bumpkinblue

Hi there - apologies if I have come to the wrong Forum but I am finding it hard to find answers.
We are looking not to move to the U.S. but to buy a Condo in the Disney area as a sort of investment/pension and to use it as a holiday home,to rent out whilst not there. We cannot afford a villa in the sort of area that would interest holidaymakers so that is why we are after a Condo.
We are just wondering if anyone has any words of wisdom/comfort/horror regarding us doing this as of course any U.S. realtors are not going to tell us of any pitfalls.
Yet again,apologies if in the wrong place but any info (good or bad) would be gratefully accepted

christmasoompa

Hi, and welcome to BE.

Have you done a search of the forums? It's just that there have been several threads on the same subject very recently (there's even one further down this page), so I'm sure you'd get good info from those.

Good luck with it.

Jerseygirl

Welcome to BE.

As Christmasoompa posted above there has been loads of threads about buying property in Florida.

The bottom line is that generally it's not the investment you probably think it will be....more of a headache than an investment/income property.

excpomea

Welcome, yep there are plenty of threads on this very subject.
Most would point towards it not being an investment.
Honestly, you would do better just taking a luxury holiday a few times a year than buying a condo.
Condos come with fees and very little control over your property. Plus unexpected special assessments can be a real burden.

Here is my condo story. (I seem to have one for everything)

I purchased a place on the Inter-coastal in Fl Lauderdale 8 years ago as an investment, retirement, holiday home and a place for the mother in law to live and take care of.

2 bedroom , nice views and a pool. $130,000. I paid $50K down mortgaged the rest.
Now the place is worth about $90K and we must have paid close to $100K over the past 8 years. In mortgage, taxes, condo fees and special assessments.

MiL pays no rent, never has so it's all been down to us. Biggest financial mistake of our lives.

Imagine what we could have done with $100K.

So, Condo.. Think very hard. Research, research, research..

Pulaski

Many condos in the Orlando (Disney) area prohibit holiday rentals - and it's not just the property managers' rules, it is a zoning (council) prohibition.

Moses2013

And I suppose if there was really money to make, it would have been snapped up by now.

Pulaski

The driver behind the zoning restrictions is the hotel business. The hotels are very large employers in the Orlando area and don't want holiday condo rentals undercutting their business. To keep the hotels happy the counties around Orlando obliged by prohibiting holiday rentals.

Moses2013

And that's how the rich get richer

bumpkinblue

Many thanks for the advice everyone - very much appreciated

Hulky

[U] Hi everybody,
so true what you have written. I also know that because I always stay in Orlando during my holidays.