The Florida Property Buying Process - Frequently Asked Questions
When considering the purchase of a Florida property, it is a good idea to first determine its purpose. Will it be a holiday home for your use only, or will you want to rent your property when it's not being used by you, your family or friends to help towards the running costs?
RENTAL RESTRICTION - ZONING
Question : I have been told to ensure that the villa I purchase can be used for short term Rentals.
Answer : If you want to rent your property to holiday-makers you will need to be sure that you buy on a community that is zoned for short term rentals. All new and Featured Properties listed on the Florida Property Agency Ltd web site fall into this category. Properties on communities which are not zoned for short-term rentals will restrict you from renting the property to the holiday market.
DEPOSITS
Question : How much money is required for a deposit?
Answer : When buying "off plan" (ie; new build/pre-construction) the payment amount of the initial deposit will vary from builder to builder. Most will require $5,000 at contract stage. A deposit will enable you to write the contract, thus fixing the price and protecting your chosen "lot" or home from a price increase. A total of 10% based on the contract price (less the $5,000 already paid) will be required 30 days after signing the contract and a minimum of a further 15% will be required at closing.
BANK ACCOUNT
Question : Do I require a US Bank Account?
Answer : A US Bank Account is desirable to facilitate the transfer of funds. We will be happy to introduce you to one of the major US banks and assist you in opening a suitable account. An initial deposit of $100 should be adequate to open your account.
CLOSING AND RENTAL SETTING-UP CHARGES
Question : Are there any hidden costs or extra charges?
Answer : Many buyers are concerned about hidden extras and have heard stories about buyers being saddled with unexpected charges for closing costs long after it has become too late to withdraw from the purchase. This is not our experience - at the outset you will be provided with a Good Faith Estimate detailing all costs and charges. (Do I Qualify for a Florida Mortgage ?)
RESALES
Question : Should I purchase New or Resale?
Answer : The availability of resale property changes daily. We will be happy to include a tour of appropriate resale properties within your viewing program should this be of interest to you. Good resale properties will not generally be on the market long, while there is always a possibility that a "bargain" may become available, a true bargain in a prime location can be difficult to find. One of the benefits of buying a new home is that you have the opportunity to customise certain elements of the property to reflect your own taste.
SPEC HOMES
Question : I want to purchase a new home but don't want to wait 12 months for Construction - what option do I have?
Answer : Some builders will build one or more "spec" or inventory homes in anticipation of a buyer wishing to buy a house that is ready to occupy. This is a great way to see the finished product before completing the purchase. The inventory obviously varies on a regular basis, and we will be happy to show you the current availability.
FURNITURE PACKS
Question : Do all new homes come with furniture?
Answer : While you may like to furnish and equip your home yourself, this can be somewhat time-consuming. Some builders offer a furniture package that is purchased outside of the mortgage or provide a "furnishing voucher" for a pre-selected supplier. We also have links with furnishing companies/interior designers that are very experienced in making the most of vacation homes and we are happy to introduce you to them.
FINANCIAL MORTGAGE INFORMATION
Question : How easy is it to obtain a mortgage?
Answer : While Florida property purchases can often be financed from one's home country, US mortgages will frequently be more attractive and are readily available, subject to approval. