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.
Posted by Team Donovan on
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