Florida property has always been a popular destination for owning an overseas property because Florida is one of the world's most successful tourist economies, and home to some of the best attractions to be found any where. A fantastic climate combines with open space to create a something for everyone destination.
Popular locations for owning a Florida property
Davenport, is located in the North eastern part of Polk County . It is one of the fastest growing areas of Central Florida. The Davenport Area is just 10 miles from Walt Disney World along Interstate 4. The Orlando metropolitan area is 30 miles East of Davenport and the downtown Tampa business district is about 1 hours drive to the West along I-4. Properties for sale in Davenport
Kissimmee, is one the fastest growing districts in Central Florida, and offers visitors a wide range of activities from theme parks to bass fishing, Kissimmee has something for every member of the family. Properties for sale in Kissimmee
Orlando, is best known for the many tourist attractions in the area, in particular the nearby Walt Disney World Resort, which is located in Lake Buena Vista about 20 miles (32 km) south of Orlando city limits via Interstate 4. Other notable area attractions include SeaWorld and Universal Orlando Resort. Properties for sale in Orlando
Alternatively view property for sale in Florida and by Counties Broward County If you prefer you can view Florida Property for sale, both newly built or resale in the major Cities Fort Lauderdale Pompano Beach or search for Florida property for sale in the popular tourist and rental districts such as Hillsborough County Cities Tampa Miami-Dade County Cities Miami Beach and Florida property for sale, resales, off plan, Villas and Condominiums in those locations in easy reach of Disney and the other main attractions of the Orlando region Osceola County Cities Kissimmee Polk County Cities Davenport
When compared £ for £ with the UK Florida properties offer huge value for money, generally equipped to the highest standards and the well developed infrastructure makes getting about easy, and cheap.
The unrivalled choice of amenities and leisure time opportunities make Florida a popular destination for holiday homes and investors who looking for good rental returns.
Florida attracts 60m tourist per year which is not surprising given the climate and the 100 plus world class attractions on offer. The most famous of course is Disney Land which has just about everything on offer to both kids and adults entertained and if that is not enough then there is the two amazing theme parks on offer from Universal Studios a full list of all the tourist attractions that Florida has to offer can be found at the Orlando Visitors Bureau web site
The most vital part of buying property in Florida is to ensure you are buying with the help of a Licenced Florida Real Estate Broker. These are people who have the qualifications required to practise as real estate agents and who, therefore, are recognised in the market place by the State and by other real estate professionals.
Once you have found the agent or broker you want to use - someone who demonstrates the professionalism and competence to act as your advisor - you will have access to the whole market through the Multiple Listing Service (MLS) they all operate over there. The MLS enables all local real estate professionals to share property details with one another and to apportion any commissions earned.
Do not be tempted to believe that by-passing your agent to go directly to the original agent appointed by the vendor will bring any benefits to you. The only party that will gain from your actions will be that agent as he/she will no longer need to share the commission with your advisor. You, by contrast, will have effectively removed your advisor from the process and that can only be to your detriment - they will no longer be able to advise you or negotiate on your behalf.
So, select your agent wisely and after careful research and consideration - then let them work tirelessly on your behalf and do not seek to 'second-guess' them. OPC has carried out extensive due diligence on the professionals we will put you in touch with to ensure you have the highest quality advice, the best access to well-researched property and the professional input you need at every stage of the buying process. The temptation to 'shop around' is sometimes difficult to resist but you should consider carefully before by-passing the agent you have selected to represent you as you will not usually save money by going direct and you may lose the most valuable member of your buying team - the local professional with all the experience and expertise to get you the best deal.
The cost of Buying a Property in Florida
In Florida the conveyance of a property is undertaken by what are called locally a Title Company, these Title companies are licensed by the state to undertake the legal process which means that you will not require the services of a solicitor.
The conveyancing transaction for a Florida property is referred to locally as closing and will usually take about 6 to 8 weeks to complete. In the event that anything should go wrong with the closing process, the title company can be held liable. In Floida You should allow around 4% of the property purchase price for fees and taxes, this can be halved to 2% if you buy without a mortgage as stamp duty is levied on the outstanding mortgage amount on property in Florida and not the purchase price.
