Welcome To The Sunshine State of Florida
We'd like to introduce you to a rather special place. Lying at the foot of the United States of America between the Atlantic Ocean and the Gulf of Mexico, Florida is commonly known as the 'Sunshine State'.
Florida is a holiday playground, considered by many to be the "world's entertainment capital and leading holiday destination". We also consider it to be the world's leading destination for property abroad.
Orlando
Orlando attracts over 45 million visitors each year. It's simple to see why this is the top spot for property investment in Florida as it's both easy to rent property in Orlando and easy to call it your second home!
Nearly every visitor to Florida will visit the Orlando attractions and as the coast is only a 45-minute drive away, it makes an ideal base from which to explore other regions.
If a Florida investment property is what you're looking for, we have a sensational selection of Orlando property for sale - just take a look at the property on offer in this area.
All of our properties for sale are close to Orlando's lively City attractions, theme parks, major shopping and dining experiences. They are also situated in designated short-term rental areas, so you won't be prevented from letting.
Orlando is home to Disney World, Universal and MGM Studios, Pleasure Island, Sea World and many, many more of Florida's top tourist attractions. But Orlando can also offer the peace, privacy and relaxation that you want from purchasing a property abroad.
Florida's Coastline
1, 200 miles of glorious white and golden sandy beaches fringed with palm trees and washed with warm clear blue water. We can help you find a property in this paradise to call home.
With average temperatures of 79°F in January to 99°F in July & August, you'll have no problem if you want to buy to let in Florida. It's a year round investment.
Natural beauty abounds along Florida's coastline; it's just a matter of deciding which area to choose from in the array of Florida property for sale!
We can help you find a property for sale in east and west coast locations including Fort Lauderdale, Naples, Sarasota, Cape Coral & Fort Myers, Miami and more.
Gold Coast
A narrow coastal strip bordering the Atlantic Ocean and the Everglades. To the north of the Gold coast is the 'Treasure coast', and the area beyond is the 'Space coast' home of the Shuttle at the Kennedy Space Centre. Nearby you will find Cocoa Beach (Surf City), home to the world famous Ron Jon's Surf Shop.
Familiar resorts such as Fort Lauderdale, (with its glittering skyscrapers and 40 000 yachts) Boca Raton, Jupiter and wealthy Palm Beach are all situated along this coast.
The sand here is golden, just like the sunrises and investment property opportunities.
Gulf Coast
The west Coast has a wonderful shoreline of coral inlets with white sandy beaches, beside the sun-drenched Gulf of Mexico. The entire area is a tropical haven for sports-lovers, with plenty of golf courses, tennis courts and of course warm clear blue waters, which are ideal for scuba diving and water skiing.
The property for sale here is diverse and we are able to offer everything from an "award winning" executive home fronting an intra-coastal waterway, to a condominium close to the beach or overlooking a golf course.
Just imagine watching the annual powerboat championships, dining at fine restaurants and shopping in style within reach of your very own dream Florida property.
Golf & Country Clubs
There are literally hundreds of golf and country clubs in Florida, many of which are open to the public on an ad hoc basis. If you require a Florida property in the surroundings of a Golf & Country Club environment, we can help you find a property to suit.
Many communities have 24-hour security, tennis courts and a community swimming pool and we can normally find a property overlooking a lake or fairway - a premium spot!
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Before You Buy
Buying a property abroad is one of the biggest steps you're likely to take, and we want to make sure that when it comes to buying a Florida property, you know what to expect.
Most non-resident purchasers will acquire Florida property for personal holidays and/or buy to let investment opportunities.
The choice of location is paramount.
When looking for Florida investment property you must consider that there are some areas where short-term rentals are prohibited. We will help you to find a property that you are allowed to rent if this is your requirement.
Things to look out for:
- If you plan to rent your Florida property during your absence, you must buy in a 'designated short term rental area'.
- Although there is a legal requirement for everyone involved in Real Estate to be State licensed by FREC, this legislation excludes the business of letting.
- With many letting and management companies having 'come and gone" over the years, extra special care in selecting a suitable management company for your property investment is necessary.
- Many Florida Real Estate firms are affiliated to letting and/or building-development companies and therefore it is wise to establish the position at the outset of any initial property enquiry. When this does apply, impartial advice is unlikely to be forthcoming due to the vested interest.
