Florida Properties

1.How easy is it to buy a home in Florida.

The answer to this question is relatively easy, but buying a home in a sought after location with competitive values, is much much harder.

Buying the right home in Florida takes planning and expert advice, that makes you fully aware of the market, the locations and what properties are available now and what are coming in the near future.

You will need independent and unbiased advice, from a company with great connections in the local market.

2. I am concerned that when I visit Florida I may not view the best properties that are suitable for my personal requirements.

The best possible assurance you can have is to ensure that you select a company that is totally independent and can therefore offer you impartial and unbiased advice on every aspect of property purchase and management. It is essential that a company is highly knowledgeable and expert in all aspects of purchasing a property and has excellent relationships with all major developers.

Buy Right Florida UK will provide you with honest opinion of what they believe to be quality realtors with a good understanding of the best communities for UK investment needs

3. How much deposit do I require to reserve my property?

In most instances, just a $5,000 will be sufficient to reserve your property and fix the price. When you are committed to buying a home in Florida our advice is to be ready with dollar funds to secure a good opportunity as it arises.

4. Is it easy to obtain a mortgage in Florida ?

Subject to status, obtaining a mortgage in Florida is relatively straight forward. Loans of up to 80% are available for non-residents and are secured against the Florida property. There are several mortgage programs currently available where you can choose a fixed or variable rate mortgage. Repayment terms range from 5 to 30 years with no age restrictions. We can put you in touch with several independent mortgage brokers and banks that allow you to obtain the most suitable and competitively priced mortgage relative to your personal requirements. It is also possible to arrange your mortgage here in the UK.

5. Are there any other costs that I should be aware of, in addition to the purchase price?

If you intend to let your property when you are not using it, you will need to comply with local legislation. This includes obtaining a hotel/lodging license and ensuring that safety features such as commercial grade fire extinguishers. smoke detectors and emergency lighting are fitted. Wherever possible, ensure that these costs are included in the final price.

For all purchasers using a mortgage, there are closing costs to be paid. These are costs incurred when completing the purchase of a home. At the beginning of the loan process there is a fee for the credit report and valuation, usually they are approximately $300 to $500. As the loan advances there are other expenses to be paid, such as the mortgage set-up fee, legal costs associated with the purchase and registration of the property, title insurance and various pre-paid items, such as 12 months household insurance and association fee. As a guide. purchasers should allow around 4% of the total purchase price to cover all the closing costs. Some builders will provide incentives of paying closing costs and you should liase with your realtor on this.

6. I understand that there are certain rental restrictions in Florida - is this true?

Yes, due to the fact that Florida attracts so many families from the northern states, Canada and overseas, that spend only part of the year within its borders, there are many restrictions as to where and when short-term rentals are permitted. For instance, of the four counties that make up the majority of Orlando , each have different rules relating to the letting of the homes on a short-term basis. On the Gulf and Atlantic coasts the restrictions are extremely complicated and specific. It is therefore essential to obtain correct professional advice and guidance as to the suitability of a particular community. Any realtor we refer you to will provide you with this detailed information

7. How many weeks do I need to rent my home to cover all of the running costs?

This is dependent on the type of property chosen, the location and the amount and term of the mortgage. As a general guide, if you secure up to an 80% mortgage, you will need to rent out your home for about 30 weeks per year to break even on the costs of an average sized four bedroom villa.

8. If I am purchasing a second home or 'holiday' home that I intend to rent out, to what standards should I furnish the home?

Some of the builders deliver a complete package including all the furnishings, kitchenware and linens. Very few clients upgrade the standard furniture packages, as they are so comprehensive and attractive. For the builders that do not handle furniture, interior designers will be pleased to show you several examples of furniture packages that provide excellent value for money. Some people like to be involved with the individual furnishing of their homes for that personal touch.

9. So how do I know which management company to appoint?

This is not an easy question to answer. Appointing a professional management company to manage and maintain your home in your absence is vital. lf you intend to rent out your property it is also important to use the services of a company that will provide you with high levels of service throughout the year. We can provide you with a selection of management companies for you to question.

10. Am I covered by insurance in the event of damage to my property?

We can help you obtain the most comprehensive policies from several of the nations leading underwriters. If you are letting your home, the management company should also make provision to obtain a security deposit from each group of guests on their arrival to cover all accidental breakages.

11. What are the tax implications of owning a property in Florida ?

This is dependant on both individual circumstances and whether you intend to rent out the property. We will be pleased to provide you with a USA qualified accountants details here in the UK who will discuss the implications with you and can provide advice on the best methods of making your investment tax efficient.

12. What happens when I want to sell my home ?

Give Buy Right Florida Properties a call and they will arrange for your home to be listed on the multiple listing system, showing it to tens of thousands of realtors and potential buyers. You will receive the same great attention and service as you received when you purchased your home.

13. I would like to book an inspection visit.

We do not subsidise inspection visits for our clients as we want you to benefit from our expertise of the market, the contacts we have with local developers and most of all, for us to provide you with unbiased and focussed supply of information on some of the best property purchase opportunities in the area.

We do encourage our clients who are going to Florida or wishing to visit on an inspection trip, to meet with our colleagues in Florida and view all the properties available.

Disclaimer:
Buyright Florida Properties offers no financial, legal or taxation advice. We sell real estate in the USA through links with developers and real estate agents. All our clients are requested to seek their own independent financial, legal and taxation advice before purchasing a property, and in doing so will conduct their own financial due diligence towards the purchase. Our company or its employees or agents do not offer financial products or advice, but offer access to property purchase opportunities and third party agents through a referral process.