Our team of experts from the vacation home industry have seen many owners buy again and again after buying their first vacation home.
Unfortunately for some, things don’t go as well as they had dreamed so we thought we’d share with you some important things to be aware of before you make that big purchase in Orlando!
- Hidden Costs are the greatest problem for 2nd Home Owners in Orlando.
The annual county property taxes can be huge, and they come around fast each year with little tolerance offered towards late payment.
Air conditioning needs to be left on all year round in order to prevent deadly mould growth inside the home. The costs of running aircon in Florida is like heating a home in a cold climate. It is expensive and all year round.
Home Owners Association Fees are often applicable to most properties as services such as lighting, security and landscaping maintenance are paid for on a monthly basis.
Repairs and replacement costs can soar if you decide to rent out your property.
Property Management fees will be payable if someone looks after your home in your absence.
Insurance costs need to be planned for and hurricane protection is advisable in Florida.
- US Income Taxes are payable on all rentals properties
Although the tax rates are lower than many European countries, they still need to be paid annually. Accountants fees will also be required.
- Rental Homes may not get the expected bookings
if you decided to make your property work for you while you weren’t using it, you may not receive enough business to cover the bills. 40% Occupancy can be a good place to start in terms of financial planning.
Top Tips and Advice for Buying a Home in Orlando
- Find a good property manager to look after your home.
Not only will they take care of the property, but they will offer good advice about occupancy levels, realistic costs and practical advice for the best charge out rates for your home.
- Always find the best mortgage deal that you can for your Orlando Investment Home!
- Keep customers happy by keeping the home in great condition. Replace worn and damaged furniture regularly.
- Find a good US based accountant.
- Don’t withdraw earnings from your property’s US account until after you’ve paid all of your annual taxes!
- If it is a rental home, expect damage costs and repairs and tackle them quickly before the next guests arrive. Accidents happen at home, so expect the same when others are staying there!
- Make sure that you understand how your property manager will market your home.
Ask to see ALL of the websites that advertise their existing homes.
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!