Thinking about buying a second home in Orlando? You’re not alone. People buy a second home in Central Florida for a variety of reasons. Some buy a home as an investment, and rent it out as a vacation property. Others buy a second home prior to retirement, with the goal of living there once they finish working full-time.
Whatever your reasons for wanting to buy a second home, it’s worth the investment to hire a real estate agent to help you locate and purchase a property. Here are a few reasons why:
Fiduciary responsibility. When you hire a real estate agent, that person will look out for your best financial interests. This is especially important when you’re buying a second home. As with your primary residence, there are a lot of costs that go into home ownership, such as property taxes, insurance, utilities and other maintenance services. Team Donovan is the leading Central Florida real estate firm that specializes in the sale of properties for use as a second home. We have the expertise to help you find the most suitable home for your individual needs.
Complex real estate regulations. Buying a home is a complex legal transaction. Every home is different, and laws change every year, and vary from state to state. If you intend to rent the property, you need to know which communities allow short and long-term rentals, and which ones don’t. Team Donovan agents have facilitated the purchase and sale of vacation homes all over Central Florida, so we know which communities allow rental properties and can make appropriate suggestions based on your particular requirements.
Property management help. If you plan to stay in your second home infrequently, and may rent the property while you’re away, it’s vital to find a local property manager to maintain your home. Not all communities provide on-site management. A local real estate firm with experience in this area can help you find the right person to take care of your property. Team Donovan has years of experience working with absentee owners, so we can make recommendations based on advice from past clients.
Contracts and negotiations. Once you find the perfect home, the real work begins. A purchase contract for a new home can be 50 pages long, not counting any addendums or riders. A real estate agent can help you navigate these complex documents and devise an offer that makes financial sense for you. If you’re not a U.S. citizen, real estate transactions can be even more complex. At Team Donovan, our agents are both European and American-born, which allows us to work effectively with our clients from around the globe. We can help you negotiate the best deal in language that’s easily understood by both parties.
In addition to hiring a real estate agent, you should also consult with an accountant before buying a second home. You may be able to deduct the interest on the mortgage and property taxes if you allow and charge rent for no more than two weeks per year. If you rent the home for longer periods, you may be able to deduct some or all of the operating expenses of the home, including interest, utilities, cleaning fees, lawn maintenance and management fees.
Ready to look for a second home in Orlando? Contact Team Donovan today at 407-704-2616.
Â
Â
Posted by Team Donovan on