Buying an investment property in Orlando or Kissimmee
Buying an investment property in Orlando or Kissimmee is an exciting and complex adventure. It can also be a very time-consuming and costly one if you’re not familiar with all aspects of the process, and don’t have all the best information and resources at hand. Before considering the purchase of a home, you must determine the purpose of the home. Will it be only a holiday home? If so, will you rent out the property in Florida when it is not being used by your family, friends or yourself. How important is that rental income?
Questions have been raised about rental restrictions imposed within the Disney area. When it comes to real estate in Orlando, three counties have different sets of rules. Orange County did, some time ago, bring in regulations forbidding rentals of less than 30 days. This does not mean that a property owner cannot rent their house; only that each rental must be for a minimum of 30 days. However, the number of rental agreements in any year could not be more than 12 at the most and so a property in Orange County may not be the best place to maximize rental income. Osceola County now has rental restrictions in place. However, the position is very different from Orange County. Authorities have created exceptions and exclusions to protect the large number of investors who have already purchased houses in the county and the large number who continue to do so.
Consequently and without going too deeply into what are fairly complex provisions, many developments have effectively been excluded from the restrictions rendering them communities from which short-term rental activities are allowed.
It is essential that a prospective buyer obtain advice as to the suitability of the investment property / development and the use of which it is intended. Long term rental restrictions should be carefully evaluated and understood. We will gladly provide you with advice guiding you safely and expertly throughout your selection process.
The availability of resale Property changes daily. We will be happy to include a tour of appropriate resale properties within your viewing program should this be of interest to you. Good conditioned property for sale in Florida will not generally be on the market long, and while there is always a possibility that a “bargain” may become available, a true bargain in a prime location can be difficult to find.
The importance of house buying in a “prime” sought after location is crucial if the property’s resale value is to be optimized. There could well be a good reason why a particular resale is “cheap”.
While real estate investment in Florida can often be financed from one’s home country, US mortgages will frequently be more attractive and are readily available subject to approval. Advances of 75% of the cost (house, lot and pool) are relatively simple to obtain, 80% are not normally a problem although much more detailed financial information will be required. Mila Realty property management services in Orlando will be happy to introduce you to various mortgage brokerages in Kissimmee and Orlando with whom we are associated and find you the best investment property for sale on the local market.
Many are concerned about hidden extras and have heard stories about buyers being saddled with unexpected charges for closing costs long after it has become too late to withdraw from the purchase. Closing costs comprise of several elements, many of which are stamp duties payable on various documents but the biggest expense is usually applicable to the mortgage.
Contact Mila Realty team today