A fair warning if you plan to buy a vacation home in Orlando, FL: Read up on SB 280.
Passed during the 2024 legislative session, Senate Bill 280 seeks to regulate short-term rentals. While this sounds good on paper, property owners are at a disadvantage. They could face excessive fees for registration applications, yearly renewals, etc.
Also, some stipulations covering short-term rentals aren't exactly fair to property owners. That's why many are calling to have this bill vetoed.
Now, if you're not too worried about SB 280, here's what you need to know about owning a vacation home in Orlando.
How to Find the Right Vacation Home in Orlando
Think of guests searching for "vacation home rentals" online. Usually, their primary concern is how far the property is from Disney World and other top attractions.
So, if there are properties that are within 20 minutes of Disney and you're considering one of them, don't forget to examine other factors. These include the property's condition, your return on investment (ROI), HOA fees, property management, etc.
Even if you'll rent out the property short-term and use it as a vacation home, remember to crunch the numbers. You'll also want to consult a property management company. That way, you have an idea of what to expect financially.
Understanding the Vacation Home Buying Process in Orlando
Put aside the idea of securing the best vacation spot in Orlando. To find a vacation home that suits your financial goals, assess which option pays off in the long run. Should you pay cash or take out a loan?
It also won't hurt to consult realtors. In addition to online research, an excellent real estate agent can help you meet your property purchasing objectives.
While evaluating your financials, don't forget to familiarize yourself with local laws, especially your tax obligations. Seek advice from an attorney or a certified public accountant (CPA) to understand the tax implications of being a vacation homeowner in Orlando, FL.
Consider Working With a Property Management Company in Orlando
The best vacation home tips or vacation rental guide recommends working with property managers if you struggle with rental marketing, tenant/guest screening, property inspections, etc.
While DIY property management is an option, consider how you'll handle day-to-day tasks if you own more than one rental. With property managers helping you, expanding your rental portfolio is easier.
Additionally, you don't have to worry about accounting and billing, reducing vacancies, and so on. A full-service property management company can help you be a hands-off investor. Enjoy your earnings and use your free time to pursue other interests.
Turning Your Dream Home Into a Moneymaker
Renting your vacation home to Orlando residents and visitors can be lucrative with proper financial planning and property management.
Let PMI Property Prime Home help you with the latter. With over 20 years of experience in the property management industry, we can help protect your investment. We offer customized solutions to help you achieve your personal and professional goals.
To get started, check out our free rental analysis to see how much you could profit on your property.
