If you think that the picture above is very tempting, you’re not alone by any means. But a message that we want to highlight is this: you need to get many things “right” when you are buying, to make sure that you avoid regrets later on. To us, “right” includes things such as the right floor plan, the right community, the right location, the right management company and so on. It’s easy to make mistakes and our role is often to help clients avoid those mistakes.
An article recently published by Realtor.com identified several key areas for a prospective vacation home buyer to be aware of, focusing on buyers who want to generate income by renting out their home while they are not using it personally. The article is not Orlando- or Florida-specific, but the points that it raises are very relevant for anyone buying a holiday home in Central Florida. It suggests five potential mistakes that can cost money if you get it wrong:
1. Not checking the local regulations on renting
2. Not being picky about your management company
3. Being thrown off by a furnished home
4. Buying to please yourself
5. Viewing it as a hobby
We endorse everything that’s said in the article and indeed, even if we haven’t covered all five previously in this web site, we have certainly discussed these things many times with a host of clients!