After a parent, spouse, or relative has passed away, you may have inherited their property in Lake Nona, Florida. If there are no other claimants, creditors, or co-inheritors, then you’re free to do whatever you want with your new property. Once you’ve officially settled the paperwork and transferred ownership of the home, you can now decide what to do with the property.
There are many possible ways to use your property, so it’s best to make the most out of your inheritance. Here are some options you have as the sole inheritor of a home in Lake Nona.
Live in the Property
Located in the southeast region of Orlando, Lake Nona offers comfortable living spaces within its mixed-use planned community. The area is Florida’s modern mecca for technology, innovation, and community, and living here provides plenty of opportunities for you and your household. If you’ve been living in rental properties or are looking for a change in scenery in your current home, it may be the better option to relocate to Lake Nona and enjoy living in your new home.
As a homeowner in Florida, however, you’ll have to shoulder certain responsibilities. While Florida’s average real property tax rate is slightly lower than the national average, Orlando’s tax rate is much higher as it’s a highly urbanized area. Expect to spend more than $1,752 (the state average for real property taxes) annually on your property. There are also other costs associated with owning a home, such as HOA fees, insurance premiums, maintenance costs, and more.
Rent Out the Property
Lake Nona provides plenty of opportunities. If you want to take advantage of the influx of students and workers in Orlando to generate income while also offsetting the costs of owning property, you can opt to lease or rent out your property. Rental properties are climbing in Orlando, with the average one-bedroom unit fetching a median price of $1,447 and a two-bedroom for $1,764.
Keep in mind, however, that being a landlord isn’t a form of passive income. You’ll have to shoulder responsibilities like repairs, handling complaints from other homeowners, and ensuring all your tenants’ needs are met. If you’re particular about screening your tenants and perform your responsibilities, renting out property can involve minimal effort. But in case of nuisance tenants, renting out property may be more trouble than what your rental income is worth.
Become a Vacation Host
Orlando is a popular destination for tourists and travelers, and many visitors prefer homelike stays rather than staying in a traditional hotel. If you want to take advantage of the tourism the area brings, you can opt to do short-term vacation rentals rather than long-term leases. Platforms like Booking or Airbnb can help you reach out to tourists, and you can set your own prices depending on the location and quality of your home.
However, depending on how frequent guests book your property, being a host may be a full-time job. This means communicating on the platform, accommodating requests, and having to deal with cleaning up your property after they leave. If you’re lucky, this can be a profitable venture. But if you’ve heard the horror stories other hosts have experienced, this might not be the best option for you.
Sell Your Property
If you don’t want to deal with the costs of owning a home or the responsibilities of a landlord, your next best option is to sell your property. Through selling, you can get cash from the sale to spend however you want. You could list the property on the real estate market, but keep in mind that there’s no guarantee how long it could take to get a good offer. There are also several costs that come with listing your property, including real estate agent fees, repairs, staging costs, and more.
To avoid these costs, minimize the selling period, and still getting a fair offer, you should sell directly to a cash home buyer in Lake Nona, FL. Kindred Homes can help you sell your home fast and provide a fair cash offer within 72 hours of your scheduled property viewing. We buy homes as-is, so you don’t have to spend on sprucing up the property to receive an offer from us.
Ready to Sell Your Home?
There are several ways to make the most out of your inherited home in Lake Nona. But if you don’t want to deal with the responsibilities of owning a home or the role of a landlord, it might be best to sell the property. At Kindred Homes, we can provide you with fast, convenient, and fair solutions to make the home selling process easier for you.
Contact us today to schedule your property viewing and receive a fair, no-obligation, all-cash offer in as little as 72 hours or less.