- Many management and letting firms offer 'guaranteed rental schemes', as a marketing ploy for their property sales department, in order to attract buyers. Some letting companies have contracts with travel and/or tour operators at "lower than market" rates, thereby reducing the amount of net income from rent their clients actually receive.
- A rental guarantee is only as good as the firm that are offering it, and even when the company appear reliable, most 'rental- guarantees' can be difficult to enforce. It therefore pays to be cautious when considering any such options for your property.
- Dealing direct with a builder never saves any money, as all reputable builders prefer to work with a licensed realtor. Florida builders unlike their counterparts in the UK, never reduce their sale prices as a result of no sales agency involvement.
- New home prices in Florida are still realistic and historically, property values have enjoyed a steady and gradual growth. However, despite this comforting thought we consider that it is unwise to make any property purchase solely in expectation of an annual increase in value.
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Some Advice...
We believe it is wise to consider at the outset, whether or not the loan repayments are affordable in the event of the unexpected occurring, such as a sudden shortage of lettings From our experience, the most successful "buy to let" buyers, are those who become personally involved by arranging some property lettings themselves. By using the services of a management company for maintenance in conjunction with surplus lettings, the maximum amount of benefit is often obtained.
Another tip to remember is that it will normally pay dividends if you get to know your neighbours. Regretably it has been known for a letting company to allow a tenant to stay in a property without informing the owner, thereby avoiding payment of the due rent. By finding someone local to keep a watchful eye on your home in your absence, can only be of real benefit.
Despite these extreme words of caution most lettings proceed without hitch and we have many clients enjoying a regular annual income from their property investment. There are many good management companies to choose from and we are happy to provide advice based on our years of experience and knowledge.
Loan Pre-Qualification
We suggest that you consider obtaining pre-qualification for a loan at the earliest possible stage of your search for a Florida property, as this will determine your price range, enabling a constructive approach to be adopted from the outset.
Please let us know if you would like to proceed this way, so that we can arrange for an experienced & qualified, independent Florida mortgage advisor to make contact with you.
US Immigration
The Visa Waiver Program has not been abolished.
Travellers without a visa seeking to enter the United States under the Visa Waiver Program as from October 26, 2004 should note the following:
- All travellers will require individual machine readable passports. Note: This requirement is already in place for passport holders from Andorra, Belgium, Brunei, Liechtenstein and Slovenia.
- Passports issued on or after October 26, 2004 must include a biometric identifier. If your passport is issued prior to this date, provided it is an individual machine-readable passport, you may continue to use the passport to travel visa free even though it does not have the biometric identifier.
Moving to Florida from the UK
Many people who contact us looking for Florida property for sale think it's difficult to move to the U.S. legally or to be able to spend more than six months out of the year in there. The truth, however, is that the U.S. has some of the most liberal immigration policies in the world - you simply have to know how they apply.
While the U.S. does not offer a "retiree" visa per se, there are a number of other options available specifically to UK Citizens looking to buy property abroad.
What options are available?
Family based residency
If any members of your immediate family are residents or citizens you may be entitled to residency in the US. Immediate family includes parents, children and spouses. Depending upon the status of the sponsor (resident or citizen) and the relationship with them it can take more or less time to obtain your residency. There is no waiting period for someone marrying a US citizen or for the minor child of a US citizen, though there will be a processing period that can be 12 months or more. At the other extreme, brothers and sisters of US citizens may apply but there is a 12-year waiting period!
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The B Visa (Tourism/Business)
Most UK Citizens travel to the US without a Visa. However, if you go through the trouble of obtaining a "B" Visa, you can stay for up to six months at a time. If you don't abuse your visa privileges, you can actually spend more than eight months per year, provided you break up your visits in smaller fragments of say, four months each. What you will not be able to do is spend six months, go out for one week, and come back for another six months. If you try doing this you run the risk of having your visa cancelled.
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Student Visas
Student Visas are relatively inexpensive to acquire and will allow you to remain in the US for the duration of the academic program -even if that's several years. It is inexpensive because the school itself will handle all of the visa work -thus you don't need an attorney. It will, however, require you to show that you have enough funds to take care of tuition and living expenses without working.
Some retirees, particularly those with academic interests prefer this visa as it allows them to live in the US year round, without having to work. But the academic program is not limited to physics or nuclear science, you can enrol in a literature, language or art program.
