Options for Vacation Home Owners
We are reaching out to homeowners such as yourselves who may be faced with some difficult decisions regarding their Florida property due to the impacts of COVID-19.
Orlando has been greatly affected by this pandemic and our short-term rental industry is suffering. If rental income has been subsidizing the running costs of the home and you are concerned about costs moving forward, I would like to offer you some alternate options.
1 – List the property for sale.
Data from our MLS shows that for Osceola and Lake Counties in February 2020, 929 single family homes sold, and 1,131 single family homes sold in March.
There is still a demand for homes in your neighborhood and price range. Many homeowners that live in a property year-round are choosing to wait to list, which means less competition for you as sellers to take advantage of your property being empty! We have always offered professional listing photography, video walk throughs, Facetime showings and Ariel footage of our listings, which is more important than ever in today’s market. A big advantage to selling now is the exchange rate. Sellers are seeing an increase in their net proceeds just from the difference in the exchange rate from 60 days ago to today. Our currency exchange partner can beat rates offered by traditional banks, which means more return on your investment.
2 – Rent the property long term
There is a large demand for rental property in Orlando. If you do not want to sell your property but would like to minimize running costs and earn a steady monthly income from the home, this may be a great option for you!
Long term rentals typically last 7-12 months and the tenants cover utility bills.
Once a tenant’s lease is up, you can re-rent long term, switch back to using the property as a short-term rental or make the decision to sell. I am offering 30 days free property management to any clients who sign up in April and May. I also offer a “caretaker” service which puts your property into standby mode and reduces management fees and running costs.
None of us can predict the longer term effects of this pandemic, which may go on for some time due to the current state of the travel industry. You do have options. Things may look bleak or concerning right now, but looking into these options can give you peace of mind.
3 – Make money savings
If you have a Florida mortgage, as in the UK there may be assistance in the short term with your payments. If you have not yet contacted your mortgage provider, please do so to see if you can be helped with your payments. If you need to talk to someone about your loan financing, we would be happy to schedule a Zoom call with our US Office and our experts to go through your situation.
Sending money to Florida. To benefit from a preferential rate when sending money to your Florida bank, we can put you in touch with our trusted Currency provider. You will be talked through using their App and how you can save money over and above traditional international payments and currency transactions.
Please do contact us
With an office in the US, we are well placed to advise you on what is happening in Florida now and the current status of coming out of lockdown there. We all know that there are likely to be long term effects from this crisis and these may have a significant impact on short term rental for some time. The knock on effect of your Florida business is potentially huge. If you feel you would benefit from some advice, please complete the form below and we will schedule a “face-to-face” Zoom call to discuss the options outlined above, in depth.