If you’re in the market for a second home in the Orlando area, this is a good time to look at vacation properties. Over the last few years, buyers from Canada, Great Britain and elsewhere in Europe purchased second homes to use for vacations and as rental properties. Now, many of them are selling those homes and condos, and they're willing to negotiate with buyers to make a deal.
Many people who buy an investment home in Florida do so for a number of reasons. Some buy a second home to use as a destination for family vacations, some buy a home to provide additional income as a rental property, and others buy strictly as an investment, since real estate generally increases in value.
Non U.S. residents who buy a property in Florida are, in effect, investing in the U.S. economy. That means, when you purchase a home in the Orlando area, you should keep a close eye on the property price as well as the strength of the U.S. dollar.
Here is an example of why timing the sale and purchase of an investment property is important. In the last 18 months, property prices in the community of Davenport have risen 8.6 percent. That means a property bought in June, 2014 for $200,000 is now worth around $217,200. Real estate prices tend to move up steadily. Currency rates, on the other hand, are far more volatile. They can go in your favor, or quite as easily, move against you.
Some home sellers are listing their Orlando vacation homes below current market value in order to attract buyers. This is a win-win for all concerned, since buyers get a good deal and the seller can accept a price they're happy with because of the currency exchange rate.
Team Donovan specializes in assisting home buyers, here and abroad, to purchase second homes for vacations, rental income or as an investment. We help you make sense of the currency fluctuations so you can get the best deal possible. Contact us today at 407-705-2616 or visit our new home listings online.