Home Buying in Davenport>Question Details

Worrall, Home Buyer in UK

I am looking to purchase a vacation home that I can rent out to the holiday market however I am a little

Asked by Worrall, UK Thu Jan 24, 2008

concerned the market may be flooded with such properties. I would appreciate some informed opinions and advice on this please.

Help the community by answering this question:

Answers

16
Worrall,
There quite a few properties in the market,should you be concerned? What is your concern? That you would now be able to turn a profit? I would suggest a little research into what types of properties are being rented and wht they are renting for. This way you can make an informed decision on what type of property to buy and for how much ( due Diligence.). Davenport is a Haven for such properties.
http://www.vacationhomes.com/city_search.cfm?l=459
Perhaps this link can get you started.
Rick.
0 votes Thank Flag Link Thu Jul 17, 2008
Not sure if you're still looking, but this might help others as well. I'm NOT a realtor trying to sell you a home... I own a vacation rental home in Davenport, FL (on Highlands Reserve) and I rent it out myself, though I live in California. I handle all the bookings and have a local property manager take care of the physical needs. My observations: There's a load of competition for renters near Disney so you have to be super-smart if you're not going to choose a home in a more exclusive area (like Lake Tahoe or many coastal towns); you have to get a super deal so you can offer rents that are competitive; you also need to be selective so you can offer something that makes your home unique to stand out from the competition - on a golf course, on a lake, extra amenities, etc; you won't make the income you want if you let a property management company make all your bookings because they have too many people to worry about keeping moderately happy. You can and should handle your own bookings if you have the time and inclination to make it really successful. All I have for you for now... Good luck!
0 votes Thank Flag Link Sat Jul 12, 2008
Flooded is an understatement.
They are everywhere .
he good is that your pound is worth two times our dollar and the prices of our properties are low.
When our prices decide to rise say in the next two years and the pound goes down, you have a very nice equity situation.
So now is the time to buy but buyer beware.
You need to pick a vacation property that has a steady management company in place to help rent out the unit and give you the income you will need.
The best of all situations is to find a builder who actually manages their own property.
They have vested interest in making the project work.
Feel free to contact me and I can tell you about one location I know of that is owner operated and is priced right with all the bells and whistles.
They even give your unit it's own web site so you can asssist in bringing in clients to your unit .
Good vacation properties will bring in large tour groups as well as smaller stay clients to fill the units.
Hope this helps.
Have an outstanding day

Robert
0 votes Thank Flag Link Fri May 16, 2008
Worrall-

There are a lot of vacation home properties in the Davenport / Kissimmee area that "vacation home properties". While your concern is valid, there are many properties in this area where investors are doing just fine with their investment. The current market is allowing investors to buy these vacation homes at prices that allow them to cover their expenses.

Most vacation owners us a management company to manage the property and book renters. To help increase the number of bookings it is recommended that you also help in the process by telling friends, family, co-workers, post in a local news paper, create a website to market yourself.

Location is going to be very important as well. Homes within a 5-15 minute range of Walt Disney World will typically get more rental weeks per year and at a higher weekly rate. Communities in this area can vary from basic features to gated communities with club houses.

The size of the house needs to be considered. A 3 bedroom my only fit a family of 6 but a 4 bedroom may fit 2 families of 10. A pool is without a doubt a requirement. Some homes use the garage as a game room which attracts families with children. Keep in mind that not every day is spent at the Theme Parks.

Management companies also vary in services and fees. It is recommended that you look at several before you decide on one. Often the home that you purchase will have a company in place and it may be beneficial to use them as they may have booking in place.

If you would like further information about vacation homes in the Davenport / Kissimmee area, I can send you more information on properties or communities surrounding Disney. You can also visit http://www.thefloridalivingteam.com and see a map of these areas and the properties for sale around there.

Steve Glose
Real Estate Specialist
The Florida Living Team
Keller Williams Realty

407-616-7286 direct
020 3239 7286 london
407-962-4242 office
866-531-1709 fax
steve@thefloridalivingteam.com
0 votes Thank Flag Link Fri May 16, 2008
There are many properties on the market, but if you can afford to hang on to it...Davenport is due for some major growth and property values will be climbing soon. We are now in a Buyers' Market Stage 1 going into Buyers' Market Stage 2. I will be happy to explain these cycles to you and send you pictures of a beautiful 4 bedroom 3 bathroom vacation home for sale for approximately $200,000. This house has two master bedrooms, it's 15 - 20 minutes from Disney. It has a beautiful screened in porch and pool area...completely furnished with a 2 car garage. e-mail me at MariaTownCounty@aol.com or Henry.Picarelli@Embarq.com or call me at (407) 782-7657. I'll be glad to send pictures.
0 votes Thank Flag Link Tue May 6, 2008
Please consider Hilton Head Island, SC. It is one of the top resorts destinations in US. Hilton Head is famous for pristine beaches, mild weather, world known golf courses and unique nature. I moved to Hilton Head Island from Europe and absolutely love this place.
Home prices are very reasonable here and yes, you can rent most of the properties short term (weekly). If you need more information, let me know!
0 votes Thank Flag Link Wed Feb 27, 2008
Worrell,

One simple answer.

