With each flight that arrives from the U.K., there is an increasing number of those traveling that are here to buy properties. With a weak dollar, a slumping housing market, and low interest rates the British are flocking to Orlando to purchase vacation homes at bargain prices. Vacation homes near Walt Disney seem to be the hot spot for most buyers who are purchasing in Central Florida. Vacation homes near Disney usually allow owners to rent out their homes on a weekly basis to help pay for overall expenses while the owners themselves are not using them.
Lower home prices make economic sense for U.K. buyers as well. With home prices dropping, it is much easier to cover the cost of the home and marketing expenses to attract renters. When prices hit there highs in late 2005, it was difficult for most owners to cover there mortgage and expenses and therefore made owning a vacation home less attractive. Today’s market however is perfect for those who not only want to own a home in Orlando but also cover the cost by renting it out on a weekly basis.
Expect this trend to continue for the foreseeable future. Real Estate in Central Florida has many outstanding bargains to offer and there is plenty to choose from. So don’t be surprised if your new neighbor happens to be from across the pond.