your opinions, please (more pool home stuff)

[thenewgirl]

I am heading to the Disney area this weekend to look at homes to buy! I am very excited, needless to say. Once we pick one, we will be staying at the Florida home for several weeks out of the year and attempting to rent it out some while we are back home. So, before I go on my search, please tell me...

for those of you who look for a rental home instead of staying onsite, what is most important to you other than a fair price? What helps you decide which home you will rent? What types of things make you choose one home over another, and what special touches would you like to see?

TIA!

 

[MissDaisyofTexas]

I haven't rented a pool house yet, but the whole "south facing pool" seems like it's important on a lot of websites.

 

[Momma2PrinceNPrinces]

1. Price
2. Distance to the parks
3. Pool (don't choose based on south facing)
4. Newness of house and inside decor
5. Themed kids bedroom (I know this might be silly to choose a rental based on this but DD LOVES being in a Disney themed room in Disney!)

GL on your house hunt! I'm jealous!!!

 

[tednvon]

Hello New Girl, below is some information that I and others posted over the last few years about purchasing a rental home. I posted my monthly estimates about 4 years ago. I changed some of them to reflect inflation and the changes in the market here. I used $300K for a home. You might be looking at less than that so adjust the figures accordingly.

If we can be of further help, let us know. Location is important. The
Formosa Gardens Blvd area seems to be the most popular. Communities include but not limited to Formosa Gardens, Windsor Hills, Windsor Palms, Rolling Hills, Indian Creek, Sunset Lakes, and others you can find on the Dibb map below.

Good Luck,

Ted


http://www.disboards.com/showthread.php?t=2394260



A little history. We bought a 7 bedroom home in Emerald Island shortly after 9/11/02 and sold it about 5 years ago. We aggressively rented it out by owner and through a management company that was average at best.
We have been through the euphoria of buying, the costs of set up, the long evenings answering emails from "by owner" sites, then the long evenings of getting no emails and sweating the payments. We sold because the market has become saturated and the price of the home skyrocketed. This was not a "dream home" that would one day retire in. This was a home we loved as an investment, but only an investment. We now winter 3 months in a home in Indian Ridge that we rent from an owner who is more than happy to have a guaranteed rentor for 3 months.
You must run these numbers to make sure you can afford to do this...OR if you happen to be financially in a postion to fund this home with rents that do not meet costs and hope for long term appreciation, then you will be able to sleep nights. In other words if you can eat $2000 to $10,000 a year and not worry, you are in an enviable position.

Here are the numbers:

300,000 home furnished...20% down (these are my best guesses based on costs two years ago...some may be low or high, but not off by much.)

P/I...............$1516
Ins...............$250
Tax..............$500
Elec..............$350
Management..$300
Pool.............$100
Bugs............$30
HOA.............$150
Cable, internet, phone..$130
advertise......$40
cleaning........$350
monthly main..$200
Total............$about $4000...appx...$46,000/year
Income....20 weeks at $1000/week is $20K/year
25/weeks at $1000/week is $25K/year...30 weeks is 30K...just do the math...

Now look on www.vrbo.com at 4-5 bedroom homes...look at the availability calendars and see how many look like they are on pace to do over 25 weeks/year. This is a quick gut check on whether to take the plunge or not.
When we started, our PITI on a 7 bedroom was under $1500, and we would average $270/night and do about 24 weeks...But when the 7 bedrooms went from about 8 total in the whole area to over 120 just 7 bedrooms, the handwriting was on the wall....plus we had to look at upgrading to game rooms, High Def TVs just to keep up with Jone's.

It can be exciting, fun and quite a trip...but like Jannyanns said, DO NOT listen the realtors...they are realtors and goal is to make money and they will stretch the rental potential to any length to get a sale...And never never believe a managment company that will promise you a high number of bookings...either it will never happen or they will wholesale your home to any travel company they can and your cut of the week rent is not enough to meet costs even if it over 30 weeks/year....not to mention the wear and tear that 30 plus weeks will do to a rental home...

Below is a map of the rental communities. You will find all of the developements you listed....IMHO, please note that none of these are in the "closest to Disney" catagory and all are either out on Highway 27, or way south off the end of Old Lake Wilson Road....not the kiss of death, but these are areas that are a longer drive to Disney than those located immediately south of 192 around Formosa Gardens Blvd and the far north part of Old Lake Wilson Road.

http://www.thedibb.co.uk/villa/map.htm

Good Luck, keep and open mind and let us know if we can be of help...Ted
__________________
GRANDPA TED,
Too tall to be Mickey and too short for Goofy, but will find a job at Disney yet!

