An Orlando home, Florida vacation homes and other temptations

Ok, just imagine it - you and your family are sat in the sun on the pool deck of your Orlando home, one of the many Florida vacation homes close to the Disney World empire and one that has every comfort of your own home. Lots of space to relax, the pool to help you cool off when it's too hot, and the sky above is blue.

All the entertainment you need is a few miles away at the Disney theme parks or Sea World or wherever. And when you just want to chill out, your Orlando home is great, far better than a hotel or motel could ever be.

You've visited Florida regularly and this vacation home idea is a great way to deal with the accommodation part of your Orlando vacation package. How lucky the people who own these homes are!

Then you chat to your neighbor - he's from out of town but he owns the house next to your rental home. He's from Wisconsin or Michigan or Toronto and he visits half a dozen times a year, especially during Fall and Winter, to escape the cold weather and to enjoy the warm climate. When he's not in town he covers his costs by renting out the property to people like you - families who flock to Disney all year round.

And then you have a conversation in the restaurant with a guy who just happens to be a real estate expert. He tells you about the local property market - prices are lower than ever, bargains are everywhere, prices are bound to go up as the real estate market recovers and yes, you can cover your costs by renting the place out on a short term rental basis.

It makes far more sense than risking your money in a 401K that's now a 201K and could soon be a 4K. He can take you out tomorrow and find just the right place for you - a home in the sun whenever you want to use it and a great investment. Thousands of people do it, so why be dumb and miss out on the chance? You'd be crazy to miss out, wouldn't you?

Well, just hold on a minute.

Maybe you would and maybe you wouldn't.

Spend a little time considering the "pros" and the "cons" carefully and then decide. Don't be hurried into a decision because it could be costly.

And owning is not for everyone - renting may be better.

So first of all the "pros":

• Early 2009 is definitely a good time to buy because prices are lower than they have been for many years. There is a great deal of choice in some very nice single family homes and condos. The likelihood of price appreciation is high over the next few years.
  

• Owning an Orlando home is indeed a great way to enjoy a Florida vacation - more space, more flexibility, eat in or eat out as you prefer, avoid crowded hotel pools, just behave as if you were in your own home. Which you would be if you bought one!

• You can take more frequent Florida vacations because once you buy, most of the costs are fixed. You have travel costs and maybe car hire to pay for but then it's virtually the same expenses as at home.

• You can indeed cover some or all of the costs of ownership by renting out short-term to other Orlando vacation fans.
  

• If you ever get tired of vacationing in your Orlando home, you can use it as a house exchange with people all over the USA and even the rest of the world. There are well-developed organizations and web sites who specialize in putting home owners from different states and countries in touch with each other for a mutually beneficial swap of accommodation. Orlando is a big attraction worldwide - so how do you feel about a trip to Europe or Asia in exchange for a couple of weeks in your Orlando home?

But how about those cons:

• Yes, costs are fixed, and that's one of the problems. If you need a loan to buy the place, you're signing up for the monthly payment plus the property taxes and running costs no matter what. So don't over-extend yourself, like so many have over the past couple of years.

• Capital appreciation is likely but not a certainty. Some experts think that we are near to the bottom of the market, but others believe there is more to go yet.

• You can definitely cover some or all of your costs by renting out your Orlando home. The Florida vacation rentals market is large and even expanding. But it is also competitive and prices are under pressure. Understand that if you do depend on rental income to make your dream home a reality, you are taking on a lot of work and effecitively starting a new busines alongside that Orlando home.

• Part of your commitment when you buy a vacation home is to keep up with the maintenance (unless you're not bothered about the state of decay it will rapidly fall into). That includes pool and yard maintenance as well as internal and external property maintenance. You will need someone to handle check ins and provide customer service if you rent out. All of that usually means hiring a property management company. There are lots of them, but some are not as efficient or trustworthy as others - how do you find the right one?

• Are you able to cope with the stress of being an absentee owner and even an absentee landlord? Some families can't bear the thought of having strangers in their home and sleeping in their beds - even if it's their vacation home. Some owners find that the strain of dealing with property problems from hundreds of miles away completely offsets the joy of owning a place in the sun. How about you?

Do the pluses outweigh the minuses for you?

If they do, give some serious thought to buying your own Orlando home.

If they don't, or if you're in any doubt, then it may be that you should take advantage of the very many Florida vacation homes that are already on offer by continuing to rent as part of your Orlando vacation package.

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Update: Just in case you're still looking for more thoughts and ideas for your vacation planning, try these Orlando holiday villas, Florida short term rentals and Orlando vacation package postings.

Orlando holiday villas or a hotel - the choice is yours

If you're starting to plan your vacation and one option is Orlando holiday villas as an alternative to hotels, how do you decide what to include in your vacation package? There are literally thousands of holiday villas and hundreds if not thousands of hotels and motels. How do you decide what type of accommodation is the best for you and your family or group of traveling companions? What are the benefits and drawbacks of each of these?

To begin with, let's look at hotels and particularly the costs and convenience of staying in one of the Disney World resort hotels. Some vacation packages offer theme park tickets as part of the deal. Also think about the extended hours and free transportation generally available from Disney if you stay at one of these hotels. And decide how much time you think you'll spend in the parks, because if it's a high proportion of your vacation time, this may be the best option for you. Then contrast prices with hotels outside Disney World - many offer free transportation to the parks (but not theme park tickets!).

Think also about motoring costs. By flying down to Florida and staying at a hotel that offers park transportation, you may avoid the need for a hired car. Even if you're driving down so you have no car hire cost, you can still avoid parking and gas charges if the hotel can provide you with the transportation you need.

Some families enjoy the opportunity that their children have to find playmates at a hotel pool and for some parents this takes the pressure off having to keep the kids amused all the time. It can often help to diffuse sibling rivalries and fights if there is someone else to play with. A lot of hotels also have other facilities such as video games or pool tables or ping pong and these can help to relieve some of the boredom that most children experience.

Selecting one of the most prominent hotel chains for your Orlando vacation - Marriott, Sheraton, Hilton or similar - means that you can probably count on the level of quality that you'll receive. And paying for your hotel bill with a credit card gives you some recourse if things are not as promised when you booked - you can always charge back the bill if you fail to reach a compromise.

In contrast with all of this, do Orlando holiday villas offer any advantages?

They certainly can. One big advantage with Orlando holiday villas is the cost benefit where your family or group is large. Most vacation home owners or management companies price their homes independently of the party size. So a 5 bedroom 4 bathroom home that sleeps up to 12 people could be far more economical than the equivalent number of hotel rooms. In addition, children sleep in their own bedrooms, leaving parents to get a good night's sleep in private just as they do in their own home.

Would you value some sort of eating-in facility while you're on vacation so that you're not forced to go to the fast food place or family diner whenever you want to eat or drink? Orlando holiday villas come complete with some level of dining area and a fully equipped kitchen so you can enjoy a snack or even a formal meal whenever you wish. Families with babies and toddlers can even find villas with a high chair to make eating-in more practical.

If the theme parks tire you out as much as they do most people, you will need some rest days days for relaxation. Most rental villas have a private screened swimming pool plus pool toys and towels for renters to use. Some owners of single family vacation homes have installed games rooms so that renters can play pool, darts or ping pong. And many villas contain multiple television sets and DVD players so different family groups can watch different programs at the same time. What more could you ask for?

So now you can decide for yourself and select the option that most closely matches your priorities - a hotel room or Orlando holiday villas.