Investing in Orlando Vacation Homes

By: Howard Farmer

Orlando vacation homes are a great investment. This area is a popular tourist destination, with millions visiting each year. Many property owners rent out their homes to tourists to help cover the costs of ownership. This can be a great way to supplement your income and help cover the costs of maintenance. When purchasing a home that you plan to rent, consider what makes a property attractive to tourists.

Purchasing Orlando Vacation Homes

When purchasing a vacation home in Orlando, it's important to consider location. In this area, it's important to be near the attractions. The closer the home is to the theme parks and other attractions, the easier it will be to rent. People are looking for places to rent close to Disney and other theme parks. In addition, you will get more for your rental in the areas near the parks.

You will want a real estate agent to help you find properties. Look for an agent with experience selling vacation homes. This person will be knowledgeable about the rental market in the area. In addition, your agent will have helpful information about the necessary paperwork for renting property and management options. Hire an attorney for closing. Your attorney will look after your interests and will read over all the paperwork to be sure your interests are protected.

Be sure to check the local zoning ordinances. Make sure the properties you are considering are in an area that is zoned for short term rentals. If not, you won't be able to rent it to tourists. Your real estate agent will be able to help you with zoning issues.

Consider the outdoor area around the house. A pool is a very popular amenity. Many people want a pool when renting a vacation home. A pool that is screened in and heated will be even more popular. There should be some privacy in the back yard. This can be done with privacy fencing or by planting shrubbery to give privacy from the neighbors. An outdoor area for barbecuing or picnics is an added benefit.

There are some things you should consider for the inside of the home as well. A decent kitchen is important in a vacation home. The ability to cook is important for comfort. This allows visitors to save money and enjoy some meals in the house. The home should be nicely decorated and furnished. The look of the home is an important feature, since you will be advertising with pictures.

Make sure you can afford the mortgage and all related costs. These include taxes, insurance, utilities, maintenance, repairs and other fees. Other expenses include pool care, lawn care, trash pick up and the cost of having the home cleaned. Prices have risen on properties in the Orlando area in recent years. At the same time, the rental fees have not increased. This has resulted in less money to cover related expenses. Don't depend on renting the property to pay for your mortgage. You can get into financial trouble this way. Be sure you can afford the home, even if it isn't rented.

Managing Orlando Vacation Homes

You have a few options for managing your vacation property. You can manage the property or hire a management company to do it for you. If you plan to manage it, be sure you have the time to devote to advertising, renting and performing repairs and maintenance. If you live far from the property or don't have the time, consider hiring a management company.

Property management companies will take care of advertising, renting and collecting fees. Some just handle renting, while others handle all the maintenance and repairs to the property. If you live far away, you may want the company to handle repairs and maintenance as well. The company will charge a fee, depending on how much they do for you.

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