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The E Visa (for Entrepreneurs)
Under a US-UK Treaty, any one of her majesty' subjects may receive a visa of indefinite duration for the purpose of setting up a business in the U.S. There is no minimum investment figure, but the BCIS (the successor to the INS) will look at the type of business you are starting and whether it is has any potential to provide for more than your own sustenance. In practice, this means that you will be required to show that you are staring an enterprise, not merely making an investment. In practice, it also means that should budget no less than £50,000 as an investment, unless you can show growth potential in some other way (i.e. large orders or contracts to be executed).
Property owners will be pleased to know that it is possible to have your U.S. property investments considered an enterprise. To do so, you must generally own more than one property or be in the process of purchasing more than one property as an investment. You must also have an experienced US Immigration lawyer who will be careful to present your property investments as a real estate management and investment enterprise. This will generally require carefully drafted assertions as to your level of participation in the management of the properties.
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The L Visa and later Permanent Residency (for Executives and Business Owners with Multi-National Operations)
US Immigration law allows foreign businesses to transfer their executive personnel to the U.S. to operate the US branch, affiliate or subsidiary. This provision, though originally intended for big multinationals, applies with equal force to small businesses having operations on both sides of the Atlantic.
The requirements are relatively simple. The executive who will receive the visa must have worked in an executive capacity for at least one year with the parent (non-U.S.) company. He must have spent that year in a category that is "executive or managerial", which generally requires the supervision of other employees. Finally, the company must be opening a branch, subsidiary or affiliate in the U.S., which generally means that the parent company must continue its operations outside the U.S., rather than simply shift all of its operations from the UK to the US.
Unfortunately, if the U.S. branch is new, you will only get the Visa for 1 year, at the end of which you must apply for a renewal. The renewal will only be given of you can show that the business is still operating and in good standing. Once the U.S. branch becomes stable, however, (i.e. once it hires one or two additional employees), the executive may apply for a relatively quick and painless residency process.
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The H Visa and later Permanent Residency (for Professionals and Skilled Workers)
The US will also provide long term visas for any foreign skilled workers who obtain employment in the US. You will generally be required to have at least four years of university study or its equivalent in experience (they equate three years of experience with one year of university). But the most important factor is that you have a particular skill, that your employer needs your skills, and that your employer has sufficient funds to pay you a salary that is equal or higher to that paid to US Citizens in the area.
There is one exception to that requirement: if the employer is a new start-up company, it does not have to show any financial documentation. As such, your family may decide to start a new company in the U.S. and hire you as the professional, thereby getting you a proper H Visa. Initially, you will be given 3 years on the Visa, at the end of which term you will need to show that the company has enough income to pay your salary. Some foreign nationals, particularly those involved in freelance work use this arrangement so that their clients actually hire the company, which in turn pays them a salary.
Professionals may also apply for residency if they additionally show, through a separate application process, that there is a shortage of US workers in their field. This is a time consuming process generally lasting about three years. As such, it is common for many people to obtain an H Visa, which will permit them to live and work in the US while their Work-Based Permanent Residency application is pending.
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Immediate Residency for Professionals and Persons of Extraordinary Ability in their Field
As the US population ages, the demand for healthcare workers has increased significantly. As a result nurses and some related health care workers are eligible for immediate residency provided they take and pass their respective professional examinations.
Additionally, professors, researchers, athletes and artists of extraordinary ability always have the door open in the USA. To show you belong to this class, however, extensive documentation may be required as to who you are. It is nonetheless a category intended to range from an unknown Oxford professor to famous movie star.
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The Lottery
There is an annual lottery. Applicants should contact the US consul. The winners will get residency. There are specific numbers of winners allocated by country. The chances of admission from the UK are very small.
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Who is covered by a visa?
- The applicant and his or her spouse are both covered by the visa. So are any dependant children under 21.
- A couple that are not married can apply under a discretionary provision, but it is more complex.
- If you have an L (executive visa) or an E (Entrepreneur) visa your spouse will be entitled to work in the US in any job.
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What does it cost?
- With the exception of the Tourist and Student Visas, it is extremely unwise to apply for any of the visas on your own*. Legal fees for services to help you obtain any of the other visas range from about £3,000 for the L and E Visas to £2,500 for the H Visa.
- The government's fee is US$130, except for the H Visa, which carries a government fee of $1,130.
