If you've ever been to Orlando, you probably know that the city is wonderful and increasingly full of attractions to enjoy on vacation. And a good way to enjoy these delights even more is the purchase of a holiday home, and if you're thinking like that, here are tips to get your purchase right.
1. Visit Orlando before you buy
Orlando is the most visited tourist city in the world, and has great houses available for sale that will be an excellent investment. But you and your family still don't know Orlando, you need to know and feel good in the city. And this presents the opportunity to “try before you buy.”
2. Choose your location carefully
This is probably the first thing that any buyer should consider before buying an Orlando vacation home. The best way to answer this question is to ask yourself, "Why do I want to own a vacation home in Orlando?" If you are hoping to rent your home to thousands of tourists, you will want to have a home close to the theme parks. If you are going to buy just for you and your family to use, finding a home near the theme parks may not be a priority, but also the conveniences around you that you can enjoy.
3. Think about convenience
When you choose your vacation home, you will want to find a relaxing home that fits your lifestyle. If you like to have easy access to malls and stores and other amenities, buying in a remote place is out of the question. If you prefer something isolated instead, choose a house that is more distant from civilization.
4. Consider your neighbors
Depending on where you choose to buy a vacation home, it is likely that you will be surrounded by others who love the area as much as you do. So, you need to decide if you want to have many neighbors very close (townhouses and apartments) or if you prefer to have a more reserved space just for you and your family (a house with a garden).
5. Learn about Neighborhood Restrictions
You may have some restrictions when you purchase a vacation home. The houses are usually in a condominium, and the homeowners' association establishes rules on property care, which may have certain restrictions such as colors for the exterior painting of the property, rental of the property, etc., and you can even be sued if you don't. comply with local rules.
6. Buy within (or less) of your budget
It doesn't even need to be mentioned, but don't fall into the trap of buying a house that is more expensive than you can afford. What is the point of buying a vacation home? To relax and to invest mainly. Do not risk the mortgage of the property threatening your budget.
When buying a vacation home, especially if it is your first purchase, to avoid making mistakes, be cautious and buy something that is within your budget. If you need something bigger, you can switch to another one later, but it can be much more difficult to buy something more than you can afford.
7. Be conservative when estimating potential rental income
Orlando is the most visited family vacation destination on the planet, so the income potential is high. Many people pay their mortgages and even make a profit at the end of the year, but it is important that you do not commit your fixed income to this when buying an Orlando vacation home. Some years can result in more income than others, so buy a home that you know you can afford, without renting the house itself, and consider the property's income as an added bonus.
8. Understand the tax implications
When you buy a vacation home, it is important to look at the tax implications of owning that property. If you are going to rent the property, you will have to pay income tax on the income you receive.
You also need to check how your income tax will be in Brazil and in the USA - there is an agreement between Brazil and the USA in relation to this, paying only once.
9. Property management
You also need to consider the costs of repairing and maintaining the property, especially if you live away from your vacation property. What many homeowners decide to do is to hire a property manager to take care of their home and publicize the property to potential landlords. The property management company will perform services such as cleaning and landscaping, at the same time, handling customer inquiries and taking care of guests during their stay at your home. This is often the most stress-free approach to owning a vacation home, especially when you live far away or hope to rent your property as much as possible. This also allows you to make the most of your vacation home while you are in town, while the hired professionals deal with the responsibilities of taking care of your home when you are away.
10. Look for great options
It may be due to the tense economy or someone who has to sell a property quickly ... this can give you a good deal. Buying a home that is in a neighboring community to the trendy community can also get you better prices as well.
All in all, buying an Orlando vacation home can be a fantastic investment for both your family and your pocket. Instead of trying to go it alone looking for you, work with me, I am experienced in real estate in Orlando and I can save you a great deal of time, in addition to helping you find the perfect home for you and your family.