If you are looking to invest in Orlando real estate there are some things that you should know prior to beginning your journey. The good thing about investing in Orlando properties is that it opens up the opportunity for investors across the globe.
First, you need to gain some knowledge on exactly how the Orlando market works. You will need to understand that you should prioritize much more than just the property itself.
Take a look at this wonderful guide to help you gain some insight on how you can encounter both an enjoyable, unforgettable, and easy-going experience.
Best Neighborhoods and Resorts in Orlando
You will need to think about a location before you even consider investing in a particular property. Maybe you are thinking about living in a particular area yourself. Or maybe you are looking for a neighborhood that allows you to both excitement and success. You need to think about what it is you want prior to investing.
There are many locations in Orlando that make for the perfect location to invest in property. There are certain locations that are much more convenient and easily accessible than others. There are also some that make the perfect destinations for tourists. Some of the recommended neighborhoods are:
Spectrum (a reunion resort) is highly recommended if you are looking for a desirable location to invest in the Orlando area. It can either be a vacation home or an investment property. It is located close to Disney World and features some of the most exciting resort facilities.
Short/Long Term Rental Guidelines
There is a wide variety of guidelines and regulations that you must follow when looking to rent in Orlando. This is especially true for those looking to buy investment properties in Orlando with hopes of potentially renting it out to residents in Florida. There are new Airbnb rules that you must become familiar with that have already taken effect in Orlando which gives property owners the ability to rent out certain areas of their home on a short term basis only.
There are particular rules that homeowners in Orlando must abide by when they are renting out their homes on a short term basis:
•One booking at a time is allowed
•Two people per room are the max
•Four non-family member max allowed at a single time
•Fee of $275 upon registering with the city
•Rental tax of 6% along with lodging taxes applied to rentals that are short term
For those who have already purchased vacation homes in Orlando, this is the perfect opportunity to take advantage of when you are not using your own home yourself. Capitalizing is a great investment. It is perfect for others to enjoy your vacation home also directly in a prime location.
Approximately 5.2 million individuals are estimated to make Central Florida their home by the year 2030. That is a lot of people. There is a strong increase of people that would like to make the Orlando area in particular their home long term. This makes long term rental agreements beneficial as well as profitable. All Orlando investment properties can be rented out on a long term basis while bringing in both profit and enjoyable experiences for others.
Trends in the Orlando Real Estate Market
There are so many wonderful opportunities available for investors to benefit from in the Orlando real estate market. For many years now, Orlando has been rated as one of the strongest investment areas. There have been approximately 36,000 homes that were sold alone in 2018 in Orlando. In the last seven years, prices have climbed 82% but investors have also been presented with more than a handful of opportunities for investment properties.
Orange County is among the most popular locations in Orlando with a whopping 35% of sales coming from this one area. It took approximately 60 days to sell homes in this county in Feb of 2019 alone due to many local residents and investors looking for locations that are close to Walt Disney World.
Vacation Homes in Orlando
Vacation homes are becoming increasingly popular in Orlando and are visited heavily by tourists each year. In 2017 alone, 72 million people visited Florida. Keep this in mind when you are considering making an investment in a vacation home in Orlando since they pay seemingly well.
Vacation homes that are considered “resort styled” are extremely popular since they offer visitors a wide range of facilities such as water parks, kids clubs, movie grill theatres, and much more.
Florida is performing above average when it comes to the growth of real estate markets. With this, however, comes much competition and other options that you will experience during your journey. It can seem overwhelming in the beginning, especially for first-time investors. However, there are many professionals that will be more than happy to help you find the perfect investment property for sale in Orlando.