Our city is a major tourist destination, and a attracts thousands of residents each year, including professional in sciences, technological and hospitality fields. They love to move here inspired by our wonderful lifestyle, attractions and thriving industries that are based in our city.

According to the Orlando Economic Partnership, the Orlando region is No. 1 in the nation for job growth. That also means there is strong housing demand in Orlando, with residents and newcomers seeking homes, and the real estate market still strong, despite some fluctuations in the past year.

Unlike other types of investments, a real estate investment appreciate over the long term, among other benefits. 

Are you ready? Here are 5 ways to know if you are ready to purchase your first investment property.

1-You have the capital to make the investment. While there are some financial options to make your investment a reality, it’s important to evaluate your finances. Determine the amount of money that you are able to invest and assess your financial health, to ensure you have funds for charges and fees associate to the purchase, including down payment, closing costs and emergency reserves. If you plan to pay cash, you’re ready to go to the next step. If you will need financing, is extremely important to obtain a pre-approval letter from a lender.

2-You are familiar with the Orlando Real Estate Market. You don’t need to be an expert in this topic, but you should understand how the market works. That’s why is important to work with a real estate agent who is knowledgeable and have experience in investment properties. Is not the same to purchase a house to use as your residence that buy one as investment. There are also different rules and regulations for investors compared to owner-occupied properties.

3-You have an idea of the type of property you want. If you’re going to buy a residential o vacation property, will be good to have some idea if you want to have a single home, a condo or a townhome.  Understanding how you plan to use the property is essential (for example, if you prefer a place for long-term or short-term rental). If you are looking at a commercial space, you should also know its intended use. 

4-You find multiple properties that can be the one for you. While it’s rewarding to identify several properties that could be perfect for your investment, the process can be overwhelming.  Is always recommended to research some neighborhoods with the help of an expert real estate agent.  Orlando is huge, has many surrounding cities, offering plenty of choices, including new homes and resales. 

5-You analyze and prioritize property management. You need to evaluate if you’re going to manage and maintain the property, which is difficult if you don’t live here, or hire a management company. Is a big challenge if you don’t have the knowledge of rules and regulations that apply to rental properties. Although you don’t need to choose before purchasing, is highly recommended to talk with a management company about their services and contract options.

If you’re thinking of buying an investment property, we’re here to help. Our expert team has the experience and the excellent references from hundreds of satisfied investors, making us the best choice for you. 

milena@vivaorlando.com – 407.922.4620