Buying a house out in Orlando???

[Neoshoegal]

OK, so we love WDW, love the US and want to spend more time there, so we want to buy a house out there. With the jobs we have, it would really be an ideal situation. We are busy over the summer and school holidays so seems ideal to rent out then. And we're very quiet January to March... Unfortunately, it won't be any time real soon (which is a bummer as house prices are really low at the moment over there) as we need to save up for a bit first.
But before we make the big jump, it would be nice to hear from some other Brits who have bought property out there. Where to get the best information (there are hundreds of website out there, but don't know which ones are good or reliable), things to bear in mind, pitfalls, unforeseen costs, ... Don't want to go in blind in such a big thing.

So any advice any of you can offer, would be greatly appreciated

 

[wayneg]

http://www.thedibb.co.uk/forums/showthread.php?t=343001&highlight=buying+villa

Have a look on there, lots of experience for buying, a lot for rental but will give you idea of costs involved.

We have considered it time and time again but I have customers that own out there who have put me off. Costs, hassle, work involved etc.
It wouldn't work for us if we didn't rent it out, would have to rent school hols when we wanted to use it to maximize income.
Main thing, prefer a hotel, been in Villas/condos and don't feel like on holiday same as we do in a hotel.

 

[wildwood]

My self and Dh loved florida so much that we did the same three years ago we bought a property just mintes from Disney , I did lots of research before I took the plunge but nothing can prepare you for the work and dedication you have to put into to to make it work esspecially if you are renting it , I work on the villa at least 6 hours a day finding new advertising , replaying to email and kepping up to date on my paper work . And it does fell like sometimes you have to have an endless pot of money , for repairs and , taxes , lincences , managmnet fees , pool cleaning , grass cutting and home owners rates this is on top of your normal utilities .

I am sorry if I sound negitive but I wish some one had told me what to expect before we bought in Florida , dont get me wrong I love my house and get to go at least once a year and the look on my son face everytime we pull into the drive way is fantastic but just be prepared . If you have any questions I will galdly try and help .

 

[london75]

I am sorry if I sound negitive but I wish some one had told me what to expect before we bought in Florida , dont get me wrong I love my house and get to go at least once a year and the look on my son face everytime we pull into the drive way is fantastic but just be prepared . If you have any questions I will galdly try and help .

Sorry if this is too personal but we are also considering buying over the next few years, how are you doing in the current climate? Do you break even, make or lose money overall.

Did you buy with cash or a US mortgage?

Ignore me if that's too nosey!

Cheers, Andy

 

[bazzanoid]

There's a fairly useful site that explains things step by step for you, the US real estate system is totally different to ours.

http://www.worldoforlando.com/

Coincidentally, I was looking at a property online yesterday near the bottom of S. Poinciana Boulevard, available at $85,000 but needs about $70,000 spending on it (including the cost of putting in a pool as there isn't one), but then it would be a property worth around $220,000, i must admit i'm sorely tempted......

 

[Julia Ann]

We looked into the a few years ago but then decided to have a baby so it didn't happen. The only advise i have is be very careful of new builds as friends of mine lost loads of money in deposits (with their friends - not sure if they are still friends now ) as the developer was a bit of a crook and the development never got off the ground. also if you want to rent out i found out that the best option was to buy an older property which had a good history of being rentable. good luck

 

[wildwood]

Sorry if this is too personal but we are also considering buying over the next few years, how are you doing in the current climate? Do you break even, make or lose money overall.

Did you buy with cash or a US mortgage?

Ignore me if that's too nosey!

Cheers, Andy

Hi Andy in answer to your questions in three years we have not made a profit and if I am honest we have prob made a loss , there are many villas out there for rent and you will be surprised how low some owners who do not have a mortage let there homes out for which make it very hard work for the people that have .

We do have a US mortagage which is the best option , my advice is to not buy with a uk mortgage because if for any reason you can not make your paymnets they can take your uk home away from you , this does not happen if you have a us one as it has no ties to your uk property .

I am sorry if I still sound negitive and all I can say is if you have a go at least you can say you tried that has been our thoughts from the start of our usa property adventure and I wish any one luck who has a go .