Note: A few days ago, we published a post about some of the issues relating to buying an Orlando vacation home and we used a stylistic approach that was designed to make the points we wanted to get across in a roundabout way (see Orlando Vacation Homes – What We Can’t Advise). One piece of feedback that we’ve had is that we’ve been too unclear, so we’ve tried again and the results are below. We hope that this rather more direct version leaves no room for ambiguity!
Call it a Disney vacation home, a Florida vacation home, or an Orlando vacation Home . . . the decision to invest in a vacation home is a big undertaking for most people and we pride ourselves on being able to provide the broadest possible help to potential buyers in their endeavors. But we want to be absolutely clear – there are some things that we will not do . . . even if it means losing a sale:
1. We won’t recommend ‘guaranteed’ schemes
“Guaranteed income programs are the way to go!” – we had one client earlier this week who told us that he had received details of condos with a guaranteed income yielding a net return of 6% to 7%. Our response to him (as it is to anyone tempted to be taken in by such “guarantees”) was to advise him to run like crazy from these. We’ve seen other heavily-promoted schemes this week for new Orlando vacation homes that offer the same trap for the gullible and unwary. We will never advise you to make one of the most important and expensive purchases in your life based upon an offer that is not only a severe misrepresentation, but also illegal. It’s no different than your stock broker offering you a stock and urging you to buy it because it offers a guaranteed rate of return of 14%. Its a violation of the SEC rules and should immediately make you run the other way. We love the Florida sunshine and the Orlando Vacation home concept and really believe in it. We have many, many happy Florida vacation home owners. Not one of them bought into the “Guaranteed Income and Return Progams”!
2. We won’t use fantasy financial figures
“Vacation home deals close to the theme parks – median price just above $100,000” – a national news website this week used statements by one local Broker to suggest that median home prices were in the low $100,000s and few homes were above $250,000. Clever wording was used to make it seem like these numbers related to homes close to the theme parks and communities with swimming pools, golf courses and other amenities. Some people may be duped into believing the numbers. The truth is that recent sales figures show a very different story: the median price is 75% or more above the number quoted. And many homes, a fifth if them or more, sell for more than $250,000. So we advise you very strongly to ignore the false numbers on the national news websites and look more carefully. We have found that the real values are usually hidden. No one knows about them or they may have been overlooked due to rabid searches for properties valued at half price. We can show you where the best deal and value is, but it is rarely (if ever) in the $100k range.
3. We won’t keep part of the story from you before you buy and then abandon you once you’ve bought your home
“Vacation homes are a great hands-off investment: buy your home and then ignore it while it makes money for you” – so goes the tale from some people who make money by selling property. Well, you can and you should find yourself a good property manager and expect him or her to care for your home. And maybe even generate you some rental income, if that’s what you want. But the most successful vacation home owners are those who make sure they are well-informed ahead of their purchase and then treat it as a business once they own. So taking no interest in your fine new home is something that we can’t advise you to do, unless you have no concern about how fast your property can deteriorate and how much running and maintenance costs can rise to. We will show you how to generate the most income from your home, what the full range of running costs are likely to be and how to make a success of your investment. And we will be there after you’ve bought – as our clients over many years can confirm.
So let’s get a little more positive. What you read above is what we won’t do, so what exactly can we offer that’s of benefit to you? In summary, we can help with everything from start to finish when you are looking for a Central Florida home, including:
- Identifying which homes match your requirements
- How to get your home for the best price
- How to set it up to meet your ownership and rental needs
- Questions to ask prospective management companies
- The full and uncensored picture on ownership costs.
- How to be totally happy with your Orlando Vacation home by setting it up for success.
And . . . . all of that costs you zero, because in Florida, real estate fees are paid for by the Seller. So you get professional help with your purchase, at no cost to you.
Too good to be true? Read here and here and here for more details about all of this.
