Thinking about buying an Orlando condominium as a second home or vacation property? A new federal law set to take effect October 27Â could make financing that purchase a little easier.
The new law will allow buyers to get federally-backed mortgages to purchase condos in buildings where two-thirds of current residents are renters. In the past, at least half of residents had to own units to meet the mortgage rules.Â
Condo prices in Orlando and in Polk County, which is near Disney World, have been slow to recover since the housing market began its collapse a decade ago. According to Zillow, Metro Orlando’s midpoint prices for condos are $106,900 – far below their peak of $182,700 in 2006.Â
Cash investors began buying properties when the market hit its low point four years ago. And as a result, the region became increasingly filled with renters. If you’re looking at a condo to purchase, real estate experts say the more affordable units are likely to be in buildings with a greater share of renters.Â
Some real estate brokers say the new law could be the incentive renters need to start building some equity. On the other hand, some people may still be reluctant to purchase because they’re getting too good a deal on rent.Â
One area to consider for buying a condominium or apartment home is the Four Corners area near Walt Disney Worldâ„¢. This location is convenient for travel to Orlando or Tampa, because it’s near the major highways of I-4, US Hwy. 27 and US Hwy. 192. You’ll find plenty of dining and shopping opportunities nearby, as well as numerous parks and lakes.Â
Most of the condos in this area are zoned for short-term rental, so you can recoup part of your investment by renting out your unit to holiday guests when you’re not staying in the property.Â
Since the new law is expected to spur new condominium sales, prices for these properties are sure to rise in the next year. If you’re thinking about buying, this is probably the best time to take action.Â
Contact Team Donovan for information about the condos for sale in Orlando. We know which properties are zoned for short-term rental and can give you advice about property management companies too. Call 407-705-2616 today!
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