BE BUY THE CASINOS - within 5 Miles
simple

I have vacation rentals on the water within 3 miles from the casinos and at 95% occupancy. Cash flowing over 600mthly. Starting at 109K - Simply incredible. Time to buy is now with the pound at record high against USD!!
0 votes Thank Flag Link Wed Feb 27, 2008
You can get some really good values on Condo's in the French Quarter...unlike other areas of the country, there is only one French Quarter in the world. The real Quarter is not Bourbon Street, but a series of special places within a special place...unique homes seeped in history.

As such, there is a constant flow of tourists who become natives from all over the world, with many selling their Florida or Chicago 2nd homes for a place in the Quarter...relatively inexpensive by NY standards, rentable, in a place with festivals year round. Since there never was much of a subprime market here, this has not affected this part of the market here.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Thu Feb 14, 2008
There is always a market for holiday/seasonal rentals in FL especially in Orlando and the coastal areas. I suggest contacting a few property managers that manage these type of properties and find out what their vancancy rates are. Many owners are managing properties themselves these days using internet sites such as Craig's List, VRBO and other similar sites. Obviously this can be difficult if you're trying to do this from the UK unless you will be renting to others from the UK. With the dollar being as week as it is right now it is a great opportunity to purchase FL real estate as there is plenty to choose from.
0 votes Thank Flag Link Thu Feb 14, 2008
Hi Worrall, if you are looking to purchase a holiday home, now is a great time. With prices adjusting to where they need to be it is a buyers paradise. I live and work just a few short miles from Disney so if that is the area you are thinking about I will be more than happy to help you through the process. Please feel free to contact me at jvasquez018@cfl.rr.com. Looking forward to hearing from you!
0 votes Thank Flag Link Thu Feb 14, 2008
Flooded? That's a good thing for a buyer - that's exactly what is making us a strong buyer's market and it means you can pick and choose and negotiate your price. Interest rates are low and the pound is stronger than it's been since I can remember. (I'm a ex-pat from London). I'd say without hesitation that if you can afford it, this is the best time (probably in your lifetime to date) to buy in the U.S. because there is this 'perfect storm' of both cheap property AND a strong pound. Most buyers will buy predicated on one or the other. To have both is a dream and this combined economic situation is unlikely to be repeated in the near (or distant) future. See my blog here at: http://www.condometropolis.com/blog/2007/12/05/mortgage-term… which talks more about this. Good luck!
0 votes Thank Flag Link Fri Jan 25, 2008
Hello Worrall,

It really depends on where you want to be. On the coast or around the Disney area.
This is your investment property. Do not just leave it in the hands on the management company to keep your home booked. Who wants to let out your home more than you do? Plus, you make more money on your booking rather than the management company taking a larger cut for them booking it.

Be proactive, start with a small website that shows your availablity calendar.
Make up a few business cards with your website and contact information on them.
You have to treat it as a business even though it is your Holiday home.

If you have any questions at all, please feel free to contact me at any time. (just not 5am ^_^)
0 votes Thank Flag Link Thu Jan 24, 2008
I own vacation properties. You really must do your due diligence prior to buying. My rule is call 3 different vacation rental management companies and verify information. That is the first place to start, then work your numbers backwards based on vacancies for the area, management fees - do they charge YOU extra for linen service, beach umbrellas for your tenants, etc. DO YOUR HOMEWORK. Then you can see where your purchase price needs to be with all those factors. Just because you got a "deal" or good price does not make it a good investment! It's all about the numbers and demographics!

Merre Ward
http://www.nwrei.net
0 votes Thank Flag Link Thu Jan 24, 2008
Worrall:

I have had that concern myself. I live in one of the first mixed use developments near Disney for 16 years. Homes around me continue to rent for a week at a time on a regular basis. In the last few years many new developments design with short term rental purpose exclusively have opened up. Some WAY overpriced, but still selling. The short term market is live and strong always around DISNEY, and will continue to be.

I just got a contract signed a few hours ago, my buyer is getting a 4 bedroom, 2 bath with pool in HWY 27, Davenport for 197,500.... they were asking 219,000..... and in 2006 that exact home was selling for $290,000. After calling several management companies (and finding a good one is very important) seems the AVERAGE house rents about 20 weeks a year. Mortgage should be covered by renters. And that does not include the big plus, Appreciation after this slump will be great.

Plus right now... "Homes are on Sale! and Financing is on Sale!, why wait?" It all boils down to... work with someone willing to spent the time sitting with you and doing the research to find you the best deal.

Tony
0 votes Thank Flag Link Thu Jan 24, 2008
If you have an interest in the beautiful gulf coast of northwest florida, I can help. Not only am I a realtor in the area (Destin and Santa Rosa Beach), but I also have experience with short term rentals in this area. I can help you find the best properties, and the best buys. The market is flooded in Destin, and picking out the best ones can be difficult if you don't know the area. Please contact me, and I will be happy to assist you.
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Thu Jan 24, 2008
Hello Worrall,

In Florida, the Tampa Bay Area, we have a lot of "snow birds", who come down for the winter and rent. These are usually rent from after Thanksgiving, the end of November through to March. They want to escape the chilly conditions of the northern states of the U.S.A.

We also see vacationers in the summer who want to rent beach properties. This is really a great time to buy since prices are low. Feel free to contact me if you are interested in purchasing or would like some more information.

Phil
Web Reference: http://www.PhilFowler.com
0 votes Thank Flag Link Thu Jan 24, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer