- ORLANDO VACATION HOME

Where Can I Find Vacation Rental Properties to buy in Orlando?

Are you looking for a vacation property in Orlando to buy so you can generate rental income? If so, one of the best areas to consider is next to Walt Disney World.  Many of the communities located near Disney permit short-term rentals. And since most people who come to Orlando on vacation do so to visit the theme parks, you’ll likely have little trouble attracting holiday visitors to your property.

The city of Orlando has a variety of housing options available to home buyers, such as single-family homes, condos, townhomes and condo/hotels. But short-term rentals are only allowed in condos and townhomes. If you’re interested in a single-family home, you’d be better off looking for a property in the neighboring cities of Kissimmee, Haines City or…

How to Save on Closing Costs for Your New Vacation Home

Buying a second home in Orlando is a decision that requires careful study of your finances to make sure this investment is one you can truly afford. Once you’ve committed to the idea, and have enough funds on hand for a down payment, you can explore ways to save money on closing costs for your vacation home.

Closing costs are the final fees a buyer pays before completing the purchase of a property. These fees are paid to third parties that assist with the mortgage, such as the lender, as well as optional ones, such as mortgage discount points and fees that must be paid to others parties for title/escrow and insurance. There are two types of closing costs – recurring and non-recurring costs.

Recurring costs that need to be paid more than once include:

8 Mistakes Vacation Home Buyers Make and How to Avoid Them

Are you thinking about buying a second home in Orlando? Investing in real estate can be both exciting and overwhelming. If you choose to rent your property out to holiday guests, that decision adds an element of stress too. 

The good news is that the vacation rental market has grown over the past few years, and the prospects for generating rental income have never been better. More and more vacationers are forgoing the traditional hotel stay in favor of renting luxury vacation homes. 

Here are a few common mistakes to be aware of so you can minimize your risk while maximizing your profits for your Orlando vacation home.

1. Not Sticking to a Plan and Budget – It’s important to do your homework before you make any offer on a property. Research the…

Why Should Vacation Home Buyers Care about REOs?

Are you in the market for an Orlando vacation home? If so, you may have come across a listing on a real estate website like Team Donovan’s that says the home is a bank owned / REO property. REO stands for Real Estate Owned, which means the home has been foreclosed upon and repossessed by the lender (which is typically a bank).

Foreclosure processes vary by state, but the end result is the same. After a bank forecloses on a property, they place the home into their inventory of real estate owned. At this point, federal agencies such as Freddie Mac, Fannie Mae or HUD (Housing of Urban Development), may have to settle with the bank if there was some type of guaranteed loan involved. It doesn’t matter whether these agencies or the bank own the property,…

Floridays Resort Takes Top Honors from World's Largest Travel Site

If you’re in the market to buy an Orlando vacation home in a resort-style setting, you should consider Floridays Resort Orlando. The luxury, all-suite condominium-style resort, owned by Paramount Hospital Management, was named the top family hotel in the country in TripAdvisor’s Travelers’ 2016 Choice awards. 

“It is absolutely one of the most prestigious honors a resort could win and we are quite proud of it,” said Jeff Swirsky, Floridays General Manager. 

TripAdvisor® is considered the world’s largest travel site, providing planning and booking tools for travelers in 47 countries worldwide. The Choice awards are based on millions of reviews and opinions from travelers around the globe. 

“That’s what makes this award so meaningful,” said…

When is the best time to buy a second home in Orlando?

If you’ve been contemplating whether to buy a second home in Orlando, now is an excellent time to do so. Forbes magazine recently rated Orlando #2 in its list of the best U.S. cities to invest in housing in 2016. While rising housing prices and stagnant wages may dissuade first-time home buyers from entering the market, current economic conditions are excellent for investors who want to put their money into rental properties. 

Forbes teamed up with data company Local Market Monitor to compile the Best Buy Cities list. Orlando and the other top cities were cited because they boast healthy job growth, strong population growth, and anticipated home price appreciation. 

Housing prices fell sharply in the Orlando area during the recession as would-be…

5 Important Questions You Need to Ask When Buying a 2nd Home

Buying a second home in Orlando for retirement or as a family vacation home requires serious thought. Choosing where to buy in Central Florida depends largely on what you can afford and whether or not you plan to rent out the property when you’re not using it. Here are a few core questions you need to ask before purchasing a home: 

How much will it cost?

When you buy a vacation home, there are additional costs to consider besides the sales price. You will have to factor the same costs you have with your primary residence such as taxes, insurance, utilities and maintenance fees. Plus, when you’re not living in a home on a daily basis, you may not have the ability to tackle small problems before they become big ones. That can translate into higher…

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

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:

Why a Short Sale May be Right for You

Home buyers who search for vacation homes in Orlando may occasionally come across a property that is listed as a short sale. This type of property may turn out to be a good investment. But it’s important that you understand what the short sale process involves, and whether it makes financial sense for you.

What is a Short Sale?

A homeowner who is struggling to make mortgage payments may decide to use a short sale as a way to avoid foreclosure. The homeowner sells the house for less than the amount owed on the mortgage. And as a result, the lender doesn’t get all of its money back. This usually happens when a home’s value falls, and only occurs with the lender’s permission.

The bank does not own the property in a short sale. But it must approve the…

4 Reasons Why It's Smart for Snowbirds to Buy a Home

Many Canadians and residents of states like New York, Michigan and Ohio spend their winters in Orlando every year – trading in the cold and snow for Florida’s balmy breezes and warm sunny skies. If you’re one of these “Snowbirds,” you know that Orlando has a lot to offer, including world-class theme parks, championship golf courses, fine dining and exceptional shopping. 

Renting a home may seem like a good option for part-time residents. But it may wind up costing you more in the long run. Here are a few reasons why snowbirds should consider buying a second home in Orlando instead of renting one. 

1. No Surprises – A typical snowbird can spend upwards of $15,000 to rent a home for 3-4 months out of the year. Besides the cost, the downside of…