Buying a second home with low down PaymentPurchase of a second home with a low down payment
Florida's housing market boomed like nowhere else during the booming years, so the crisis was worst affected.
Like in Spain, on this side of the Atlantic, Florida has over the past ten years built a large number of condos and mansions that have outstripped market demands and left large parts of the population unsaleable when the downswing hit. If you want your real estate to be a good return on your investments, the keys are not just to buy cheaply in Florida, but to select your site with care and respect the regional equilibrium between offer andemand.
From Great Britain there are many daily connections to Florida all year round. Miami in the South and Orlando in the North are the most important destinations for foreign travel, but Tampa also has British Airways and Fort Lauderdale has some foreign approaches and exits. With a capacity of just over 33 million people, Miami is a Caribbean gateway.
BA, Virgin and American Airlines are regular airlines with non-stop services. These are complemented during the holidays by a number of charters from all over the UK, many of which fly to the smaller Orlando Sanford International Station, some 18 nautical miles northeast of Orlando. There' re a million people dreaming of retreating to Florida. However, if you're from the UK or Europe, the catch is that you can't stay there full term unless you can find a way through the complexity of visas.
A $1 million investment may allow you to purchase an EB-5 Green Card that grants long-term residence, again under strict terms about the type of transaction. Florida and Spain have many similarities, one of which is the amount of high-pressure distribution technology to which potential purchasers are likely to be exposed.
Property is an important sector in Florida, and its brokers are best educated in sales skills and used to earn large sums in commissions. Therefore, the first thing every purchaser should do is find an agency that is truly autonomous, fully licenced, has full system coverage and understanding of the needs of an overseas purchaser.
Andrew Bartlett, a UK writer and real estate consultant who has been living in Florida for many years, says the first error many shoppers make is to check the price against that in the UK instead of making an honest assessment of whether a real estate is a good value in the Florida real estate environment.
While there are far fewer frauds and design scrapes than in Spain, purchasers are likely to receive deceptive information, particularly as to whether you can rent a home lawfully to vacationers, as this is closely monitored by zone guidelines. When you are considering offering vacation accommodation, it is important that you get the right mortgages.
Another trap is that real estate agencies can make totally unreasonable forecasts of rent revenues, especially in the Orlando area, where there is an oversupply of vacation homes. Always contact a real estate broker who will represent your interests and help you find the right real estate.
Bartlett says that the ideal way is to find a buyer's agents who understand the difference between buying in the UK and buying in Florida and who also have a thorough understanding of the markets that is not limited to a small area. Although the real buying procedure is largely similar to that in the UK, there are a number of significant variations in detail.
Although, for example, you are prevented from offering the ownership to other purchasers after signing the first policy, the policy contains a timetable that must be followed; title insurance must normally be covered; and more than one down payment may be made. Florida is never far from the sea, even if it is only a public bath.
Some of the most important purchasing decisions are as follows: the Atlantic coastline in its various manifestations, the Gulf coastline, Miami, Orlando or the keys. To the north of Miami, a stretch of rich coastline and lifestyles stretches through Hollywood, Fort Lauderdale, Boca Raton and Palm Beach, making way for the Gold coast of the Treasure cost.
It' all quite costly by US means, but cheap by UK means. It is a large metropolitan town with 5.4 million inhabitants in the nearby capital, the 7th largest in the USA. It' s loved by young folks and is considered one of the best places to stay in America, with South Beach probably the most coveted neighborhood of all.
Florida Keys are a set of isles linked by a street that rise from the south tip of Florida to Cuba, another island of great richness and luxuriousness. The Key West, the end of the range, is both pricey and most loved by the UK population. The Sarasota is known for its art: there are museum, operatic, ballet and theatre venues that have made it a favourite with the cultivated Brit.
Neapel is a smaller variety, with 80 mastery holes and a beachside that was chosen as the best in America, attracting VIPs like Stephen Spielberg, Bill Gates and Donald Trump. Orlando is only known for one thing: the range of amusement park attractions with Disney World, Universal Studios, EPCOT and SeaWorld, which together draw an expected 50 million visitors a year.
Only a few buy in the town itself, but in the vast, kilometre-long dispersed municipalities that make up one of the largest vacation villages in the can. There are more Brits here than anywhere else in America. To many, its cheap mansions, sun-drenched swimming baths, never-ending shopping centres and eateries are everything you can't find at home.
Florida's homes are spacious, generally one- or two-story, and in a wide range of architectural style, from colonial to Spanish mission, with some other derivatives along the way. When you buy a home, you can count on a swimming pool that luckily doesn't have to be fired, and other similarities often find a climate control system, open plan areas with galleries and huge walk-in closets.
These features range greatly in prices - from just $200,000 in Orlando to a few million dollars in the Keys - and offer an outstanding tenancy for Florida vacation ing all year round. Owner-occupied flats are also very common - usually flats in a vacation area - which have the advantage of being a lock-up and leave feature.
Things you would fight to find somewhere in Florida are a characteristic that is truly old and has historical or historical traits. In Florida the whole year the weather is sunny and in the south of Florida the temperatures rarely fall below 15°C in winters and reach a little over 30°C in summers. For so many Britons who have purchased in Florida - one estimation is that there are at least 50,000 - the supply of mortgage and other finance to expatriates is better than anywhere else in the US.
In fact, you should be able to find a UK real estate agent to guide you through the strand. While financial establishment in the USA is a challenging task, it is simpler in Florida - Lloyds TSB even has a Miami office. There are many excellent Florida health centers and clinics.
Authors Alexander Garrett is a free-lance real estate enthusiast who writes for The Observer and British Airways business on a regular basis.