For UK residents and most non residents repayment mortgages over 30 years are available for buying Florida property at up to 75% of the valuation typically at an interest rate of approximately 7.2% subject to status. Any rental income you may expect from owning a Florida property is not normally taken into consideration.
Depending on the county within Florida in which the property is located, If you decide to rent out your property, a tax of either 10 or 11% is levied on all rental income, which must be collected from the tenant and paid to the State. 15% Capital Gains Tax is paid on the profit from a Florida property sale. If you are a UK resident for tax purposes you will be liable to pay CGT in the UK. A double taxation treaty between the UK and US means you will not pay CGT twice i.e. in both countries.
When purchasing a resale property in Florida we recommend that you should make enquiries and check the following items before purchasing, and if uncertain budget accordingly
Checklist Item Budget
Pest control - De Bugging $1000- $2000
Repairs to pool area and Patio $700
Replacement Pool Pump $3000
Replacement pool Furniture $250
Repair Pool covering $400 - $700
Replacement and updating of Furniture $22,000
Replacement of White Goods $3000 - $5000
Replacement or updating of Television Sets $2,500
Redecorations of the property $900
Carpet Replacement $4500
General Repairs $2500
Hotel Licence $150
Replace garden plants $400
Air conditioner services and contract $600
Certificate of safety $600 to $1000
Roof maintained $400
Survey $1000
Building and Contents Insurance (cash buyer per year) $1200
TOTAL $ 48,800.00
We would recommend that you visit Florida to organise this process of establishing the above costs, alternatively you may consider employing a management company.
The process for buying a Florida Property
It is important when buying a house in Florida to find a lawyer you can trust. Your British embassy should hold a list of reputable lawyers or the following websites that may be of use www.floridanela.org or www.lawyers.com/florida
Purchasing a property in Florida has two key stages;
Signing the agreement of sale. This occurs once you have found the property you wish to buy. This commits both you and the seller to the deal but usually only within the context of a number of conditions and causes that you both have to satisfy.
The final stage or ‘closing’. With this comes a variety of different fees you will be expected to pay.
• It is normal for the buyer to give a small deposit to the seller with the initial offer and then a second deposit to follow within a set time. If you do not pay this deposit within your time limit then the seller could declare you in default and sell the property.
• If the contract is going back and forth between the seller and the buyer while negotiating a price, both parties need to pay attention to the clause ‘time for acceptance’. If the party fails to meet these time scales then the offer or counter offer could be withdrawn.
• If the contract is subject to a mortgage be sure that both the application and approval dates are realistic and adhered to.
• If the seller is responsible for providing a title insurance commitment by a certain date and fails to deliver this to the buyer then the buyer could use this as a way out of the contract and claim default against the seller.
Property inspections.
You will only have a small time frame in which to have the home inspection carried out. If you are not able to have these done within your timeframe then you forfeit the right to claim any compensation if a problem occurs.
An appraiser will inspect the home and look at its general condition. In all and most cases the home inspector will report on over 35 different aspects of the property.
It is also worth getting a survey done on your property and also a pest inspector.
Survey. The survey will show you exactly what the facts are in regards to the boundaries, easements, encroachments that may be established during the tenure of the previous owners. It will also confirm that any extension or improvements meet the legal requirements and are all above board.
Pest inspection. Pest inspection is highly recommended in Florida as termites are a significant pest and lenders are very likely to require a pest inspection before lending on the property.
Home warranties. Home warranties take over where insurance stops. A home warranty for example would replace a leaky hot water tank and you home insurance would pay to redecorate the damage.
At Overseas Property Centres we strive to making buying a Florida property as Straightforward, safe and persoanal as it can be.
