There are several types of properties that you can purchase in the Orlando/Kissimmee area.
Single Family Home (Detached)
Historically, single-family homes have had faster appreciation over attached residences. In markets where they are available, detached homes should bring higher rent and occupancy for short-term rental homes. In addition, they typically have larger square footage along with private screened-in pools. The maintenance, upkeep and running costs on a single-family home may be higher than townhomes and condos.
Townhome (home sharing a common wall with at least 1 unit)
Townhomes share some of the benefits of detached homes and condos. They typically include exterior maintenance within the homeowners association (HOA) dues, which is a nice feature for a property where the owner does not live in close proximity to the property. Typically, townhomes do not rent as well as a single family home for short-term rentals.
Condo (Low Rise - typically 3 stories or less, Mid Rise - usually 5 to 9 stories, High Rise - typically 10 or more stories)
Condos are ideal in areas where there is limited land or very expensive land. Historically, they lacked the appreciation of the other categories unless they are within a close proximity to a landmark such as a beach, city center or entertainment center. They are very low maintenance but can have higher running costs depending on the efficiency of the condo association. They are ideal for a vacation property when combined with a large amenity package. Typically, condos do not rent as well as a single family home for short-term rentals.
Condo/hotels typically offer a centralized onsite property manager. They are ideal when a large hotel chain is handling the management (e.g., Ritz Carlton, Westin, Four Seasons, etc.). However, they often restrict the amount of use by the owner so they can maximize the occupancy or meet local governmental requirements. In some cases, the financing is not as attractive as the other categories because lenders see this more as an investment than a 2nd home and require larger down payments and/or higher interest rates. This is basically an opportunity to own part of a hotel but your value may be subject to the quality of the management and the local demand for your community.
The only difference between this and a condo/hotel is that the property management is not restricted to one company. In some cases, the developer will structure the property management where it is in the owner's best interest to use the preferred management company but it is not mandatory. This can help the buyers because it will make the financing more competitive with other types of residences. This category has more risk than the others because of their limited resale history to establish resale values but they do typically generate more income than a regular condo and the split to the owner is typically better than a condo/hotel.
Our rates are established within trade industry guidelines to keep us competitive and successful. The rates will depend upon the house type, the season the reservation falls into, the reservation source and if there are any applicable discounts. Should your property fall into our Global Grand Collection, it will be marketed at a 15% increase over properties not in the luxury collection.
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GLOBAL REAL ESTATE
Since 1993, Global has been your one-stop-shop for Orlando Real Estate and Property Management. In today's ever changing real estate market, there are many choices and considerations to make before you purchase. Let the Global team help you make the right choice for your individual needs.
Global Real Estate Services, Inc. manages over 400 long-term rental homes in the Central Florida area.
Global Real Estate Services, Inc.Kissimmee, Florida.
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