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 Buying Villas In Orlando - The First Steps

Research The Market
For those buying villas in Orlando or in Florida, we cannot emphasise enough the importance of being thorough in your research. If you need to rent out the home to meet your home's expenses including perhaps a mortgage, you need to treat the purchase of your home with the same care and consideration as you would if you were setting up your own business, after all you are in effect doing just that.  

Purchasing - Is it Right For You?
You need to determine whether the work involved and the time you need to spend in running a rental business is for you. As mentioned above, when buying villas in Orlando to rent out you will be running a business. With any business it takes a lot of work and will be a drain on your time. If you work during the day then your leisure time will become an extension of your working day. The more time you put in to your rental business, the more likely you are to get more out. If you can't afford to spend the time running the rental of the home, coupled with the fact that you can ill afford the running costs, then perhaps you should look at another type of investment. The home rental business is definitely not for you.

Avoiding The Purchase Trap
For people buying villas in Orlando it is all too familiar a story. We have seen it happen to many. People buy, it becomes a financial noose around their necks and then sell up at a loss. Don't fall in to this trap. It is easily done. Villa property companies make it sound very easy. Buying IS easy, but renting your villa or condo out to meet your commitments IS NOT. Do your homework first. From villa rental magazines, phone a few owners. Get a perspective on things, ask for their views and how much time it takes to manage their properties. Ask questions such as:

• "If you knew then what you know now would you still have bought your holiday villa?"

• "Having gone through the process, what would you have done differently?"

• "What information did you not receive that, if you had had it before you bought would have made things easier?"

Good Business Practice
Before you consider buying villas in Orlando, you must do business plans - including cashflow forecasts. You need to cost out your expenditure against projected income. Have a look at homes that are advertised and see what rentals they are charging. But do compare like-for-like. Not all rental homes are the same - and we don't just mean the number of bedrooms! For example look at a home's location (in terms of proximity to Disney World) the home's outlook (i.e. over a lake, orange groves, is it overlooked at the back?) the facilities available at the home and the communal facilities offered in the 'sub-division' or 'community' where the home is located. 

Renting out Your Home?
This consideration should form a key part of your decision BEFORE you purchase - assuming this is how you intend to finance your purchase and the ongoing costs. How are you going to position your business in the marketplace? Who are your potential customers? How are you going to segment your market and how are you going to target them? What budget will you have to do this? How much can you afford? How are you going to maximise this expenditure - i.e. get 'bangs for bucks'?

Costings
For some basic costings, please see our Costings page.

Remember, when buying villas in Orlando, if you intend to rent out your villa to finance your purchase or to produce an income stream, the considerations are no different from setting up and starting any type of business - because, in effect, this is exactly what you are doing.

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