to buy a condo or not...

[Happiest mommy]

Hello all like you we LOVE Disney/Orlando so much to do , so we've been thinking since we vacation there atleast twice a year and real estate prices have dropped if you could would you buy a vacation property near Disney? not timeshare we have been going back and forth with this so if anyone has done it or would do it please let me know what you think pros/cons am interested in what ya think all would be appreciated thank in advance.

 

[lastminutemom]

The purchase price is just the beginning, you will have taxes, insurance (which is very high in Florida), home owners association fees, and regular up keep.

The condo market may be decades away from fully recovering because it is so overbuilt.

We owned a beach condo which we sold before things got bad. We sold it because the costs were far higher than if we simply vacationed at the same spot for the same amount of time. My in laws still own theirs and if they wanted to sell it now they would have to give it away. Again, the costs surrounding it (and it is owned free and clear) are more than if they vacationed a week a month at the same place.

Does this make sense?

Also, the Orlando market is saturated with rental condos and you can't be guaranteed a steady income of rental fees to off set the price if that is you plan.

 

[della]

We had thought about this a while back. As was stated, there was no way to be sure the condo would be rented out when we were not there.

Also we really enjoy being on site and did not want to give that up. Our large family has a big age range. For us there was a real appeal to staying on site so that different family members could easily come and go. For us DVC works-we use it 2 to 3 times a year. If we go to the Orlando area it is only for Disney.

 

[smiths02]

I am no expert...

but I generally thought it was a bad idea to have renters long distance...so it seems VERY expensive to buy a condo just to come to Orlando a few times a year (or expensive/a huge hassle to landlord long distance)

like others said the taxes, insurance and Association fees yearly could make it not feasible if you can't guarantee/don't want renters

also, none of my business, but if you are taking out a loan for a vacation home that seems risky...if you just happen to have a few hundred thousand lying about that is different, but if you are taking out a mortgage, then you are paying a lot of interest...you are also basically gambling money you don't have...I wouldn't put money I don't have into the stock market and I wouldn't buy investment/vacation property on a loan, just my 2 cents

 

[emmababy]

I am in mortgage lending and I know that most lenders stopped lending to condos in florida...

 

[Happiest mommy]

Thank you all for your input our thoughts were to spend under $30,000 and not rent since we have a large extended family we would all visit at diffrent times, i'm so confused but you all make a really good point we were planning on keeping it solely for us and not renting....

 

[trennr]

With the global and national economy and current state of our countries "leadership" (yeah right )...I would be hesitant to make any financial gambles.

With every new bill being passed the value of the dollar is shrinking...so on one hand I would say keep your money, you will need it in the future...while on the other hand you may never be able to find "property x" at this good a steal/deal again.

Since you are buying it for personal use and not an rental investment...you will still have to pay taxes, insurance cost, and utilities. Also maybe hire a service to keep an eye on the place inside and out...things still get broken without anyone living there...water pipes...heatpumps...break-ins...vermin...and just to air the place out. Florida heat and humidity with no air circulation. PU

You may still find it is a financial burden as a private property. I'd pick a DVC property with a low maintenance fee. Would serve the same purpose...and in the end would be more flexable for you to use elsewhere.

 

[a1tinkfans]

Hello all like you we LOVE Disney/Orlando so much to do , so we've been thinking since we vacation there atleast twice a year and real estate prices have dropped if you could would you buy a vacation property near Disney? not timeshare we have been going back and forth with this so if anyone has done it or would do it please let me know what you think pros/cons am interested in what ya think all would be appreciated thank in advance.

We are looking into purchasing a vacation home rather than a condo after research the last 3-4 mos..
The fla market HAS taken a hit just like everywhere, but the serious problem in Fla seems to be that many condo developments are having serious financial issues and the first thing to be avoided is homeowner "fees" so the management agencies are shorted, the place then starts to deteriorate as they do not have the $$ for the upkeep. They also raise everyone elses to make up for the shortfall. Ultimately a no win situation. If you even google and area and look for how many condos in specific places the numbers are generally very hi on foreclosure and availability.

This is what we have been told by several reputable agencies to date. We were told CASH buyers are much more common and prices can be good that way, but one should be VERY sure about buying into a condo/coop at this time as the turnaround may not come until atleast sometime 2nd qtr 10.

We are considering a home in a gated area to have some type of better control/security as we are far away. Not sure if we would rent it out to anyone....we'd rather let other than friends or family use it when we are not there. It is a lot to consider but we know that when we "snowbird" its where we want to be.
We're actually looking in Vero area!
Good Luck in your decision and search.

 

[cop502]

My wife and I are planning on moving to Florida - if we can ever sell our condo. We are moving b/c the parents are getting older and I am an only child.

That being said - we were originally looking around the Orlando area. My best advise is to put the news channels as favorites on your computer. Look at the serious crime rate that is going on in Orlando area. We aren't just talking gas stations and banks. We are talking home invasions, rapes, and murders. Not revenge or drug related - just really random acts.

Before you do anything - find out the crime. And not by just the news and articles. Call the police departments or sheriff's offices. Genreally you tell them where you think you might buy and they will give you the straight up!

I hope this helps!

 

[Pumbaa_]

can you find a condo in orlando for $30K?

 

[a1tinkfans]

can you find a condo in orlando for $30K?

Believe it or not you CAN, that being said, what does it tell you????

 

[Happiest mommy]

hmm you all make such good points it truely is a hard decision we would'nt mind even 1/2 hr away which I hear is much better area but we only vacation there so we really would'nt know...... I guess it sounded better than it can actually be we do love it there never understood the love for Disney until we became parents and decided to take our princess i'm hooked what a joy every time we go ...
will think about it some more someone mentioned DVC i have no idea what that is please explain