Buying a home in Florida

Compared to the UK buying a home in Florida is relatively simple. There are more than 36,000 vacation homes on developments & gated communities close to Disney and most are owned by UK residents. Florida attracts more than 36 million tourists each year and is the most visited city in the world.

Under Florida law, all that is required for a legally binding sales contract is a signed written agreement plus a good faith deposit. It is therefore possible to 'Exchange Contracts 'straight away with a Seller and virtually eliminate any possibility of your chosen property being sold elsewhere. Most written Sales contracts are conditional and you will have ample time to arrange financing, survey the property and approve legal work. If your loan is denied or the house does not pass inspection, you may withdraw without penalty. There can be any number of conditions in the contract but essentially all elements of the sale should be in writing to avoid dispute.

Realtors

In the United States the vast majority of sellers and buyers use Realtors to assist them when selling or buying a home. Why?...because (unlike the U.K.) in the United States all real estate transactions, except private sales, are highly regulated. Furthermore, all persons brokering real estate, except private sellers or builders selling their own homes, must be licensed. As in the UK, the Seller typically pays sales commissions. It will cost you no more to have a Realtor guide you through the sale process. Finally, All Realtors 'share' their homes via the Multiple Listing Service. You need only to appoint one in order to have access to the vast majority of homes on the market
 A Realtor® is there to represent you and will deal with all aspects of your purchase ensuring that you are buying a home for the purpose it is intended, on a development which is properly zoned. The services of a Realtor® cost you nothing but could save you thousands in the long term. He/she will spend as much time with you as necessary and before showing you any development or property will talk with you for some time finding out just what your requirements are. After all there is no point looking at vacation villas outside your budget. Your Realtor® should be knowledgeable in all aspects of the market in which you are considering purchase and should be confident, courteous and helpful. He/she is bound by law to deal with you honestly, fairly and truthfully.

There are many homes to choose from, both new and pre-owned, with most UK buyers choosing to buy new because of the peace of mind offered by Guarantees (which come as standard). Lower repair costs and freedom to choose color schemes and furnishings are seen as other reasons to buy new. New homes generally come with a full 12 months warranty on ALL items supplied, including swimming pool, air conditioning/heating and appliances such as washer, dryer, fridge/freezer, dishwasher and microwave. For the first two years all plumbing and electrical work is warranted and the building carries a 10 year structural warranty. These Guarantees and Warranties may not be in place when you buy a resale home and could prove to be costly if you have future problems. By contrast, the advantage of buying a resale home is that you may save money on the purchase. Some of the most popular areas for short-term rentals are the well-established subdivisions where no further homes are being built. However, you will have to weigh up the options and decide which is right for you!

Once you have purchased your home you will need to think about property management and your Realtor® will point you in the right direction and supply you with contact details. The selection of a management company is just as important as the selection of a Realtor®, because whilst you are thousands of miles away your home needs to be looked after properly and the rental opportunities maximized.

For many years the most popular type of home has been a detached Four-bedroom, two-bathroom villa, with private screened swimming pool. We estimate that 70%-75% of homes purchased fit this specification, usually fitted with two master suites these are now the norm. Two families can holiday together with both sets of parents having the privacy of an en-suite bathroom and two further bedrooms sharing a bathroom. This also saves a lot of time when trying to get to the theme parks for opening time!

Rental clients are very discerning, and the vast majority prefer Villas with private pools, compared to apartments which are smaller and have communal facilities.

Three bedroom homes range in size from a modest 1000 square feet of living area (usually with a main living/dining room) to homes of twice that size, featuring separate living, family and dining rooms. We usually recommend a maximum of six persons for the smaller floor plans, but eight will be comfortable in the medium to larger types, using a sofa bed in one of the living rooms as additional sleeping capacity. Price Range £100-150,000.

Four bedroom homes afford yet more living area, usually allowing up to 10 persons maximum. Please check out the prices before you decide on a 3 bedroom home. In many cases, the extra cost for the fourth bedroom is just a few thousand dollars. Not only will rental income per week be increased compared to a 3 bedroom home, a four bedroom home will afford you the option of accepting 3 bedroom rental rates which will maximize the potential rental - an important consideration for many purchasers. As we have already said two master suites and a third full bathroom will be the most popular model sold in the year 2007. Price Range £125-225,000.

Five bedroom homes are becoming more popular and can now be found in most builders' portfolios, these homes can usually accommodate up to 12 people. Please consider that a 5 bedroom home will need at least 3 bathrooms. A lot of 5 bedroom floor plans only allow for 2.5 baths. Price Range £225-250,000.

Six bedroom homes are sought after by tour operators and can be a good source of rental income, but remember apart from the initial outlay being quite a lot more than say a 4 bedroom house they are also more costly to run. Because they can accommodate up to 14 people, wear and tear is heavy on these homes and repair and maintenance due to normal wear and tear is likely to be higher than three or four bed homes. Price Range £250,000 +

Relocating

Many UK residents would love to sell up and move to Florida but do not realize how realistic and achievable this is.

Florida is the state most visited by Brits and is the most popular place to move to in the US. There are several important factors you must be aware of when considering your move and we will endeavor o provide you with sound guidelines. Remember we cannot begin to tell you all you need to know in this short article so please always consult a Licensed Business Broker who will help you through the process.

BUSINESS BROKER:
The selection of your business broker is most important, he/she should be someone who is reputable with whom you feel comfortable, his/her role is to find you a suitable business which meets your requirements and will satisfy the INS (immigration and naturalization service) guidelines for your future residency. Always appoint a broker who is knowledgeable in ALL of these aspects, any broker can sell you a business but if it does not qualify for residency status you could end up wasting lots of time and more importantly... money! Your broker will will be able to find hundreds of businesses and will represent you in any negotiations. Make sure he/she is a member of the FBBA (Florida Business Brokers Association) and is properly licensed to represent you.

IMMIGRATION & NATURALIZATION SERVICE:
This is the government agency that will determine whether or not your investment/business meets the requirements for residency. We cannot stress how important it is that your application is submitted correctly, any errors and you go back to the beginning, your move could be delayed by months or even years.

THE FIRST STEP:
Select your broker and work with him/her to find a suitable business, once you have found what you want you will enter into negotiations to discuss price, terms, real estate, lease conditions or relocation of the business. Many owners will help you to finance the business if you have a sizeable deposit, we suggest you look for these owners. If the owner is willing to provide you with a loan on his existing business it is a sign of his confidence that the business is good and that you are the person to operate it. Commercial finance is not available to NON US citizens, greencard holders or if you have not resided there long enough to build up credit. Again your broker can help with this process.

TYPE OF BUSINESS:
There are hundreds of businesses for you to choose from with prices ranging from $40,000 to $millions, not all of these businesses will be suitable for you and not all of them will enable you to qualify for a visa. You may wish to continue in the line of work for which you have been trained, or you may want a complete change. Whatever you wish to do there is a business waiting for you in Florida and a licensed business broker will help and protect you.

Many Brits have successfully moved to Florida to enjoy a fantastic lifestyle which can only be found in this beautiful state. Follow our guidelines and make your own dream come true!