- In each case, the normal processing time is about four to six months, unless you pay the government an expedite fee of $1,000.
*This is because many of the actual requirements are not listed on the form instructions. As such, you will at best end up taking three or four times as long to process the visa, and at worst your application will be denied creating a permanent stain on your immigration record and making it more difficult to obtain a visa in the future.
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What to do next
If you would like any further advice, please contact us, and we will place you in touch with a suitably qualified US Immigration Lawyer.
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How To Buy
Your Florida Property Purchase
Mortgage finance for your property
If you wish to purchase a Florida property with a mortgage, then subject to qualification, it is a relatively simple matter.
- You should be able to obtain up to 80% of the purchase price or valuation (appraisal), whichever is the lower.
- Fixed and/or variable rate loans of up to 30 years are normally available, regardless of age.
You will need to provide the lender with a list of certain documentation, as proof of your ability to repay the loan on your property. Normally the best available rates are readily obtained by supplying the maximum documentation. We recommend that you take the documents with you during your visit, subject to you not having already supplied the information during pre-qualification by a suitable lender.The recommended documents are as follows:
Employed
A minimum of 2 years Inland Revenue P60s, plus copies of tax returns, if available and your most recent pay slips, covering the prior 30 days.
Self-Employed
A minimum of 2 years accounts, plus a letter from you accountant confirming Inland Revenue approval.
Employed & Self Employed
a) A minimum of 3 months Bank and/or Building Society and/or Stocks and Share statements. The statements should provide evidence of the whereabouts of your intended down payment (deposit) on your property.
b) Proof of title deeds to any unencumbered asset.
c) A copy of a full years-Council tax (rates) demand on your UK home. This is to prove that your permanent home is in the UK.
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Loan finance for your property
Non-status loans are available to buy property, although documentation similar to the above is still required. As the loan is based on the strength of the asset, no income verification is needed.
- The maximum percentage of these loans can vary from time to time although normally they are available up to 75% of the purchase price, subject to satisfactory appraisal.
- US lenders offer a variety of flexible mortgages, which can be tailored to particular needs. Interest rates vary just like they do elsewhere in the world. You can choose between a variable and a fixed loan, although the most popular with overseas buyers is a loan that is capped on an annual basis, in intervals over the life of the loan. These are more commonly known as ARMS and they are normally available with capping options at 1, 3, 5 or 7 years.
The purpose of the capping is to control the interest rate within a specified percentage range providing peace of mind when on a budget. The fixed rate loans can normally be repaid over 15, 20 or 30 year terms.
- U.S. loans normally cover the repayment of principal property taxes, interest and hazard insurance. Unlike in the U.K. most do not carry any pre-payment penalties. Should you decide to make additional payments each year, you can reduce your term substantially and this is well worth consideration!
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Let us help make your property purchase run smoothly
We have full knowledge of several lenders and brokers with expert knowledge in buying Florida property, and are happy to make an introduction to ensure you obtain the best possible advice. Please let us know at an early date, if you wish to proceed on a pre-qualification basis prior to your Florida visit.
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Mortgage Approval
For those submitting the mortgage application after the purchase agreement, normally the lenders acceptance confirmation is forthcoming within 4 to 8 weeks from the time of application submission. Should you opt to obtain pre-qualification, subject to your application being submitted in good time, you should receive a conditional offer, prior to your Florida visit.
When the acceptance notice is received, you are required to sign the authority and if you have not already done so, you then need to forward the 'down payment' (10% deposit) balance. This stage is the US equivalent of the UK's 'exchange of contracts'. The pre-payment and closing costs together with the deposit balance are payable at closing.
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Purchasing your property with cash
If you pay by cash, there is no requirement for pre-payments and the closing costs are reduced. However in the case of a new property purchase, you should be aware that on occasions you may be required to make stage payments during the course of construction.
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Closing (Completion)
When a new property is being built in Florida and prior to closing, an orientation (walk thru) with the builder takes place. This involves either you or your representative (we provide this free service for our clients) checking the property to ensure entire buyer satisfaction. (snagging list).
The 'Title Company' conveys the title (a title insurance policy is issued) & then ensures that the appropriate monies are distributed to all of the relevant parties. They do not act for either seller or buyer and you can rest assured that the money is protected and will be dispersed correctly. The closing costs are similar in many ways to the items that we pay in the UK Stamp duties, etc. Although the main cost is attributed to the mortgage loan.
