Buying property is both an exciting and daunting event. Every month, more than 1,000 people relocate to Florida. Due to new employment opportunities, improved schools, and retirement, and great living amenities (and Disney World) even more individuals relocate within Florida. The fact that there are just as many real estate action is no coincidence.
The Orlando real estate market has been heating up, with the average house selling price rising by 44% over the past five years.
Considering these gains year over year, purchasing a property in Orlando may be a wise investment. Before purchasing real estate in this area, prospective homeowners should know a few things before buying property in Orlando, Florida.
Home Inspections Are A MUST for Homes for sale in Orlando, Florida
It could be tempting to remove the inspection contingency if you’re in a bidding war for a house. But especially here, a comprehensive examination is required. The climate of Florida is categorized as subtropical. As a result, although while newcomers from colder climates may not have to worry as much about snow as they once did, other problems, such as insect infestations and rain damage, are more prevalent.
As the saying goes “better safe than sorry”. Here are some home inspection companies that are local and rated highly on Yelp:
Ensuring Your Future Home is Ready for Hurricane Season
The hurricane season in Florida runs from June through September. Florida frequently sees hurricanes, therefore homes there are frequently constructed to resist both the strong winds and pounding weather and to adhere to some of the strictest building requirements in the nation.
Nowadays, there are more alternatives than ever for homeowners to secure and safeguard their houses. Purchasing a house with storm shutters, impact windows, an interlocking metal roof, or fiberglass doors installed will assist ensure that your house survives yearly storms without becoming dented or broken.
You might want to think about having these storm-resistant improvements implemented if the houses you’re looking at don’t already have them in order to safeguard your investment. Preparation is key when keeping your investments flourishing in the long run.
Buying Property : Choosing The Right Home Insurance
Orlando, Florida real estate buyers should be aware that Florida law mandates that property insurance providers pay for damage caused by hurricanes and tropical storms. Florida is the third-most expensive state for homeowners insurance, so anyone moving from out of state may need to adapt their budget to account for insurance expenses.
In many areas of Florida, flood insurance is essential since levee collapse can result in water damage to homes and cause flash flooding, river flooding, coastal flooding from tropical storms, and other types of flooding. Florida has a low elevation and a high water table, therefore flooding doesn’t necessarily require much to happen there. For this reason, Florida doesn’t have many basements.
A good home insurance will give you peace of mind. Especially during the Hurricane and flooding seasons.
The best choices for homeowners insurance based on MarketWatch, are:
1. Allstate — Great pick for Extended Coverages
2. American Family Insurance — Best Online Resources
3. Progressive — Best for Hurricane Protection
Buying A Vacation Home in Orlando, Florida
Homes in Orlando with a greater proximity to Disney often have a somewhat higher ROI than those with a further distance. Given that Disney World has 58 million people annually and is the most popular theme park worldwide, this is not surprising. Areas that are considered to be outside of Orlando (like Celebration and Four Corners) are in fact nearer to Disney’s theme parks.
Check out some of our best performing properties in the Four Corners area:
If you are thinking of buying a vacation rental property then consider checking out this article for the “Top 5 Reasons to Own a Vacation Rental Property” or simply contact us at (407) 919–6682 to book a free consultation on buying and setting up your vacation home.