Vacation Rental Home
If you are a foreigner coming to Central Florida every year to have a family vacation, you must be spending a lot of money on accommodation here in hotels. How about using these thousands of dollars to pay for the monthly installments of a mortgage loan to buy a vacation rental home for you in Florida? The money that goes into thin air in the form of hotel room tariff gets utilized and helps in purchasing a property for you. This is indeed a very alluring idea, and many foreigners have been able to buy vacation homes for themselves in this way.
Orlando will remain number one tourist destination for some time
Orlando has today become number one tourist destination in the world with more than 50 million tourists arriving here to enjoy their annual vacations. Universal Studios, Disneyworld theme park, Lego Land, Sea World and many other attractions are situated in and around Orlando. It is not just wholesome family entertainment but also world class shopping and dining facilities that serve as a magnet for the vacationers. On top of shopping malls and restaurants is the warm and sunny weather that attracts families to Orlando. Add to these world class golf courses and Orlando becomes a complete vacation package for people around the world. Because of these reasons, many foreigners are choosing Orlando as their home after retirement. Orlando has a family friendly atmosphere, and there are also many high-quality schools to take care of the education of your kids.
The money you pay to stay in hotel rooms can buy you a property
Why pay thousands of dollars to owners of hotels and resorts for accommodation when you can live in Orlando for free in your own home? Yes, it is pretty much possible to buy a rental vacation home and rent it out to other tourists for the duration when you are not using it for your own needs. However, the location, size, and the amenities in the property matter a lot to be able to get the kind of annual rental income that you are dreaming from your investment. You cannot hope to make the same kind of rental income from a single family home in a discreet location in Orlando as you can when your location is in a resort community and packet with the kind of amenities that tourists expect in their accommodation when they come here on vacation. Buying the right property in the right location is the key to making your endeavor of rental income from a vacation home in Orlando a reality.
Choose the type of property wisely
The size of the house is as important as its location. If you do not know where there are so many properties for rent available in Orlando in beautiful localities and gated communities, you could face cutthroat competition from their owners. One area where it is little or no competition is the luxury real estate market. You can hope to face very little competition when you buy a large property containing 8 or more bedrooms. This is because people come to Orlando in groups and often there are several families or friends in a large group arriving here to enjoy their vacation. These groups love it when they can rent a ten room house as all members of the group can stay together. This is not the case when they are forced to get 2-3 houses for rent in different locations.
You will be surprised to know that big houses with ten bedrooms and ten bathrooms are fetching their owners more than $750 per night if they’re located inside a modern resort community. Even if one assumes 60% occupancy for these homes, it turns out that owners are getting a net income of more than $80000 every year by just renting them. On an average, the break-even occupancy rate that you require to be able to pay off your monthly obligations to the lender is 20-22%.
Property should be nice and full of amenities
Another thing to keep mind is the fact that most of the homes are being booked by families and groups online. They do this before arriving to face no difficulties after landing in Orlando. This means you need to pay attention to the exteriors and the curb appeal as much as to the interiors of the property you are planning to buy. Women love to book homes where excellent facilities are provided in kids’ bedrooms. They also satisfy themselves by taking a look at the kitchen and the bathroom before giving their nod to a property reservation. Living in Central Florida for over 30 years I know the area like the back of my hand. My team and I would consider it a privilege in assisting you and your family in finding a vacation home today.