Anyone own property in Florida??

[lmk]

Just wondering if anyone out there owns a home/condo in Florida. We recently stayed in Windsor Hills and were so impressed that we're considering buying a townhouse. I'm looking for info re: tax implications etc in this situation. Any help would be appreciated.

 

[Fellowship9798]

I'm a Disney Vacation Club owner but I don't thin this is what you're looking for.

Actually from what I've read there is an oversupply of rental homes so it may not be too difficult to buy one but if you're counting on keeping it rented out consistently to cover your mortgage ,it may take quite a bit of work. I'm no expert though. Hopefully there should be some knowledgeable people here. Also, there's a lot of people from the UK who own these types of properties so you may want to ask over on the UK discussion boards as well.

Prior to DVC my family and parents rented a house from someone in the UK for 2 weeks. It was great and I almost regret we wouldn't be able to do it again since we own DVC now. That regret fades very quickly though when I think about staying onsite at BWV and other DVC resorts for years to come.

 

[dsneygirl]

I don't know all the details but when you file your income tax there is a box to check for "Do you own foreign property with a value over $100,000 CDN" I assume it opens up a can of worms especially if you have rental income involved.

 

[lmk]

Thanks for the replies - so I guess DVC works differently than buying a home?? I don't know much about it but assume it is more of a timeshare. Are there any tax implications with DVC?

 

[NancyK]

Sorry to change the topic a bit, but did you rent from DISer 5mintodisney? (aka George I think). We've never stayed in a rental home before and I have been lurking over on the Orlando Hotels board trying to figure out the pros and cons. His townhouses look nice but my DH is not too sure about trying something different. We've stayed onsite in values and mods, offsite at Cypress Pointe. Thanks for any info you can give me.
Nancy

 

[lmk]

Nancy, I would not hesitate to recommend it. Yes we did rent from George (sort of). It was his townhome #2 which he is advertising. It is beautiful and we felt very at home. If you are the type that needs 24 hour room service, restaurant nearby etc, it's not the place for you but for every other reason, it was awesome! I say go for it. You might be considering buying a place too after you go....

 

[NancyK]

Thanks! The rates are very reasonable. Having a splash pool is appealing to me - and I understand that the resort pool and other facilities are quite nice.