Orlando’s economy has steadily improved over the past few years, making this an attractive time for some vacation home owners to put their properties up for sale. If you’re not using your second home as frequently as you intended, it may not make financial sense to maintain ownership. Here are a few tips to help you sell your Orlando vacation home quickly and for the best price.
Find an Experienced Real Estate Agent– Look for a real estate agent who is not only familiar with the area, but is experienced in the sale and purchase of vacation homes. Orlando has become a true international market, with buyers coming from all over the world to purchase properties. Make sure your agent has a marketing plan to reach those potential buyers. For instance, Team Donovan belongs to an international agents’ network, which lets us promote our real estate listings globally to give you the widest possible pool of potential buyers.
Determine Best Sales Price - Coming up with a sales price for your vacation property can be challenging for homeowners. This is where the assistance of a qualified real estate agent comes into play. A Team Donovan agent will refer to sales prices in our community reports to give you an idea about what similar homes have been selling for in your particular area. We also take into account the appearance of your home both inside and out, and will make recommendations where appropriate to make your property more attractive to potential buyers.
Disclose Rental History – If you have rented your property to holiday travelers, make sure you supply that rental history to your real estate agent. This is useful for potential buyers who also want to rent the property out, so they can get an idea of the income that can be generated from the unit. Be sure to include the names of websites your vacation home is listed on, the name and phone number of the property manager, number of nights your home has been rented in the previous 12 months, and projected rental income for the next 6-12 months. Many vacation home buyers are investors, and they will want to know how quickly they can make money on the property after closing.
Keep Vacation Home in Rental Pool – If possible, keep your home in the rental pool while it is listed for sale so you can continue to collect rental income while waiting for a buyer. Many investors also prefer a turnkey investment, so they will appreciate the fact that the property has current and future bookings, with a management company in place to take care of the property.
Consult an Accountant - If your primary residence is outside the United States, you need to be aware of certain tax requirements such as FIRPTA, the U.S. Foreign Investment in Real Property Tax Act. Make sure you consult an accountant so you're aware of your responsibilities.
One final tip – be patient. A vacation home is a "want," not a necessity. The key is finding the right family and/or investor who has the same dreams you had when purchasing your home. But if you follow these tips, and work with an experienced real estate firm, like Team Donovan, you should be able to sell your property in a timely manner. Contact us today for a free consultation at (407) 705-2616.