buying a condo

I am looking at buying an investment property to rent out. I am aware of the costs and implications and have taken all these things into account, however suddenly up pops a giant fly and lands right in the ointment.

Do I buy a Villa which I have reliably been informed will attract up to 2 million Brits or do I go for a self contained Condo within a gated community including shops restaurants and golf courses which I again have been informed will attract up to 72 million U.S. visitors....(Snow Birds), whatever they are. Apparently U.S. citizens do not want a big villa....they all live in big houses allegedly, nor a private pool....they all have one of those too....don%26#39;t want to drive all the way to the parks....they all have big cars.....yadda, yadda, yadda....WHAT do I do........help

buying a condo

Snow Birds are those of us %26#39;Muricans who normally live in the Northern States and who come to Florida for the Winter. The ';migration'; usually starts from November - some as early as October. Then the trek back starts around March/April.

They actually control the amount of cold weather we will get in Florida. You see, if they forget to open their car doors before they cross the border into Florida then they bring all that cold air into Florida.

Only the first paragraph is true. LOL.

buying a condo

One thing to keep in mind. Snow birds only stay for the fall/winter. So it is possible that you will have four months of a vacant condo if it is not in a holiday rental location.

You will no doubt be aware of a simular post presantly running you need to readit. also as TA for past questions on the subject.

But keep your money in the Bank for now.

Buying, owning, renting, to make money insnt a very good bet a presant. Has most who have experiance have said.

Check my response about villa purchase on the other thread. Whoever is telling you this is an investment lies!!!

As for the condo, we get snowbirds to our villa as it is on a golf course that they like. Also, condo sellers - Bahama Bay etc tell you that they will manage and rent your property 40 weeks of the year. But when you want to go or put in a booking, they take it out of your 40 weeks. They also pay bottom $ and your place is sweated.

A friend likens the new condo resorts to timeshare, except rather than 52 people paying for a company to run condos, 1 person pays. Your condo is really not yours except on the slightly older established resorts - Windsor Plams for example. You have to check the title and restrictions.

Condos have a very high through put and cost a lot more for furniture wear and tear.

2 million Brits, my backside. There are hthousands of villas and condos all offering much of the same, as I say look at my other posts, it is not self funding investment. Only if property appreciates in value will you make any money.

If you want it for other reasons, then you will find it a very satisfying investment.

May I just put in my 2 cents. Whomever told you these inflated, rediculous figures is flat out lying to you. The ';snow birds'; they told you your property would attract do not exist. Snow birds consist of a few kinds of people...they either 1) Have a home of their own that they have purchased. 2) Come down in a big RV and spend the winter months at large RV/camp grouds 3) Stay in a long term hotel/motel rental - this option is usually for the folks who spend the winter months near the beach and these hotel/motels cater to the ';snow bird';. And if they are any of the above....they are creatures of habit. They will go to the same hotel or RV park for year after year after year.....it is their ';winter'; family.

And to dispell the other lies you were told....not all americans live in big homes or have private pool or drive big cars. That is simply a lie...flat out lie. The people you spoke with are obviously trying to feed into certain sterotypes in order to make this seem like a good purchase for you...which it is NOT.....just do a TripAdvisor search in this forum to read from many people who have fallen for the same scheme as you are about to fall for and who have come out much wiser but much poorer in the end.

We have been there, done that and got the t shirt.

We sold our villa just before 9/11, not because we didn%26#39;t like it but there is a lot of hassle owning a property thousands of miles away and also they are very tying. We too loved Forida and still do, but America is a very big country with lots of wonderful sights to see and we have seen many since selling our villa.

Do not believe anything a salesman or management company tell you about attracting x number of visitors or that they can guarantee your home rented 52 (or even 26) weeks of the year because they can%26#39;t. Reality is very different!

There are a lot of costs involved in owning a villa to keep it to the standard required for renting. You also have to take into the account the number of properties available for rent - especially in the Orlando/Kissimmee area - as well as the timeshares and hotels.

It is also very expensive and no matter what anyone says, you will not make a profit.

You may have a number of people saying ';we will rent it if you buy one';. Again reality is different. Once they add the rental fee, the air fare, car etc, they may find that it isn%26#39;t the cheap holiday they thought it would be.

Please read the other posts on this same thread.