 

[JANNYANS]

Something not on your list Ted but an essential are licence fees these need paying yearly to both state and county then don't forget the cost of actually getting the house ready to rent out -linens etc .
Good luck with the search thenewgirl.

 

[sympatico]

I guess I choose by price, how close to Disney, those with new decor / flat screen tvs etc, wireless internet, a pool which has some type of southern aspect ( se, sw, east or west with a south end). We stayed in one with a north facing pool and only got sun for a very short time late in the day. If the pool deck is out from the house far enough then you don't get as much shadow or if it's in the summer with the sun right over top you get more sun on the pool.
It also depends on who's going. If it's a family trip then I look for a great games room to keep the kids occupied.

 

[bcinohio]

We rented a house for the first time 2 years ago and have it rented again for June. We liked the game room, pool, and one thing that I really liked is that it didn't have a lot of stuff sitting around on the tables to get broken. We had teens and they get to rough housing and there was nothing to get broken. It was decorated very nice. That would be a good thing with small children too since they like to pick things up.

One thing that I would change is one room had a bunk bed with a twin on top and double on the bottom. I think the two twin beds would be better. I know with the double that you can put an extra person but I only if it was another child.

 

[loveysbydesign]

One thing we look for is drapes/curtains on the windows.

This is a big deal for us as my kids do not sleep well if outside lights are shining through white blinds. Also curtains are a sign of a place that is better taken care of. I sorted though over 500 homes to find the one we liked, based on price, prox. to the parks and curtains-lol! We love Happiness House at Indian Creek and have stayed there twice.
http://www.homeaway.com/vacation-rental/p258654

 

[littleaussie]

The main things I look for is wireless internet and keyless entry or a lock box combination. I would absolutely not rent from a place where you have to drive to a site to pick up the keys. We often fly in at night and want to drive directly to the place we are staying.

I don't really care about decor as long as it is not horrid. One place we stayed at did have disney theming but there was a stuffed mickey stapled or glued to a little bench he was sitting on. I realize that is to prevent theft but it was a little shocking.

I do need clean though. Some places I have been to look worn, like stains on the carpet and such so maitenance and replacement are another big issue.

Location is always a big one. I've stayed in Windsor Hills and Emerald Island and being close to the parks was a big one.

My final tip would be when you list your price, it is always nice to include the extra fees, like tax and cleaning, in the final price. I hate having to calculate and add extras on top of what my price is. I also never know if I am supposed to add 13% on top of the pool heat charges or if that charge includes tax. That is a turn off to me.

 

[Brian Noble]

To add to Ted's excellent summary: my uncle and BIL both own rental homes (one in Orlando, one on OBX). In both cases, they are potentially "retire-to" homes, and in both cases rental only offsets the costs; neither is profitable. That's okay by them, because their ultimate goal is to retire there, not to "invest". The OBX house might be someday, as it was a distressed purchase that my BIL got a very good price on. The Orlando-area home probably never will; the market has far too much supply for even good-economy demand.

To answer your question, here are things that I look at:

Make-or-break issues:
* Distance to parks (this is #1 for me---I only look in a few communities)
* In-home wifi (I often have to work from the road)
* Competitively priced
* Good communication

Strongly desired:
* Lock box/keyless entry
* Ability to pay electronically (paypal/credit card---an issue of convenience)
* Comfortably and adequately furnished. (Don't skimp on common areas. Too many do.)
* Some measure of privacy in the pool area (needn't be perfect.)
* Inclusive quotes (i.e. bottom-line price.)

Don't care
* "Disney" theming.
* "Super upscale" decor (I don't have granite at home; I can live without it on vacation)
* Game room (and, please *don't* convert your garage---I want my car out of the sun.)

You might find that I'm not "representative." I suspect Disney theming is a plus for many renters, as is a game room.

As a PP mentioned, the "blinds everywhere" house is a tell-tale sign of a home that's keeping costs to a minimum. So, you don't want to go with the bare-bones decorating package, but you don't need to go hog-wild either.

 

[Brian Noble]

One more addendum: I'm much more likely to recommend your home to others if it has a few "like a home" touches, rather than just a sterile well-furnished place to sleep, eat, and sit on a couch. It's hard to be specific about what this is (and isn't), but it's a vibe that comes across. I don't mean pictures of you and your family, but something beyond "Standard Decorating Package #3."

