Privately owned Orlando vacation Condo and Townhouse rentals near Disney

Home | Car hire | Florida guide | Contact us | The Forum | Site Map

All Homes | 2 Bedrooms | 3 Bedrooms | 4 Bedrooms

• Introduction
• Research, research, research.
• Inspection trips
• What area should I buy in?
• New or Resale?
• Mortgages
• Mortgage deposit
• Bank accounts
• Finally, marketing your vacation home

Introduction

TheBigCondoList.com Property Buyers Guide provides you with the information you need to buy a vacation home in the Disney area of Orlando, Florida. We may not have all the answers, and we certainly don't have a secret potion or magic formula, but we do have the experience of having done it ourselves, and we have made a lot of friends along the way who have also taken the plunge, and together we have pulled together all the knowledge and information that we have acquired over the years.

Perhaps like us, you have thought for years that you would love just a little piece of Florida to call your own. You may have rented a vacation home in Orlando in the past; perhaps you have seen one of the many TV programmes that make it look so easy. And now you are asking, can I do it?

The answer of course is yes! Anyone can do it, but the secret is doing it right. Buying and owning a vacation home is not just as simple as many of the TV programmes make it appear. And it is rarely as simple as flying over for an inspection visit and returning with the deeds to your new vacation home in the sun. If you want to successfully market your property then you are going to need to put in hours of work, building websites, advertising the home, replying to emails, sending our information and the list keeps going. At this stage you might be asking "So why do it?" and the answer is simple really, the rewards. Firstly, you will actually own that little piece of Florida, also the feeling you get every time you confirm a booking, and of course staying in your very own vacation home.

Research, research, research

This is the most important step in the process of buying your vacation home. No matter how much you think you know, we would always advise that you go and look at some more. You need to gather as much information as possible in order to successfully climb that learning curve. The internet is far and away the best source of information - but often this is out of date or conflicting, so it is important to double check anything that you are not sure about. The property market in Florida for the last few years has been fast moving and it is most defiantly a sellers market with 'For Sale' signs only just making an appearance before being covered with the 'Sold' sticker. You will need to do your homework and work out what your budget is, and stick to it. Having your budget correctly calculated could make all the difference when making an offer. When working out your budget, be honest, you do not want to calculate yourself into an unworkable position, remember that all offers in the US are legally binding and any breach of contract could land you a hefty fine. Also when looking at pre-prepared cost/income charts beware of any that seem to be too good to be true, they usually are too good to be true. If in any doubt speak with a good Mortgage broker/advisor before committing yourself. Look at taxes, fees and homeowners associations all of which will affect you, both during purchase and ownership. And finally think about your long-term objectives, do you want a vacation home or an investment, or perhaps both.

Inspection Trips

Don't rule out inspection trips, but before you go do plenty of research (there's that word again). Contact several Realtors and discuss with them the objectives of your visit and what sort of vacation home you are after or your budget. Look at the areas you are interested in and build a short list of communities you would like to visit. Once you have picked a Realtor tell them which communities you are interested in and they can arrange inspections of any available vacation homes. All that said, there is no need to actually visit Florida to buy your vacation home. We bought ours from the comfort of our office several thousand miles away. If you trust your Realtor, and have built up a good relationship then this is possible. Your Realtor is working for you, not the person selling the vacation home, so they really do have your best interests at heart. We would be happy to put you in touch with a Realtor if you require one, please ask us via the Contact us page.

What area should I buy in?

This really depends on your objectives. If you are considering buying your vacation home simply as a vacation home, and have no plans to rent it out then you probably don't need to ensure that its located in an area zoned for short term rental. However, if you are interested in renting your vacation home then it is essential that the vacation home is located in a community, which is zoned for short-term rentals, this also includes renting to your family or friends. A good Realtor should be in a position to answer this question for you, many divisions or communities are sub-divided with each sub-division having different zoning regulations.

New or Resale?

This is probably one of the most asked questions when taking about buying a vacation home. Everyone loves to chase the bargain, and hopes to find that perfect vacation home at a bargain basement price. I am not saying it doesn't happen, it does. The problem is the Florida real-estate market is moving so quickly, that the really good resale vacation homes are often snapped up quicker than the Realtor can get them listed. But don't give up. Resale's can be a good option, and if your Realtor is switched on then they will check the local market regularly and let you know about any vacation homes coming up. Our Realtor was actually able to tell us about the vacation home we bought several days before it went on the market. But also remember, if the vacation home is too cheap, there is usually a reason for this.

Mortgages

This can often seem a very daunting subject. Do you want or need another mortgage? Again we have to remind you to research thoroughly. Look closely at how much you can afford to pay each month. When working this out ignore everything anyone has told you about guaranteed incomes or rental programmes. I am not an expert in this area, but from my own research it appears that either the rentals are never there, or if they are there, the rates are so low they simply don't cover the costs. When working out how much you can afford, my advice to you would be this. Work out if you can afford to pay for your vacation home for one full year without any rental income at all. This may seem like a worst-case scenario, it is, but you have to be realistic. Don't stop at the mortgage payment; think about the other costs involved such as utility bills, homeowners association fees, repairs and maintenance and management companies. I would rather paint a bleak picture than see people get tied up in debts they can't afford.

Mortgage Deposits

How much do you need to put down? The general rule is the more you can put down the better. Loan amounts of 70% and 75% are most common and are generally easy to come by. You will be required to source all your deposit money (proof that its yours and where it came from) in order to combat money laundering. It is possible to get a loan amount of 80%, but be prepared to provide a lot more information. Again we are not experts in this field, but we would be happy to point you in the direction of someone who is. Just ask us via the Contact us page if you need this information.

Bank Accounts

Although it is not essential that you have a bank account in Florida or even America, we have found it to be an invaluable resource. Opening a bank account in Florida now requires you to visit the bank in person with at least two forms of identification. Once there it is a relatively straight forward process, and generally only requires a very small deposit to start with. When choosing both a bank and an account type, consider account fees and charges, which are often dependant on your balance and account usage.

Finally, Marketing your vacation home

Now you have your dream vacation home, your little piece of Florida, what are you going to do with it? The first thing you want to do is get it out there. Advertise you new vacation home on a specialised Vacation rentals website. If you have purchased a vacation Condo or Townhouse rental, then you are already in the right place, just list your vacation home with us. You can join now by visiting our Registration page. If you have bought you very own vacation villa then contact us via our Contact us page, and we will be happy to point you in the direction of the perfect place to list your Orlando vacation villa.

If you have any questions, then please Contact us, and we will be happy to help.

Site last updated January 1st 2008 contact The Webmaster