How to Know if a Vacation Home or Condo is Best for You

Posted by Team Donovan on Wednesday, February 17th, 2016 at 10:00am.

If Central Florida keeps luring you back every year for holiday, you may be thinking now is a good time to put down roots and buy a second home in Orlando. Buying a condo or single family home can be an excellent investment, especially if you acquire a property in an area that’s zoned for short-term rental. This will allow you to rent out your home to vacationers while you’re away, gaining some cash flow in the process

Once you’ve decided to buy a home, the next question you’ll have to ask yourself is what type of vacation home? Should you buy a condo or single family dwelling? That depends on you and your preferences. There are pros and cons for each. Here are some points to consider that should help you make a decision.  

Orlando Condo Advantages:

  • Typically costs less per square foot than a single family home
  • Fewer responsibilities for maintenance and repair
  • Access to community amenities such as a pool, recreation center and business center
  • Easier to rent to holiday travelers
  • Often located within walking distance to restaurants, shops and entertainment

Orlando Condo Disadvantages:

  • Less privacy – neighbors are often on all sides of your unit
  • Difficult to make changes to property because of condo association by-laws, covenant and restrictions
  • Appreciation depends on how well other condo owners take care of their property, not just how well you maintain yours
  • Condominium association fees and special assessments can be costly 

Orlando Single Family Home Advantages:

  • More freedom to remodel, landscape
  • More privacy than a condo
  • Generally easier to forecast future appreciation
  • More storage space, extra indoor and outdoor space for entertaining

Orlando Single Family Home Disadvantages:

  • May be more difficult to rent out if used as your vacation home
  • Usually more expensive per square foot
  • Owner is responsible for all maintenance and upkeep
  • Relatively higher utility costs
  • No common amenities unless you purchase in a development that includes amenities like a community pool>

A seasoned real estate agent, like the ones at Team Donovan, can help you examine your criteria before making a decision to buy a second home. Our agents have extensive experience in the sale of properties for use as a second home, investment or both. For instance, we can suggest communities that are zoned for short-term rental to help in your home search. Contact us today at 407-705-2616 and let us help make your Orlando vacation home dreams a reality.