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According to the Chicago Tribune, over 5 million families in the United States own a vacation home of some sort. As this number continues to rise, it might be something that should consider in the near future.

But one of the most important variables that automatically come to mind is location. What is a realistic place to own a vacation home?

While the Maldives might seem like the perfect place to buy a second home, it’s not necessarily realistic. Flights, food, transportation – this can add up quickly if you’re not mindful. Fortunately, cities like Orlando are perfect for those who are looking into owning a vacation rental.

But what goes into buying a luxurious vacation property in the middle of Orlando, Florida? Here are the facts.

Facts About Owning A Vacation Rental In Orlando

Thinking about owning a vacation rental in Orlando? There are some things you have to keep in mind before signing your name on the dotted line. Here’s everything you need to know.

1. Think About Your ROI

Even though it’s considered a luxury, one thing you should consider when owning a vacation home is your return on investment. While you may stay in your vacation home a couple days out of the year, why not make a profit the days you’re not there?

Orlando is the number 1 vacation destination in the United States, surpassing large states like California and Texas. According to Orlando Airports website, MCO had over 44.6 million tourists in 2017 alone. This means that over 40 million families are looking for a place to stay in Orlando throughout the year. Why not rent out your luxury property and get the best bang for your buck?

2. Repairs Can Come Up

When owning a vacation rental there’s one thing you need to keep in mind- repairs are going to come up. Just because you find yourself ccupying your vacation home a couple times a year, doesn’t mean repairs won’t be needed. Keeping this in mind- how do you budget these unexpected events?

According to the National Realtors Association, you should budget about 1.5% of the total cost of your home into annual repairs. This way, things like poor plumbing, electrical outages, and leaking faucets don’t come as an inconvenient expense.

3. Visiting Is Easier In Orlando

As tempting as it might seem to purchase a vacation home on a tropical island, there are so many variables you want to consider prior to making this decision. For instance, how much would the plane tickets cost and would it be worth it?

Fortunately, Orlando is a reasonable flight, regardless of where you live in the US. In addition, the city’s transportation system is excellent. Everything is fairly close so you won’t find yourself spending much when trying to get around.

4. HOA Fluctuates

If you’re looking into owning a vacation home, one thing you should keep in mind is that you’re not exempt to Homeowner Association fees. These fees are essential for the upkeep in the common areas of your neighborhood.

Fortunately, Orlando has a wide range of luxury vacation homes whose HOA fees meet everyone in the middle – from the middle class to the high class. From East Central Orlando to Osceola – we encourage you to perform a property search and find the vacation home of your dreams.

5. The Perfect Weather

Apart from the realtor jargon, Orlando is the perfect city to make an investment simply because of the weather. If you’re looking into owning a vacation rental in Orlando, you don’t have to worry about things like extreme weather or shoveling snow.

According to Palm Beach Post, over 900,000 people migrate to Florida each year during the winter seasons. And because Florida is the leading state for snowbirds, buying a vacation rental property in Orlando is going to an ideal investment.

6. Luxury Vacation Homes vs Standard

When buying vacation rental properties, one question that might ask is “Why should I invest in a luxury vacation home?”

Whether you know much about real estate properties or not – it’s no secret, the market is competitive. And while it might seem tempting to purchase a property with 3-5 bedrooms, the competition in that market is intense. On the other hand, owning a vacation rental with 6 rooms and above have little to no competition.

Because theme parks like Disney World and Universal are located in the heart of Orlando, it’s no surprise that families plan big reunions in this city. This is why homes of this size are in high demand.

7. Natural Disasters

Because of hurricane season, many homeowners are hesitant about owning a vacation home in Florida. Fortunately, Orlando has extremely porous soil that is excellent for absorbing stormwater during the season.

In addition, because of Orlando’s elevation and location, flooding isn’t very likely. In the past century, the most rain Central Florida has experienced in a 24-hour time frame was a little less than 11 inches.

Looking For A Luxury Vacation Home? Let Us Help!

Whether you’re looking into owning a vacation rental in Orlando or simply want to inquire about buying a vacation rental, we’re here to help. For years, Orlando has been one of the top vacation destinations in the world. Between Disney, Universal Studios and everything in between – people from all over the world have made this beautiful city a must-go on their bucket list.

If you need assistance looking for a luxury vacation home, you’ve come to the right spot. Be sure to contact us and one of our experienced real estate agents will be sure to get back to you.