Central Florida’s housing market is flourishing, and new residential and vacation rental communities are racing fast, to try and keep up with the endless demand for high quality, affordable homes in the areas surrounding the tourism and commercial centers.
With the theme parks investing heavily over the coming years, tourists need the right caliber of accommodation, and the growing number of employees need a place to call home.
In this part of our Home Buyer’s Guide to Orlando, we take a look at the 3 main options to home ownership in the region.
Buying an Existing Orlando Area Home (also Known as Resale)
By far the most common path to home ownership, is through the purchase of a previously owned property.
A motivated seller and a motivated buyer can close quickly, often in the space of 4 weeks or so.
Buying an resale property has a number of huge advantages.
- The home has already been lived in, so no waiting for builders.
- All of the main utilities are set up and are just a call away from being transferred or activated.
- You can visualize and inspect the home with a walk through, before you buy.
- You have a reasonable idea on how the neighborhood looks.
Disadvantages of buying a resale home
- The home may need repairs or restoration work
- You may need an expert inspection to understand any hidden defects
Buying a brand new Orlando ‘Production’ Home
We’ve all seen those beautiful new communities, filled with modern, clean and stylish homes. Who wouldn’t want to enjoy family life in a brand new dream home, with modern fixtures, wiring and plumbing and a trouble free guarantee for at least a year?
Advantages of a production home are often obvious;
- You can choose from a number of floor plans
- Some homes may have been built ahead of plan and are available to purchase now. Often known as ‘spec homes’.
- If you like the idea of waiting, you can pick out a specific lot that suits your needs.
Disadvantages of a production home
- If the community is the first in the area, mortgage companies can be more cautious due to a lack of ‘comparable homes’. These ‘comps’ help lenders judges the value of homes in any given area, before they lend.
- Some communities have homes that are ‘squeezed in’ tightly. Lot sizes can be small, but careful selection can be important.
- Should you wish to resell a production home while the developer is still building, you are up against their sales team’s new homes and incentive packages.
Buying An Orlando Custom Built Home
A custom home is the ultimate solution for those that have a little extra time and a slightly higher budget.
The finished results are perfect for you and your family. You designed the home just for you! We can genuinely recommend McNally Custom Homes from a personal family experience!
McNally are founding members of the Master Custom Builder Council and provide an exceptional level of customer service and excellent build warranties.
Advantages of a custom home
- You can find the perfect location, then build the perfect house!
- Floor-plans, architectural style are all flexible and tailored to your needs.
- Interests and hobbies can be catered for in the design of the home.
Imagine a home that has enough storage??
Disadvantages of a custom home
- The process does take longer. Custom design and builds require more time, lots need to be found and surveyed etc. Plan around 3 months to find and buy a lot and 9 to 12 months to build a custom home.
- Costlier than a production home, but the final value is much greater per sqft.
Custom homes can run from $180 per sqft upwards!
- A custom home buyer usually needs to purchase a lot as their contribution to the mortgage.
Should We Buy an Existing Home or Build New? Which is Best?
Our advice, is to weigh up all of the factors, costs, timing, pros and cons.
Always avoid making a home buying decision based upon emotion.
Use a great realtor, do your own research too and stay within your affordable budget at all times.
Consider the need for temporary accommodation if you are looking for a production or custom build. Your realtor should be able to help you find that too.
In terms of ease
Buying a ‘spec’ home, that is already built, is the easiest.
In terms of lots of choice
Resales are more plentiful, with a wide range of options constantly entering and leaving the market.
In terms of perfection
Nothing beats a custom built home for ticking those boxes of essential features and desirable features and finishes.
Orlando Home Buyer Guide Articles – Click the titles to read more
- Decide what the home will really be used for! It pays to be open minded!
- Top 10 Considerations for an Orlando Vacation Home!
- Choosing the right floor plan and features!
- Homes Close to Disney, an insider’s views about location!
- Finding the right community for you, your family, your guests.
- Renting your home, an emotional but wise decision! Free vacations forever!
- Don’t buy a home unless these features are included!
- Furnishing and decor, are the key to lots of bookings!
- Should you pay cash or get a mortgage?
- Mortgage advice for US Residents and Overseas owners
- Choosing a good property manager to take care of your home
- What could possibly go wrong – Being prepared makes a difference!
- Things to Worry About When Buying an Orlando Home!
- Dealing with the taxes and other boring but essential stuff!
- Buy an Existing Home or Build a New Home Exactly to Your Needs?
- Getting A Visa Or Green Card to Live in Orlando!
Contact Our Realty Team Now and Let us Find You Your Dream Home!
407 973 1456
7345 W Sand Lake Rd
Orlando, FL 32819