I want to share an article that I found very informative on steps to consider when buying a vacation or second home. The purchase of a home, whether a primary residence or a vacation spot, can be a complicated process and a significant financial commitment. However, by following the proper steps, you can make the experience as painless as possible.
1. Determine Your Ideal Location Resort areas usually have a wide range of properties to fit a variety of budgets. The greater the area you’re willing to consider, the more likely you are to find a property that fits your own budget. Things to consider, do you want a private pool, live near a golf course or near theme parks? Side note in Central Florida there are certain areas that are zoned short term rentals while other areas, example East Orlando are primarily zoned for long term rentals.
2. Establish a Price Range Owning a second home should be pleasurable, not the source of constant financial strain. The article suggested, when setting a price range assume your down payment (earnest money), home inspections, closing costs, and furnishing could account for 33% of the purchase price. For an example, if you have $50,000 in cash your beginning price range should be around $130,000 to $170,000.
3. Consider Fractional Ownership
Fractional real estate ownership is an alternative that became popular in the 1990's. This allows several unconnected buyers, or family & friends, to combine their resources and collectively own a beautiful vacation property.
4. Engage a Local Realtor The assistance of a local real estate agent is invaluable during your search for the vacation home of your dreams and one you should not have to do alone. A great agent will guide you through the purchase process, help you find the perfect location (certain areas in Central Florida are zoned for short term rental), mortgage financing, home inspectors, and may assist in property management.
The opportunities are endless – now is the time to begin the search for your dream vacation house with me.
Give me a call at 863-242-4470 today, if you have any questions.
Buying a Second Vacation Home - Pros & Cons, Things to Consider by Michael Lewis
EXIT Realty Champions', Champions Gate Real Estate Office, by Reunion Resort Orlando, is a full service Real Estate Brokerage Office in Champions Gate, Davenport 33896, next to Reunion Resort in 34747. Search for homes for sale with our Realtors, local experts in Champions Gate, Reunion Resort, Kissimmee and Davenport FL. This being the main area for resort vacation homes that can be rented out to meet the Disney World Orlando>, Universal Studios and other theme park market.
Alternatively, if you are looking for a new place to live, Our Realtors can help you find the perfect home in the Orlando, Kissimmee, Davenport, Clermont area known as the Four Corners, where Osceola, Lake, Orange and Polk Counties come together, Next to Disney and the Theme Parks.
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Rest assured that EXIT Realty Champions will Champion your housing needs, whether buying or selling one of the biggest investments you have, your home.