buying a home in Florida

[thefoxes]

Does anybody know of any good websites that detail the "in & outs" of purchasing a villa in Florida.

Also what would be good is some websites showing typical villas for sale including the purchase price.

Thank you in advance

 

[Claire L]

Andy and Allison,
I have recently been researching this topic and found the following two web site very useful. The second one Floridahomes4u have sent me a detailed brochure and have also followed it up with a telephone call, but unfortunately at the moment my finances will not stretch to getting a second property in Florida .
www.floridacountryside.com
www.floridahomes4u.co.uk
Also on our local ITV at the moment is a great series and I have included the web address as they have shown two programs now featuring Orlando.
www.meridiantv.com/iwantthathouse

Good luck and I hope you find your ideal house.

Claire

 

[JANNYANS]

take a look at http://www.realtor.com
for homes for sell you need to search by zip code so try 33897,34747 & 34746 make sure if you find one you like that it is in an area zoned for str not all of them are.As for pit falls and ins & outs don't know of a website that will tell it like it is but you could do worse than look at http://www.top-forums.com/ or http://www.orlando-guide.info/forums/

both full of info from owners who will tell it like it is, no b******* or otherwise.

 

[SimonV]

This is something I have been looking into extensively for the next edition of the Brit's Guide, and I have discovered what I believe to be an ideal company if you are looking to invest in the holiday home business. I have spent a good deal of time with them, watching how they operate, and am impressed by their knowledge of both the US and Uk property markets. For what it's worth, here is a sneak preview' at the way we explain it in the next edition of the book:

Buying a holiday home

Many tourists are tempted by the idea of buying a house after a holiday here, but there are many pitfalls. The quality of life, a favourable exchange rate and the fabulous Florida weather are all compelling reasons to look into the idea of acquiring your own vacation home either to provide a guaranteed holiday home in future, a source of investment, a winter retreat or even a future retirement home. But, apart from the fact it is easy to be starry-eyed after a wonderful holiday, there are companies willing to exploit the naivety of tourists. Therefore, you need to do your homework, especially when it comes to understanding American property buying, as the terminology is completely different.

So where do you start? Well, if like me you have looked in the window of a Realtor’s (the American equivalent of an estate agent), you will have seen immediately the tempting price differential compared with the UK and how much more you get for your money. In the third quarter of 2002, the average price of a single-family home in Florida rose by 8% (to $141,300) on the same period in 2001, making the idea even more alluring. At a time of low interest rates, investing in property in such an obvious growth area represents good business sense as well as adding to the desirability of a ‘home in the sun.’

The other key element to consider is that new homes can often be cheaper than a comparable older property because of modern construction techniques and the sheer number being built in central Florida. New developments are seemingly popping up all the time, but this also means there is a lot of variety in the market in terms of the build quality. With a dozen or more builders, you need to have a sound idea of who to trust both for good initial quality and for attentive after-sales service.
That means you need help from someone who has built up an unimpeachable reputation in this field. In this instance, Greater Homes of Orlando get the Brit’s Guide seal of approval, a family-run company who have been building in Central Florida since 1965 and have sold more than 2,000 homes to British owners.

Not only are they a reliable and quality-conscious firm, their website carries essential info for anyone thinking of home ownership here. Look up www.greaterhomes.com (notably for their pages on the different mortgage terminologies involved) or call 407 869 0300. You will also find useful info on websites for Alexander Holiday Homes (www.floridasunshine.com) and Florida Leisure (www.floridaleisure.com, click on the Real Estate links). Florida Leisure is also a registered Realtor, and publishes its own Home Buying Guide which is available from their website free of charge. Other builders worth considering are Beazer Homes and KB Homes, both of whom are also rated well above average for build quality.

Yes, owning a piece of the Magic is tempting, but you must get all the facts first.

Bob’s Buying Tips: 1) ask for references from other UK owners; 2) check the management company for references – and look up the Better Business Bureau for Central Florida; 3) ensure product has a warranty; 4) walk through the community where you’re thinking of buying and talk to people there; 5) ensure the documentation allows you to let it on a short-term basis; 6) make sure you have all the proper fees, registrations and taxes in the US (with thanks to Bob Mandell, Chairman of Greater Homes).

