauderdale (2.5 hours – Sawgrass Mall)
Miami (2.5 hours – South Beach, Vizcaya)
Keys and Key West (5 hours – Dolphin Swim, Bahia Honda Park, Sunset Celebration)

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