It will be prudent to allow up to 4.5% (four & a half per cent) of the total purchase price, to include disbursements (this is the maximum sum it should cost you). A cash purchase should reduce this sum to around 2%.
A breakdown of the associated costs can be provided; once we know which property you have chosen.
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Taxation
The property taxes on your home normally amount to approx. 1.5% (one & a half per cent) of the property's value and this is commonly paid on a monthly basis along with your mortgage payments.
- A sales tax must be charged on all rental income and this is currently 12%. It is the equivalent of the UK's VAT. The tax treaty between the UK and USA means that double income tax is avoided, although all rental income must be declared.
- As a guide, all relevant expenses including the mortgage interest, can be off set against any due tax from rental income and it is not uncommon for an ultimate payment to be minimal, once all of the appropriate expenses are taken into account. In some cases it may even be wiped out completely, although it will all depend entirely on the individual personal circumstances.
We recommend that you obtain expert professional advice in this field and we are happy to place you in touch with a qualified accountant/taxation lawyer upon request. They can then deal with your personal affairs in the best possible manner.
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Renting Your Florida Property
If you wish to rent your home during absence it is fairly easy to do so. There are many letting companies in Florida and the highest number are in Orlando, due to the considerable demand. Please refer to out Buyer's Guide section 'Before You Buy' for further information about renting your property.
'Florida Countryside', being neither affiliated or representing any particular letting company, is most pleased to pass on our unbiased knowledge of management companies to our clients.
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Reservation Of A Home
Reservation deposit
You can reserve the Florida property of your choice to avoid disappointment. Normally a 'reservation deposit', ranging from $1, 000 (One thousand dollars) to $5,000 (Five thousand dollars) is required to hold a particular property and/or Lot (plot) and then a contract to purchase can be agreed. This payment will normally provide a buyer with sufficient time (normally 30 days) to either release funds for the total down payment (deposit) required on their property or to obtain a suitable mortgage offer.
In the case of a new home, the deposit paid is normally only refundable if the purchaser is unable to qualify for the required loan. Upon loan approval a 10% deposit (less any reservation fee already paid) is normally paid and no further payments will then be required until closing (final completion)
Once the reservation sum is paid, in the case of a new property purchase, an opportunity to discuss and choose specific upgrades, subject to individual circumstances would normally occur. This often applies to items such as carpets, kitchen furniture swimming pools etc.
The furniture and household items for the property can also be selected and when not included within the sales price, one of our representatives will be happy to introduce you to appropriate wholesale /interior design stores who are providing the builders and property management firms within the area; This means that we can provide SUBSTANTIAL savings for all of our client buyers, when compared to the normal retail prices.
In the case of a resale home the contract would normally be drawn with additional contingency clauses, such as professional inspection reports and sometimes, although rarely these days, a property sale; All of the contingency clauses will need to be negotiated between the parties by the relevant realtors at the time of any sale agreement on the property.
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The 'Florida Countryside' Service
'Florida Countryside' do not make any charges to clients wishing to purchase property in Florida using our services.
The seller of the property pays a fee to Florida Countryside via the independent title agency, should a purchase be conducted through our Florida licensed brokerage, and the sale fee is then distributed accordingly to the realtors involved in the specific transaction.
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Homeowners Referral Program
We have found this referral program to be extremely popular with all Florida homeowners; for it financially rewards the participator for the minimum amount of effort.
Once you have contracted to purchase a Florida home, you are automatically eligible to participate in this program, although regretfully due to Florida State legislation this only applies to "Out of State" non-resident Florida property owners.
- A qualifying homeowner can introduce interested parties to Florida Countryside and obtain a substantial financial reward.
- The introduction MUST be registered in writing and CONFIRMED as accepted by Florida Countryside PRIOR to any contact being made by the referred party to avoid any misunderstanding.
- Simply make the introduction by registering the referred party with Florida Countryside and we will then make contact with them
In the event of the referred party subsequently purchasing a property through our Florida brokerage, subject to our terms and conditions, a substantial financial reward will be paid to the referring homeowner. With no limit being stated as to the amount of possible introductions, a qualifying homeowner can gain a substantial additional income from their successful participation!
