Hi Does anyone own a villa or townhome

[macca77]

Hi
I am considering buying a place in Orlando to rent out, i was wondering if anyone on here owns a property or has done in the past and can offer me any advice. I have seen townhomes for quite cheap in decent areas but heard they maybe struggle to rent out, Or i put a large amount down mortgage the rest and buy a villa with pool. Just looking for advice on anything really and fees, hidden costs etc that do not always stand up.

Thank you.

 

[disneyholic family]

i've considered it over the years, but haven't done so..
i'm sorry i missed the huge drop in house prices a few years back, but prices have recovered to a large extent, so the bargains of a few years back are gone.

as for costs - you have the costs of the HOA (homeowner's association), which can be quite high..
and i believe you also have property taxes..
and if you want to rent, i would imagine you'll need to use a management company...
i don't know what percentage of your rent the management companies take...

and you have to maintain the villa and the furniture and keep it all up to date...
and you have to pay for electricity, water, insurance....

i'm sure there's a lot i'm not mentioning..

i'm not convinced it's a profitable venture...

 

[Mrs Doubtfire]

I have read a few discussions on this over on the Orlando Hotels and Attractions thread, the consensus seems to be that it is hard work, better if you don't have a mortgage or need to make a profit. Most seem to break even or rent out to help pay the annual fees and utility bills as there are so many properties out there available to rent. Having said that many seem to do it

 

[Woodview]

As an owner of a 5 bed , 4 bath. villa with a pool for 17 years

I would SAY NO ..... forget the idea .

Advice given in post 2 is correct

NOW look through other threads " Looking for cheap " motels & places to sleep for

$ 60 per night for family .

Will you get $ 1000 per Week ? NO lucky if you get $ 700 ALL IN

People will pay a Fortune to visit Disney ( Tickets ) Airline Tickets & Car Rental

BUT look for cheap places to sleep.

Outgoings for us were Management $ 150 Pool Cleaning $100 . Electricity $ 350 . TV $ 150

Water $ 100. AND much more per MONTH .

Insurance $ 3000 , Property Tax $ 3000, per year

 

[Elise79]

We have looked in the past and ruled it out. It is something we will look at again once we don't have a mortgage but I am not sure we will buy.

If you want to talk to lots of villa owners head over to the Dibb there are lot on there.

However one thing in my research is don't do it if you think you are going to make a profit. Most are lucky to cover their costs.

 

[Woodview]

Elise79 Has given good advice ...... take it.

Our swim pool was re surfaced 18 months ago ( cost $ 3000. )

Told yesterday ( Saturday ) that some of the work has to be redone which will take a week to fix ,

( no cost to us ). Note Water Tankers will be used to store the pool water while pool is empty.

As luck would have it we are flying out on Tuesday .... so No guests to move .

These are the problems that owners have who let out their " Money making Holiday Villas "

 

[macca77]

Thank you all for the replays, sorry it's taken me so long I've been away for a while.

It would be a no mortgage investment on a townhouse in say regal palms.
Sounds like the mortgage idea is not worth it listening to a few off your replys.

Only thing I was concerned on with a townhouse was defiantly getting it rented enough to cover the bills on the property. I am not sure if this would be the case or not.

Thank you again for all the replys.