buying a vacation home in florida

[wifey1220]

we are considering buying a home in florida and renting it out as a vacation home while we are not there.
Has anyone done this before?
We would like some recommendations:
-where is a good area to purchase a home (close to theme parks? beaches? in a good neighborhood?)
-a good real estate company
-a good property management company
we like the disney/universal area of course
but we also like the cocoa beach area
We have only stayed on property or close to port. Not sure where to begin our home search
any help would be appreciated
thanks

 

[DisMommyTX]

We have considered this as well. We have stayed off property many times, usually at Windsor Hills. If we decide to buy, we will purchase the type of home we usually look for in a rental, close to WDW property, private pool and hot tub, at least 5 bedrooms with a King master downstairs, etc. I would recommend that you visit a couple times staying off property in the type of home you think you want to buy. This will give you a better idea of what the rental market looks like as well as help make sure you purchase a home that you (and others) will want to stay in. Our off-site visits have given us exposure to different neighborhoods, various rental management agencies, cleaning services, and other components we would need to figure out as property owners as well.

 

[wilkeliza]

I've heard it is not easy especially if trying to do it on a budget. To prevent too many homes in the area becoming rental homes they have to be listed a certain amount of time before a none FL resident can make an offer, or at least that is what my friend was told when she bought her house. Thankfully no one beat her offer but it didn't even matter that it would be her sole residence.

For the Orlando area a rental to make money will need family amenities (pool, grill, multiple rooms, multiple bathhrooms), close proximity to theme parks, must be in a safe neighborhood.

 

[adisneyaunt]

Some Communities have Restrictions on rentals, i.e. U may only rent so many times per year and for a set time each time( short term 30 day or some require 6 month rentals), there are HOA requirements and a myriad of other details.
I would think you would want to set time aside to visit areas you would like to vacation in yourself, since you intend to then share the home with others.
Typically Amenity rich communities in an amenity filled home seem to garner most income, but cost more to purchase and maintain.
It's like anywhere else I suppose...
location, location, location.
Best of luck!

 

[MillauFr]

I would consider buying a house there if it was like some of the resort communities near Seattle. At Suncadia you can buy a house and the corporation lets you rent it out as much as you want.

https://www.destinationhotels.com/s...0IG2EEIf5cuHKScBitvgpdK2rJsEVRhU6QxoCHf3w_wcB

It helps to pay the huge mortgage when you can rent out your house for $400 - $1000 per night. Do they have communities like this in Orlando?

 

[teller80]

Are you buying it primarily as a vacation home or as an investment? If you've never owned rental property before and are counting on income to offset expenses, I would reconsider. There are too many headaches involved.

 

[Nayan]

Are you buying it primarily as a vacation home or as an investment? If you've never owned rental property before and are counting on income to offset expenses, I would reconsider. There are too many headaches involved.

Especially here in Florida. They are really starting to crack down on rental properties near the theme parks, so I would suggest you research, research and then research some more. While hurricanes are uncommon, all it takes is one in the right spot and you can have some major damage inland (Charlie, 2004), so you would need to be prepared for that, plus some of our afternoon storms can be just as bad and cause damage. Sadly, there are also renters who can cause as much damage as a storm can, plus theft/damage when it's empty.

 

[LovesTimone]

Frist off you need to figure out what you want, single family ~vs~ condo - and what each can offer you as far as amenities, pool, hot tub, resort vacation style living, grill, outdoor eating area. After all its your house.

Budget of course is a huge part of what you are looking at.

HOA rules are going to super important, We are building a new house and there are about 10 pages in the guidelines that talk about vacation style rental which is a NO, and that if you are planning on renting long term ( yearly), that the board must be notify and the renter will have to have a credit check and back ground check done.

There is a the new Margaritaville Resort Orlando, being built here its in Osceola county which is behind WDW, and you can see it from the 429. It will be housing a new hotel, over a 1000 vacation rental homes plus some time shares, it will also have a shopping plaza and a man made lake. The reason I know about this is I drive by it daily on the 429, and its made the papers here.

There are so many vacation rentals here, Orange lakes area is another spot for a lot of rentals.

You will need a property manager that really manages your house and is honest and professional, and not the type to just say the key is under the mat type of thing.

Before jumping into buying anywhere you should visit and stay in the areas to see if it fits your lifestyle.