With world-class theme parks and entertainment in our very backyard, it is no secret that Orlando attracts millions upon millions of visitors each year, from all corners of the world. With such a booming tourism industry that stays in high demand all year round, many savvy investors are turning to purchasing rental properties in Orlando — using the property at their leisure and then renting the property out the rest of the time.
But how do you select the right home to use as a rental property in Orlando? Let’s take a look at some of the top tips for selecting and purchasing a rental property.
Buy at the right price.
This one seems like a no brainer, but it really is a sound tip. Scoring a real estate bargain now will only help you in the long run, enabling you to better withstand any potential swings in property value. Plus, buying at the right price will help ensure that you can make a profit on your investment down the road, if or when you decide to sell.
Find the right neighborhood.
The neighborhood you purchase in can truly make or break you when it comes to a rental property. In Orlando, this may mean that you need to focus on choosing a neighborhood that provides easy access to the theme parks and attractions. Also, take into consideration the amenities that are nearby — visitors want to be able to easily get to grocery stores, shopping, and more.
Look out for any potential safety hazards or issues.
Although an initial expense up front, a licensed home inspector can be a tremendous value, in the long run. A good inspector will be able to go over the house with you to point out any potential safety hazards, and offer suggestions for how to remedy them. As a rental property owner, you will typically assume an increased risk of lawsuits, so safety must always be a top priority.
Bigger is not always better.
With the size and square footage of your property being considered to help determine your tax rate, it is easy to see that an acre of land — or even more — is not necessary for a rental property. Not only will you pay extra taxes on the property, you will end up paying more for maintenance, such as yard work. More square footage and a bigger lot may help to increase your overall property value, but unfortunately, it won’t do much to impact your bottom line when it comes to rental income.
For instance, you will likely see more of a return on your investment renting out a home with 4 smaller bedrooms than with 3 larger bedrooms, with the same square footage.
Orlando Rental Homes
Finding the right home to use as a rental property can be a challenge for even the most experienced and seasoned homebuyer. Fortunately, we have the industry experience and the market knowledge necessary to help you when making this important decision. If we can be of any help, please feel free to give us a call or connect with a member of our team online today. We look forward to hearing from you!