We do of course realise that in order for any owner to make an introduction to us they first MUST be satisfied that they are recommending a firm of integrity, that's why this referral program was initially implemented for Florida Countryside homeowners, who had experienced our services firsthand.
We have, however, already been experiencing many introductions from NON Florida Countryside homeowners who have contacted us, often seeking advice about their property management firm. As such we now offer this program to ALL non-resident Florida homeowners.
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FAQ
You'll probably have a lot of questions about buying property abroad, investment property, finding a property in Florida and buying property to rent amongst other things.
Florida Countryside personnel conduct seminars on 'Buying Florida property' worldwide and what follows is a summary of the questions we are asked most often at these seminars, together with our answers. Your attention is drawn to the important notice at the foot of this section.
Q. What length time would a non-resident normally be allowed to visit Florida for without a suitable visa?
A. When a non-resident visitor without a visa wishes to enter the USA, a visa waiver form has to be completed. This should allow the bearer a stay of up to 90 days as a tourist. No non-resident visitor is allowed to stay more than 6 months in any 1-year and when more than a 90-day stay is required, an appropriate tourist visa is required. Several specialist consultants provide a visa service that can help visas be obtained & we can supply details if this is of interest. You can also find out more about visas here.
Q. How realistic is it to expect future rental income from a property purchase to cover the costs?
A. With a cautious approach, the correct type of property and location, plus a wise choice of management with some degree of owner participation involving rental bookings, it is realistic to expect costs to be covered from receivable rental income. However a considerable amount will naturally depend on the purchase price, mortgage required and the future, which is of course always unknown. The recommended 'Florida Countryside purchase price points' act as a good start guide - they assume a 75% loan, average management costs and rental income, plus the costs quoted do "err on the side of caution" and are estimated as high rather than low. However safe any projections look, however, remember there can be no guarantee they will occur and therefore there is obviously a degree of risk attached. We believe no purchase should ever be contemplated if it solely relies on rental income generated to pay for itself.
Q. I have heard 'guaranteed rental schemes' are possible and I assume that somewhere there must be some kind of a catch. Am I correct and if so where is it?
A. First it should be noted that no foolproof guaranteed rental scheme exists and therefore all should be viewed with a certain degree of scepticism. A guarantee is only as good as the company offering it, although there are of course good and bad companies. For example, some builders periodically offer 'lease-backs' on their model (show) homes and this provides a good opportunity for buyers, as the builder will normally pay the running costs plus a healthy rental return. This way a buyer is pretty much assured of the offer being genuine, as it makes good commercial sense for both parties. When, however, a 'blanket guarantee' is offered on several homes on a particular development or on a home specific to a particular source, normally some kind of condition or even a catch may exist.
It could be the property being offered with the guarantee is overpriced or possibly the rental income proposed is below a ready realisable amount. One thing is for certain, if the rent is 'guaranteed' the grantee will not be intending to lose and will be ensuring that in some manner or means they do not take the risk. The risk will lie with the owner of the property. A good management company should be able to achieve bookings regardless of any guarantee and when part or total owner participation of rental bookings is forthcoming, the financial results are normally more rewarding.
Q. How easy is it for any owner to obtain rental bookings themselves?
A: The answer to this question will naturally depend on the amount of effort any owner is prepared to undertake. Nowadays there are several specialist web sites advertising property abroad. A striking individual 'owner web site' will normally attract a high quantity of rental bookings for its owner. We believe a good web presence is essential if a worldwide coverage for bookings is required.
Besides advertising within such media sources, web sites and villa publications provide new homeowners with a direct source to other like-minded owners of similar styled property. Direct contact with such an owner can lead to what can be a most cost effective rental opportunity, for a 'rental booking sharing relationship' can be formed.
Marketing to friends, family & business colleagues, is another common way of obtaining rental bookings. Most people nowadays will know of someone who is planning to visit Florida and therefore with a little effort private rental bookings are realistic to achieve. Most management companies are happy to work with owners who obtain private bookings themselves and many will forego part of their management fee when this does occur.
Q. Why is the property's zoning so important and once set can it be changed?
A. Land zones control land use and back in the late 80's few zonings related to property rentals in Florida as the market for rental properties had only just commenced. The property demand was high and many sales took place in a short period. When American citizens suddenly found their latest neighbour was an absent owner and "faces changed on a regular basis" problems occurred, as can be imagined, and the complaints that followed resulted in the current zoning position. Land zoning is like a planning consent, once granted it should be nigh on impossible to take away and if a State authority did consider it, an extremely strong legal argument to prevent this happening would of course exist.
