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BUYERS GUIDE
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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.
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.
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