Importantly, We are independent of any builders,agents or property developers and we do not enter into exclusive contracts, we carry out a strict process of due diligence to ensure that we only promote Florida properties when we are satisfied with the credentials and financial stability of the parties with whom you may be dealing. We gather together properties and knowledge, which we organise into three main groups, places to invest, places great for holiday homes and places that are suited to living in all year round. This ensures that you receive straightforward information relevant to your decision, saving you the time and effort and getting your questions answered.
If you are thinking about or planning to buy a property in Florida for use as a Holiday Home, an investment or to move abroard, Overseas Property Centres offers a range services that will help you through the process. Our knowledge database contains a wide range of topics related to buying a property abroad, everything from the legal processes, the cost owning, letting and living in your property as well as 100’s of articles about popular destinations for overseas property holiday home owners and investors alike.
You can browse articles about buying and owning a property overseas in our Regional Property Guides section, use the quick links that will appear when you are looking the details of a Florida property for sale or just enter your keywords in the search box on the upper right of the screen.
Remember Overseas Property Centres carries out extensive checks on anyone we partner with or services we promote on our web site, this goes for overseas property developers and agents as well as anyone you might go to for financial, mortgage, personal Tax planning and Legal advice. Our experts are on hand to answer or get the answer to questions you may have about owning or buying a property overseas, so if you prefer the personal touch why not contact us now on 0845 257 3737 and let us help you every step of the way.
Through our partners we can arrange tailored no obligation property viewings, we can organise independent investment and financial advice, independent legal advice and advice on currency exchange, infact everything you may need.
What we do extends beyond just chosing your Florida property, our after sales service is there to help with any issues that may arise during the buying process and even beyond where we can offer for example advice on how best to let your Florida property and we even promise to advertise our clients Florida property for free until sold should you wish to sell in the future.
Above all, We aim at all times to offer a Straightforward, Safe and Personal service. Straightforward means we give you facts, we strive to be unambiguous in what we say, we write and do. Safe means we do everything in our power to ensure that we only promote properties from developers we have checked out and trust. Personal means, it’s your decision and we’ll be with you every step of the way.
Popular locations for owning a Florida property
Davenport, is located in the North eastern part of Polk County . It is one of the fastest growing areas of Central Florida. The Davenport Area is just 10 miles from Walt Disney World along Interstate 4. The Orlando metropolitan area is 30 miles East of Davenport and the downtown Tampa business district is about 1 hours drive to the West along I-4. Properties for sale in Davenport
Kissimmee, is one the fastest growing districts in Central Florida, and offers visitors a wide range of activities from theme parks to bass fishing, Kissimmee has something for every member of the family. Properties for sale in Kissimmee
Orlando, is best known for the many tourist attractions in the area, in particular the nearby Walt Disney World Resort, which is located in Lake Buena Vista about 20 miles (32 km) south of Orlando city limits via Interstate 4. Other notable area attractions include SeaWorld and Universal Orlando Resort. Properties for sale in Orlando
Alternatively view property for sale in Florida and by Counties Broward County If you prefer you can view Florida Property for sale, both newly built or resale in the major Cities Fort Lauderdale Pompano Beach or search for Florida property for sale in the popular tourist and rental districts such as Hillsborough County Cities Tampa Miami-Dade County Cities Miami Beach and Florida property for sale, resales, off plan, Villas and Condominiums in those locations in easy reach of Disney and the other main attractions of the Orlando region Osceola County Cities Kissimmee Polk County Cities Davenport
Travel to Florida
The cost of travelling to Florida is reasonable with regular scheduled and charter flights departing from most UK airports Flights to Florida
Visa information for owning a property in Florida
Citizens of the United Kingdom do not need a visa for holiday or business travel for up to 90 days. However all travellers must hold round u or return tickets. For longer stays all international visitors must have a B-2 visa (non-immigrant, pleasure tourist) visa which is valid for 6 months.
Residence permits for Florida
The time a permanent resident in the USA begins from the date listed on the green card. From this date a person is considered to be a lawful permanent resident of the USA.
