Monday, October 08, 2007

Renting Your Orlando Vacation Home

You may be thinking about buying a vacation home to rent while you are not utilizing it. While there are many benefits to having a second home, many international buyers are taking advantage of the weak US dollar, and making real estate investments every day right here in Orlando.

But what do you look for in a vacation home you want to rent? Overall, location and proximity to Disney is number one feature guests want looking for a vacation rental. Ideally, you want to be 10-15 minutes away, but no more than 20-25 minutes. Secondly, amenities! Guests want activities at the home during times not visiting the attractions.

Deciding what type of home to buy? Single Family, Townhome, Condominimum, or Condo Hotel? All of these types of home generate booking opportunities, so it may come down to your budget. The number of bedrooms are more important than square footage. All offer a different experiences for guest.

Single Family Homes: You have the opportunity to rent to multiple families and have the privacy of your own pool. Having a pool in this type of home is a must and should be heated in order to book guests all year round. Single family homes can offer more amenities within the home such as pool table, back yard, ping pong table because of more space. In addition, some of the homes are in communities that have community pools, tennis courts, and playgrounds which are a plus. You are responsible for repairs and maintenance to interior and exterior of the home.

Condo or Town Home: These are attached homes. Condos unit 1 story units on multiple floors, while townhomes generally two stories within the unit. Typically, there are many community amenities such as a pool, playground, tennis courts, volley or basketball, clubhouse, fitness rooms, movie theater, or arcade room. It is important to have a heated pool in order to rent your unit year round. There are always Home Owner Association Fees charged monthly which include maintenance of all the amenities, and exterior building maintenance and insurance. The home owner is responsible for interior maintenance and repairs.

Condo Hotels: Orlando has been listed as the 3rd largest condo hotel market. This a fairly newer concept in which a condomimum building has individual ownership, but is run like a hotel. There is a front desk reception for guest check in, to onsite cleaning service, and packet full of amenities. They have resort style pools, on site resturants, gift shops, onsite travel services, activities and some have transportation access to the attractions. They are offered from basic accomodations with efficiencies to luxury spacious living areas. There is also Home Owners Association Fees. These are truly set up for vacations and some limit the amount the owner can occupy the property for no more than 3-6 months per year.

Stay tuned for more information on How to Select A Property Management Company.