Now, with all that in mind, if you are still tempted, you’d be well advised to look for a company who specialise in selling to British buyers. There are a dozen or so firms who primarily offer vacation-style properties, and several who deal mainly in the British buying market. You might then like to consider investigating one of the firms who allow you to fund your mortgage in sterling, through a UK bank, rather than opt for the dollar equivalent. If you live in the UK and are paid in sterling, a US dollar mortgage can be costly, inconvenient and potentially fraught. For instance, it is common practice for US mortgage companies to ‘sell’ their newly-arranged mortgages to another bank or lender shortly after closing a loan, making it hard to track. Repayment of a US dollar mortgage with sterling is also subject to changing exchange rates, so UK borrowers can never be sure how much is needed to repay a dollar monthly mortgage payment. Two publications to watch out for here are the magazines International Homes and Homes Overseas, both of whom have extensive US and Florida sections.

However, one company I have got to know well through my contacts with the British-American Chamber of Commerce, and who I am happy to recommend, is British Homes Florida Group, a well-established, specialist Orlando-based firm and (just as importantly) a certified Realtor, who deal almost exclusively in finding investment property, whether it be a short-term rental ‘Own to let’ holiday home in the Disney area or an exclusive private coastal retreat. Through subsidiaries British Home Sales Florida, Inc, and British Home Loans Florida, Inc, they also have the complete one-stop-shop package. The Home Loans division work with various low-cost sterling mortgages, including UK ‘Flexible Trackers,’ fixed-rate and ‘Interest only’ options.

Through British Mortgages Abroad, a GE Consumer Finance company, you can ensure your mortgage is arranged via a British currency loan at British rates.

British Homes Florida is also independent of any builder or seller in the UK or US. They have both UK and US real estate and mortgage professionals, expert in all phases of British and American mortgage procedures (and, having seen them at work, I can vouch for this personally). They are members of both the Florida Association of Mortgage Brokers and British-American Chamber of Commerce.

To contact British Homes (in Florida) call 407 396 9914, or (in the UK) 0800 096 5989 (24 hours) or email bhlflorida@earthlink.net. You can also look up their website, www.britishhomeloansflorida.com, or visit their offices if you are in Orlando at 2960 Vineland Road, Kissimmee (above the Edwin Watts golf shop at the T-Junction of routes 535 and 192).

Whoever you go with, though, ensure they can refer you to other experts in UK and US taxation, immigration, hazard insurance, structural warranties and other areas essential to hassle-free home ownership in Florida. Property in Orlando has increased in value at a steady 10-12 per cent over the last 10 years, but please bear in mind there is never any guarantee, and rates can still fluctuate.

Understanding American home-buying
Here is a list of common American terms in the business of buying a house, and what it really means in English!

Appraisal = Valuation
Approval = Agreement in principle
Auto pay = Direct debit
Cash-out refinance = Equity release
Certificate of title = Title deeds
Closing = Completion
Closing costs = Disbursements
Collateral = Security
Commission = Procuration or Agent’s fee
Condominium = Flat
Down payment = Deposit
Finance charge = Total charge for credit
Foreclosure = Repossession
Hazard insurance = Buildings insurance
Income property = Rental property
Instalment = Mortgage payment
Maturity = Loan term
Origination date – Completion date
Origination fee = Application fee
Payoff = Redemption
Prepayment clause = Redemption penalty clause
Realtor = Estate agent/property developer
Refinancing = Remortgaging

 

[piemanxi]

We are considering buying a villa in the orlando region an we have recently contacted a property management company called Contempo Villas. Has anybody heard of them or had experiences?

We are looking to purchase a property for around £140000 and expect to recieve a rental income of about £13800 per annum with total outlay of £12500 per annum inclusive of mortgage and management costs. This would be for approx 32 weeks per year. Is this a good estimation or am I way out with my figures???

 

[JANNYANS]

if you could break down your figures a bit more as to actual costs then perhaps I could help you out here .All I can tell you what we pay somewhere in the region of £7180 per year in management fees and uitlities alone.This does not include the cleaning charges -which are subject to the number of bookings and taxes which in our case are 10% but counties vary and they could be 12.5%This does not include the money you need in hand to cover any breakages,repairs or upgrades-the cost of insurances or mortgage repayments, licence fees or homeowner association fees which vary from community to communityThis is for a 5 bed- smaller homes are not that much different -charges depend a lot on your man co .If your 32 weeks income is based on a "guaranteed rental programme" then be advised they rarely deliver -been there -done that -got the t-shirt!The real way to help keep your head above water is to manage the bookings yourself -find a good- small mc or caretaker and take charge of paying all the bills yourself-at least you know they are paid and to the correct amount.
Also I would say if you can't afford to help out your florida dream for maybe the first year whilst you find your feet -think carefuly.There are a lot of re-sales out there -now why is that do you think?


Disclaimer all opinions expressed are mine and no "bad press" is meant to anyone in the rental business.