Every permanent resident is expected to reside in the USA, file taxes as a resident every year and that they do not spend more time abroad than in the USA. You cannot spend more than a year living outside the USA.
A person can apply for US citizenship by filing a Naturalization petition, form N-400. This will need to be sent to the US citizenship and Immigration services.
In order to become a resident in the USA you will need a Green Card or Alien Registration Card.
The cost of a permanent residence green card is $5000.00 (£3334.00)
Important contacts for Florida
British consulate, Orlando Suite 2110, sun trust centre 200 South Orange Avenue Orlando FL 32801 Tel (407) 254-3300 Fax (407) 254-3333 Visa office Tel 1 (900) 990 8472 Public enquiries Tel 1 (900) 255 6685 or Tel 1 (800) 443 8882
American Embassy 24 Grosvenor Square London W1A 1AE Open mon-fri 8.30am – 5.30pm http://www.usembassy.org.uk Diplomatic visas 5 upper Grosvenor Square London W1
United States Information Service 55-56 upper brook street London W1A 2LH United States coat guard 4th floor Hanover square London W1 Tel: 020 7499 9000/020 7499 900 Ext 3050 diplomatic Visa Tel 09068 200290
United States information service Tel 020 7499 9000 Other visa information Tel 09061 500590
Banking in Florida
Most banks in the USA are chartered institutions that specialize in financial services. In return for safe keeping your money, the bank will take a proportion of your money and invest that money in high interest transactions. In return the bank will offer you a lower interest rate on savings account. Your bank will always have a certain amount of money in its reserve that can be taken out by customers who wish to withdraw from their accounts. Regardless of your standing in the UK you will not have an official USA credit rating and therefore it may be difficult to open a bank account.
Checking accounts, when you deposit money into a checking account your bank will give you cheques (in a small book form like the UK). You can have this account with or without an ATM card. It is worth knowing that not all stores and gas station will accept cheques. ATM cards. This card will allow your to withdraw and deposit cash at any time. There will be a limit on the amount of money you are allowed to withdraw. As with the UK you will be issued a PINnumber to withdraw your cash. Debit Cards. Debit cards will have a credit card logo on them. These debit cards are guaranteed by the credit card company that payment will be made, and most business will accept them. The purchases made with your debit card are withdrawn directly from your checking account.
Savings accounts, a savings account is an account designed for you to place money into which you wish to leave for a longer period of time. You will tend to earn more interest in a savings account than you would on a standard checking account. Sometimes there are monthly fees or if you keep a certain amount of money in the account the fees may be lowered or completely abolished. Credit cards. In order to receive a credit card in the USA you must be
- Over 18
- Hold a social security number
- Be a resident in the USA.
When you have decided which bank you would like to open your account with you will need a social security number.
Mortgages for buying a Florida property
US Dollar mortgages can be obtained for buying property and real estate in Florida and are currently available from only 1.99% low start.
Florida Mortgages are available for all Nationalities for either Property Purchase, re-financing for Home Improvements & Equity Release for up to 80% of the purchase price.
Type of FloridaMortgage can be Repayment or Interest only.
Minimum advance £30,000 if the loan is in Sterling; $75,000 if the loan is in Canadian Dollars, Euros, Hong Kong Dollars or Swiss Francs; $60,000 if the loan is in US Dollars, No Maximum, but cannot exceed 80% of valuation or purchase price (whichever is the lower).
Term is for a maximum of 40 years in US Dollars, 25 to 30 years in all other currencies
Currency: US Dollars, Sterling, Canadian Dollars, Euros, Hong Kong Dollars or Swiss Francs
Current Interest Rates from approx 1.99% Low Start in US Dollars, from approx 6.49% Fixed for 1 year in Sterling* or 1.50% over cost of funds in all other currencies
Example Florida Mortgage in US Dollars: Repayment Mortgage of approx $100,000 over a period of 30 years at a Variable Interest Rate of approx 7.25% = approx $689.00 capital & interest per month = a total approximate amount payable over the term of approx $251,980 including capital, interest, arrangement & survey fees. .
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