buying a villa

[brer rabbit 28]

Thanks Shane,
I had heard that too.I would be buying a resale with the plan to rent as much as poss,but obviously save about 2 months of the year for myself to use.I am looking at it as an investment for the future.As i said earlier,have seen some nice looking properties for around $70,000 mark on the 192 in gated community. The figures for villa upkeep and management would be bearable if i manage to rent it out.Won't be jumping in at the deep end though!

 

[terrynewpack]

Have been looking at prices at vista del lago on 192.We stayed there once and it was lovely,also villas are very reasonably priced there.

The homes you are referring to are not normal homes. They are manufactured homes and more akin to a shed. Known locally as Tornado magnets because whenever one passes through its usually the manufactured homes that get destroyed.

Additionally and I think this is the case at Vista Del Lago you lease the land that the manufactured home sits on. Makes the purchase cheaper but it also does nothing for you when you come to sell.

Despite what has been said in other messages above this is not the time to buy. Currently there are over 18000 homes for sale in the Orlando area. Its a record number and prices are dropping. Whats the point in buying now and finding a similar home next door to you being sold for $30000 - $50000 less in 6 months time. Not a bright idea really. You buy at the bottom not half way down.

Terry

 

[mickg7dyd]

Hi,
Something else that needs very careful research is the management company you choose. I have heard of cases where they let property without notifying the owner and charge for things that are either not needed or carried out. For instance grass cutting,pool maintenance and repairs that were not required.
We have spent several years considering a Florida property but have so far decided that the con's outweigh the pro's although I've no doubt others will disagree, you pay your $'s you make your choice.

Mick.

 

[wayneg]

If we bought it would be purely as an investment to make money and what I have read does not look like a good idea. We should have done it about 14 years ago when we first went I think.
I would be using the money I have invested now earning about 8-10%/year in various funds (although not guaranteed).
It would not be something we used ourselves as we are probably in the minority who prefer a hotel to a villa, When on holiday don't enjoy making beds, meals, and cleaning the villa. did it once that was enough for us. So we would rent out the villa and still stay in hotels. Especially as the dates we go are peak rental dates.
I think the best way to go is wait a few years buy 3 or 4 villas move over there and run my own management company. Unless anyone wants to buy a Florist business and house then we could go now!

 

[martina857]

As i said earlier,have seen some nice looking properties for around $70,000 mark on the 192 in gated community

This has to be some sort of mobile/prefabricated home for that rate so no one would rent it out anyway ! When we last looked a 3 bedroom Townhouse in a reasonable location with no private pool was $200,000, that was some time ago so I suspect it is a lot more now. We did not need a mortgage but the running costs even without would have meant having to rent out for 16 weeks a year to draw even and I really did not want that hassle when I can go and stay in someone elses and let them have all the worry.

A very good publication to subscribe to is www.floridahomesandtravel.com I got heaps of info from it and still subscribe now to keep up with all the relevant news, it is a must have if you are considering buying over there.
M

 

[isla bonita]

They are putting up new town homes across where we own from. They are 3 bedrooms and I only know of 3 bedroom town homes. They are going for $300,00.00 or 1,614,000GBP. I think that if you ae paying 70,000. for anything you plan on sleeping in be very leary.

 

[SimonV]

You will struggle to find anything under the $300,000 mark in the Orlando area (and Orange County is NOT a county where you can buy vacation homes - they generally don't allow short-term rental zoning) these days, and the market is definitely moving towards being a buyer's rather than a seller's market. There is a lot more inventory this year and housing sales have slowed considerably (as have the cheaper alternative of condos). It IS a tough market to exist in if you need regular rental income, but it IS possible if you work at it. The main thing to remember is that it is VERY different (but actually a lot more fun!) buying property in the US and you must make sure you understand all the different terminology and legal requirements. You still get a lot for your money over here but you do need to do your homework carefully as it is very easy to go wrong. There is a lot of good advice here, plus magazines like Florida and A Place In The Sun, then you can also check out websites like www.britishhomesgroup.com.

You MUST ensure it is the right thing for you, though, as everyone has different ideas of what they want out of a villa and different financial situations.

 

[lizzysmith]

Houses are selling in the area and for a lot less than $300,000. In fact there are loads of them. We have sold two recently. One at Terra Verde for less than $230k and the other a town house in Windsor Hills for just less than $270k. These are currently the new prices in the area for these types of home. In a few months time the prices are likely to be even lower.

Shouldn't imagine the realtors will bother telling you that though .

Lizzy