With a tremendous rise in Orlando’s real estate market, the desire to purchase a condo has increased. The market is ideal for investors wanting to dip their toes into the area and acquire a condominium.
Local Realtor Fred Franks states, “The housing market last year was strong in the Ocala housing market, but a rush of interest has appeared for condos in Orlando. Northeast buyers are eager to get their hands on these condos making Orlando’s market stronger.”
For those considering purchasing a condo in Orlando, it’s important to have a plan in mind before diving in.
Establish Personal Needs
- Size – Start with the size as that’s going to have a powerful impact on your condo’s future value. Make sure it fits with your expectations and meets the eye test as well.
- Rooms and Layout – While the size is important, you also want to be mindful of how the rooms are laid out. Does it have a robust family room? Is the kitchen as you want it to be? What about the bathroom(s)?
Make sure the layout is perfect before diving in and making a purchase.
Pinpoint Future Value of Condo
- Current Value vs. Potential Growth – What is the future growth like in the neighborhood? Look at analyzing past prices and then comparing them to what you will be paying. This can set a baseline for your decision in the future. Orlando is a bustling market with lots to give, but you still want to do your due diligence.
One of Orlando condo specialist state you still want to optimize the purchase and assess how it’s going to fit into your budget and the value it will return in the long-term when you’re ready to sell.
Analyze Neighborhood in Detail
- Multiple Visits (Day and Evening) – Don’t visit the condo once and call it a day. Visit it multiple times to ensure you’re getting a good read on it. Visit it during the day and then during the evening to see if there’s a difference. It will ensure you make a good decision based on your needs.
- General Vibe – What is the vibe like in the neighborhood and building? Do you like how it is set up?
Ask these questions and don’t be afraid to go with something else. The market is bubbling, and you’ll want to determine the vibe and how it’s going to impact overall value for your condo.
- Layout of Neighborhood – What is the neighborhood like when it comes to its layout? Is it easy to access major stores in the area? What about schools if you have children?
Ask these questions immediately. It will help with your decision.
- Check View from Condo – Considering the view from your new condo is important. For example, a condo overlooking a garage entrance is going to see a vigorous amount of traffic. This will mean continuous noise throughout the day leading into the evening. In general, it’s best to avoid condos of this nature.
- Parking Space is Important – Is there a parking space being offered? It’s important to have one available in case you want to use it or rent it out. Don’t settle for less as a parking space does come in handy even if it’s something you don’t require.
Start with these tips and dive into Orlando’s hot real estate market. This is the time to jump in and make the most of your investment. The value will only continue to rise, and the area is ready for a major burst forward in the next year or so.