Like every property, every buyer is unique.
The answer to finding the right investment home for you is understanding your needs and goals, putting that together with properties that fits those needs to ensure you are presented with the best possible information so you can make the right choices and ultimately the right decision.
To make that decision several points of important criteria have to be established.
Find the right vacation home
Budget
Give your Realtor an accurate assessment of your budget.
It sounds simple enough but some buyers will “hold back”.
What this can lead to is being shown or sent inferior property to what your real buying power can achieve leading to disappointment.
With prices so compressed right now a very small difference in budget can open up many more potential properties that otherwise may not have been presented.
You also want to make it clear if the budget includes closing costs and expenses like furnishings.
To get the most from your Realtor be candid and trust him with your financial position, if you don’t trust him enough to do that then find one you do
Financing
You should know how you intend to finance the purchase.
If you can pay cash you should, you will save a great deal of money over financing and also put yourself in a much stronger position to offer and negotiate.
If you are a foreign investor you should finance at home so you can pay cash in the USA.
I can advise you on how to approach financing if needed, especially when dealing with foreign exchange and how to get the best possible exchange rate.
Use
You should have a reasonably good idea if and how you intend to use the property.
Personal use is a very important dynamic on finding you the right property especially if your needs are specific like traveling with older relatives, handicapped or special needs.
You may also consider amenities more important if you have a young family or particular interests like golf, fishing, exercise, nature walks or biking.
Aesthetics
The property may not be the most appealing for to you to look at but might be a great short and long term revenue generator or may be extremely appealing but may not be able to produce income as well as others. What is more important to you?
Time Frame
Are you ready to move now if the perfect property is presented to you, or do you have a specific date or time frame you need to work towards?
Planning a search strategy to fit a specific date – perhaps a scheduled visit to Orlando, can make it easier to plan for arranging viewings.
Goals
You should also make a decision on what is most important to your financial goals. Is long term or short term more import to you or something in between?
Some resorts and properties have great short term income potential but a slower long term appreciation outlook, others the opposite and some are good all round. Very few are ideal in all phases, and those that are – come with a price.
These are some of the things you need to consider before I can present properties that will work for your specific needs.
A good Realtor will not sell you a property. A good Realtor is going to help you find the property that fits your goals and is going to help you buy it.
Jerry Barker
Vacation Home Specialist
Tel: 407-286-8170