 

[ClanHarrison]

I totally agree with Brian about the "like home" touches. The last home we rented was an upscale splurge treat for our group which actually ended up being a HUGE bargain when we split the bill. But the "out-of-the-way-placed" artwork in the home did it for me. We spent lots of time talking about it once it was discovered in different "nooks".

This may not matter to many but, if I see upholstered furniture, I keep looking. Something about fabric (and PLEASE, not a floral pattern), and everyone laying around on it with their shoes on, like they're home, just creeps me out. With leather, it can be easily wiped down by the cleaners....or me.

Here's a home that may be beyond what you're looking for, but for me, all homes will have to compare against this one in my decision-making:http://www.star-lake-manor.co.uk/gallery.php

You can truly feel the care that this home is shown. The owners make upgrades EVERY year.

 

[thenewgirl]

You all are so very AWESOME! Thank you for the insight! We are on our way and are very excited! I will keep all this in mind as we are looking.

And, Ted...you are my hero. I will be perusing your response time and again over the weekend. That was very helpful.

 

[dougsmom98]

We look for cable TV in all of the bedrooms and wireless Internet. We like homes with game rooms, but it is not necessarily a deal breaker for us. When our kids were smaller, places that offered free pack and plays (with sheets), high chairs, umbrella strollers... were really important to us. We prefer homes with a lock box. Going to pick up a key isn't horrible but the three times we have had to do this we have also been required to register with management company during their regular business hours with stinks if you plan to be at the parks. We don't care for homes that have a lot of carpeting or light colored furniture - with kids it makes me nervous if there is a spill. We always try to get a home with enough real beds for our party but if we need to use a pull out couch, we want a good pull out couch. While we don't know how the sleeper sofa is going to be going into a rental, if it's awful, we won't be back. We travel with my parents and in-laws and we like to have 3 adult bedrooms. While you may cater to kids with bunk beds, in my opinion, they aren't practical for a rental. The place we have been renting for the past few years just put bunk beds in their rental and I am not thrilled about this. My kids get are getting older and heavier so eventually this won't work for us and we will have to rent elsewhere. We like to have a spa and a pool. We spend several days hanging by the pool so we like lots of chairs by the pool.
Good luck.

 

[tednvon]

Newgirl, spouse and I are in Kissimmee now for 3 months, so if questions while here let us know via the Disboard. Good Luck, Ted

 

[mama2ella]

how exciting!! hope you find something wonderful

 

[kidshop]

Hey, Op, how did it go? Just recently, my dh and I (after some convincing) decided we wanted to purchase a vacation home in either windsor palms or emerald island. We love windsor hills but the home prices are quite a bit more.

We plan to use it afew weeks a year and hopefully rent the rest. Our hook is going to be that it will be our home with all it's comforts and niceties and we want to share; and it will absolutely have a pink princess room! we will be remodeling the kitchen/baths as so few have done it, so we feel it will be a draw.

Thanks all for the advice and tips, and I do have a question...is there an owners forum I can view or join without owning a home yet? I want to learn all I can. We do have rental home in florida, but it is a long term rental.

 

[kidshop]

duplicate

 

[Megsie1000]

The houses with the extras thrown in always go to the top of my list. I'm not talking about expensive things, but rather those little things that make traveling with small children so much easier. That might include a foldable crib (not just a pack n play), a highchair, a booster seat, inflatable toys for the pool, games, themed rooms.

One time an owner emailed me after my stay and asked me what she could add to their house to make it more attractive. I told her blackout panels or shades in the bedrooma. It sounds minor, but when you have little kids and you need them to nap in the middle of the afternoon so they can stay up to watch fireworks, a home with blackout curtains or panels (like in a hotel) would make a big difference.

None of these things would be expensive to install or include, but would make a big impression on a renter with little kids. If you end up with a house near Disney, you will have a lot of those sorts of clients, I would think.

 

[cammie810]

we have rented every other month for the last year. While some of the places we rented were more nicely decorated than others I didnt think too much about what made a good rental until we stayed in one that was completely horrible!
So, that said for us what is important is:
decent mattresses and sheets-not futon pads from IKEA
enough towels for the number of people you are renting too....if your place holds six people then you should have at least 12 towels
wireless internet
a small balcony or porch-my husband smokes and is careful not to smoke inside but doesnt want to walk a mile to have a cigarette