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Buy a Condo
Owning a condo in the Villas at Island Club resort is pretty sweet. You truly own real estate in the theme park capital of the world. Because Villas at Island Club is one of the closest condo properties to Disney World, the resort has been a popular choice for vacationers.
No, the featured rental condos here aren't for sale. However, there are always a half-dozen or so of the 220 units on the market. When Villas at Island Club opened in 1998 the condos were selling for $85,000 to $100,000. By spring of 2006, they were selling for a little more than twice that.
How much will it cost you to keep up with your condo? Monthly condo association fee is currently $199. Beyond that, you have your utilities of phone, electric, water, and cable TV. Thankfully the units have high-efficiency A/C systems so the monthly average of all four utilities has been in the $200-$250 range. Beyond that you will likely want a management company to handle your bookings and maintain your property. They charge a monthly fee ($50 to $100) and will take a small percentage (between 20% to 30%) of the bookings they make.
So is it a slam dunk? Considering that you can also depreciate your purchase price -- as well as the writing down the financing interest -- don't expect condo ownership to make you a mint. It's a labor of love. Some years, you may not even break even. Yet there is great joy to ownership. It's not some deeded timeshare. You own it. It's yours. And if the future is as kind as the past, it's an asset that appreciates.
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Villas at Island Club:
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