Fannie Mae Condo (Orlando, Kissimmee: rentals, HOA fees, condos)

[exit18b]

Looking to pick-up a 1 or 2 bedroom condo to get away during the northern winters. Roughly 15 years from retirement, but would spend 2 to 3 weeks a yr in Orlando. The prices are good. Not looking to rent it out just want to buy at todays discount prices. What are somethings to worry about? Looking more into Kissimmee area.

[AONE]

For only 1-3 weeks it doesn't make much sense to not rent it out. Your monthly carrying costs are high, especially with HOA's on condos. a SFH would have lower monthly costs and might be a better option if you want to have it make financial sense.

If you figure a condo hoa will fall between 200-400 mostly, or $3600 annually (300)
Then you have utilities - $75/ month = 900
cost of money - 150,000 @ 3% annually = 4500

So for 1-3 weeks you are paying $9000 that is 18 days in a $500/ night hotel or 18 days in a $300 / night hotel and $200 daily spending money....


The short term rentals are furnished and rent when you aren't there providing a tax break say...when you come "inspect" the property annually.

[exit18b]

Great point, thanks much. I left one thing out. When we retire, we do plan on spending the winters (2 to 3.5 mths) in Fla. Our thinking, jump on low prices NOW.

[fiege1224]

In 15 years you will most likely go through another crash in the market in Florida. History has proved that. I own a villa on the water and it costs about 9,000 year to hold. I use it 4 to 6 months on average and it still isn't worth it. At least the boat dockage is free. That saves me about 4,000 year. You are much better off with a house. You can control your costs much better. Don't forget you also won't be homesteaded and your taxes can be very high that way. Good luck.

[Natasha_DrPhillips]

I agree that you should look into a single family as the HOA fees for a condo can range btw 200-300/month.

I am a licensed RE professional, please, let me know if I can be any of your help.

~Natasha~