Daily Archives: November 12, 2017

Buying Property in Florida

Whether you intend to buy a Florida property to use for your own vacation or just as an investment to expand your portfolio, this can be an exciting experience. If it’s the holiday home you’re looking for, you get your own place in Florida sunshine with space and comfort that the hotel can’t offer. If you buy as an investment, the choice is widespread and the potential is huge.

Do not worry, there are many ways to approach the buying process, but the buyer will be successful if the focus on the following key points is very important to make the right choice:

One note of caution though – lots of web content is out of date and downright misleading. Take what you read with a pinch of salt and be determined to verify whatever you read. And maintain an open mind until you actually visit the properties you’ve seen on-line. For example, you would never know that the highly-desirable bargain-priced luxury home is overlooked by a motorway flyover unless you saw for yourself – however well-presented the web site is and no matter how convincing the sales person.

Research is essential – The Internet provides an excellent source of Florida property information, for example: A simple Google search using phrases such as “buying Florida property”, Surfing the sites of local newspapers (e.g. Orlandosentinel.com) will generate even more data, Specialist sites such as Realtor.com have seemingly countless listings of properties.

Get some help – Independence is fine, commendable and very British – but unless you know the local market, the buying process and the pitfalls to avoid, the price of your independence could be high. Cut down on the risks by finding a local Realtor to advise you: under the Florida system, Realtor fees are almost always paid out of the Seller’s funds, even when that Realtor is acting solely on the Buyer’s behalf. It may sound strange to UK buyers, but if the help is free, why not use it? Find a Realtor who you are comfortable working with and who does not pressure or manipulate you into buying

Understand the process – Terms, conditions and the overall process are very different in Florida, compared to the UK. For example, the legal commitment of exchanging contract takes place at a very early stage in the Florida system, so you need to know what your rights and obligations are before agreeing to buy. And what happens after you’ve “exchanged contracts”?

Sort out your financing – If you want to be like most buyers and you will raise part of the purchase price through a loan, consider in advance whether you will raise it in the UK or by taking out a US mortgage. Both options have pros and cons – think carefully about what best suits your needs and talk to someone who can explain the pros and cons.