There are numerous different factors to consider when attempting to
rank the diverse collection of neighbourhoods that make up a city as
large and diverse as Orlando. Statistics relating to crime, property values,
demographics and much more are collected by official organisations, such
as the City of Orlando, and by independent organisations including
newspapers and real estate companies.
Gathering all this data can be a challenge, but is an important part
of researching the neighbourhood you are hoping to invest in. To get you
started, here are some of the best-ranked areas of Orlando using a selection of the different metrics available:
The crime rate in an area naturally affects many different aspects of your
experience as a property investor. A higher crime rate will usually have a strong influence the
property values in a neighbourhood, driving them down and making it less of an
initial investment on your end to acquire a property.
On the other hand, a high crime incidence may lead to
increased risks such as property damage or a higher vacancy rate. Paramore, Pershing, and Winter Park are among the neighbourhoods with an above-average crime rate in Orlando.
In contrast, a neighbourhood with a lower crime rate will probably mean higher property values and a
larger initial investment but will be seen as more desirable and most
likely see much lower vacancy rates. The areas that typically feature at the bottom of Orlando's crime rankings include Lake Eola Heights, East Central Park, and Wedgewood Groves.
The overall property values of a neighbourhood are obviously tied to
the value of the home you purchase, so it’s important to have a strong grasp of which are the most expensive neighbourhoods of Orlando are and which are currently seeing the
lowest property values.
Often, your investment strategy will be tied to whether you want to
invest in an expensive are or an inexpensive one. At the top of property
value rankings are the most expensive neighbourhoods, such as Florida
Center, Windermere and the neighbourhoods surrounding Lake Buena Vista.
While determining which neighbourhoods are the best is somewhat
subjective, it is good to take all of the different factors that make a
home desirable, such as affordability, crime rates and nearby culture
and try to weigh them together.
This is a necessary process to determine which areas will grow and
help increase the value of any property you own. Many different media
sources have tried to put together definitive lists about this
information, and a quick Google search can yield great results. Some of the neighbourhoods that are frequently at the top of these
lists are South Eola District, Thornton Park, and East Central Park.
Ultimately the type of neighbourhood you end up buying your home in will come down to your budget, investment objective and appetite for risk versus return. Begin your search by deciding which statistics are most important, and then consulting the rankings to determine the areas where you’re most likely to find your perfect investment property.