It is therefore most important to consider any possible future use at the time of purchase, as once a property is purchased a buyer is then stuck with the land and its use. However there is nothing to stop a site with no zoning having an ordinance passed and a zone restriction applied thereafter.
Q.What is the definition of 'short term' when used to describe the zoning of a parcel of land?
A. The definition of 'short term' is transient, meaning ANY period of time that the property is being let for. Should it be a stay of 1 day or even a permanent stay, all are possible as any term is allowed. When a property is bought for personal use only it is worth considering if at anytime in the future a letting of the home is contemplated. A 'short term' zoned home allows maximum flexibility and it does not prevent its owner from living in it full time if required. Other zonings do exist; some can allow 1 letting a month, 1 every 3, 6 & 12 months and all manner of other permutations. A 'short term' zoned home should also provide its owner with a worldwide market of investors at the time of sale and therefore in our opinion this remains the best option for 'non-resident' buyers, regardless of their rental intentions.
Q.What is the holiday season in Florida?
A. February through September in Orlando and January through Easter along the coast. Christmas- New Year- Easter & Thanksgiving holidays are also traditional busy periods.
Q. With such increasing numbers of homeowners seeking rental bookings have you any idea as to how long it may take before the number of holiday homes finally reaches saturation level?
A. If only we knew the answer to this question we would make a considerable amount of money by predicting the future! Some facts can help us guess what might happen in years to come though. The number of tourists visiting the region from all over the world has been rising annually and Florida remains the undisputed sunshine state and "entertainment capital of the world". The International airport in Orlando predicts phenomenal visitor growth over the coming years and appears to have the land capacity and potential plans for future expansion to cope. Judging by growth to date, their projected figures look very likely unless of course the unexpected occurs.
The major tourist attractions in Orlando are pouring millions of dollars into 'visitor attractions' to try and ensure visitor demand is sustained and all of the facts seem to point to visitors wanting to return. Villas with pools are an effective cost alternative to traditional holiday accommodation, as they can provide home comforts at cheaper costs than hotels and still be close to attractions such as Disney World.
The authorities have found an effective way to curb the supply and location of rental homes by land zoning and therefore suitable 'short term' zoned homes purchased today should possibly become more desirable if and when restricted zonings limit future supplies.
Q. Why do I need only one broker and how can I be certain that all suitable properties available will be offered to me?
A. So long as the broker you choose to act for you is a member of the MLS (Multiple Listing Service) access to every property for sale is enjoyed and if you deal with more than 1 broker it can only serve to confuse the position as neither broker will be able to act solely on your behalf. Not only that it may possibly even cause a conflict to occur between the two brokers.
Q. How can we be assured the information we are being provided with is accurate?
A. So long as the salesperson or broker is licensed by FREC (Florida Real Estate Commission) and this is a legal requirement within the State for anyone involved in Real Estate, you can rest assured that they will have a duty to do so and therefore they should be very careful what they say.
Q. Is the US real estate system the same as that in the UK where the estate agent (broker) acts on behalf of the seller unless the buyer pays a finder's agent to act for them?
A. No it is a completely different system as the broker has a choice and yet regardless the seller still pays the fee. At Florida Countryside we act on behalf of buyers and therefore we have a fiduciary duty to provide the best for our client buyers.
Q. Do we need a solicitor to deal with the title deed transfer?
A. It is entirely up to you whether or not you specifically feel the need to employ someone to oversee all of the formalities, it is certainly not essential. Within the US, independent Title closing agents and sometimes lawyers, are employed to deal with title transfers and they act in a similar manner to Insurance Companies by providing insurance that the title is in order and such a firm will deal with the transfer regardless of whether or not you employ a solicitor to act on your behalf.
Q. Is it best to obtain a mortgage in US$ or GB£?
A. When rental income is being sought the income is likely to be paid in US $ and therefore it may be safer to obtain a dollar mortgage to avoid fluctuating exchange rates. However each person's circumstance is different and we are not qualified to provide any financial advice. We therefore suggest that independent advice is taken from a qualified source and if necessary a US mortgage expert can be asked to discuss the $ loan aspect with you prior to any purchase.
Q. If you do not charge for the ongoing assistance once a property is purchased, particularly if a management problem arises, what benefit is there to Florida Countryside to provide such a service on behalf of clients?
A. Although at first glance it may appear as though there is no incentive for us to operate this service without charge, on closer consideration it is more obvious why we do. In the first instance we believe the service we operate is unique, as most firms are not truly independent. Most have an involvement with a management source and therefore they are unable to offer our kind of service. It is also a thankless and difficult job permanently keeping an eye on lettings and management operations, after all there are now in excess of 650 letting companies in the Orlando area alone!
We encourage ongoing contact with our clients by operation of a 'referral homeowners program'. This works by clients introducing friends and colleagues to us and we pay them an attractive introductory fee. We of course are obtaining additional money from more sales also. As can be seen it pays for us to look after our clients before and after the purchase!
Q.What average capital appreciation can be expected from a Florida property purchase?
A. No property purchase should ever be based on any expectation of capital appreciation and therefore we should answer the question by saying none at all. However it is realistic to expect some rise and therefore maybe it is best to consider what has already occurred and the current forecasts. Several forecasts by associations such as the Florida realtors predict for the next 10 years appreciation should continue at a similar rate to that of the past 10 years. Capital appreciation has averaged around 9 to 10% per annum over the past 10 years and therefore although no one has the ability to accurately predict the future, it does seem a fair assumption.
Please note
All of the information supplied within this website is provided in good faith and is based on the experience and knowledge that has been gained by the author within the "second home vacation" Florida real estate market.
Whilst it is believed to be accurate to the best of our belief, no warranty is offered and no purchase whatsoever should be made in reliance of any information provided. It is recommended that all interested parties seek independent advice about any of the information contained within this website before travelling to Florida and/or expending any finance whatsoever.
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Planning a Visit?
Visiting Florida?
We can help you plan in advance.
You dream of a Florida property to call your own is just around the corner, and to help you get there faster, we will personally help you find a property to suit your needs prior to your visit.
Your time in Florida will not be wasted looking at unsuitable homes! We can arrange an inspection tour for you to make the most of your time spent here in the Sunshine State.
We recommend that you advise us of the type of home you are seeking in Florida. Let us know if, for instance, you want to buy to let in Florida, as this often determines the location, type and style of property. Our resident sales representative can then plan a suitable route involving selected properties that will help reduce the viewing time.
Get a feel for the place
One of the best ways to enjoy your trip to Florida to look for property and to really get a feel for the place is to rent a home for the duration of your stay. With rentals available for anything from 1 week and beyond, you can test drive having a home in Florida for yourself.
Leave it up to us
We are able to assist with your travel arrangements by arranging flights, travel insurance, accommodation, airport collection, car hire and tickets to attractions in Florida.
Our resident representative will be happy to meet you on arrival in Florida and provide the necessary help to ensure your trip is both enjoyable and productive.
What else can you do to make your trip run smoothly?
During your trip to Florida we suggest you may want open a bank account, in order to pay the mortgage and running costs of your home.
If you require a mortgage - and in our experience even cash buyers often decide to take one - you may wish to consider obtaining 'pre-qualification'. This facilitates the mortgage details to be processed prior to your trip to Florida, enabling you to find a suitable property in a price range suited to your income. Please ask for details.
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Planning your trip to Florida around US National Holidays
If you are travelling to the US, it's worth noting the following national holidays and the dates that they are celebrated.
Holiday
- New Year's Day January 1st
- Inauguration Day January 20th every four years
- Groundhog Day February 2nd
- Valentine's Day February 14th
- Washington's Birthday Third Monday in February
- St Patrick's Day March 17th
- Mothers' Day Second Sunday in May
- Armed Forces Day Third Saturday in May.
- Memorial Day Last Monday in May
- Flag Day June 14th.
- Fathers' Day Third Sunday in June
- Independence Day July 4th
- Parents' Day Fourth Sunday in July
- Labor Day First Monday in September
- Grandparents' Day Sunday after Labor Day
- Columbus Day Second Monday in October
- United Nations Day October 24th
- Halloween October 31st
- Election Day Tuesday on or after November 2
- Veterans Day November 11th
- Thanksgiving Day Fourth Thursday in November
- Christmas Day December 25th
Source Florida Countryside www.floridacountryside.com/buyersguide/index.html
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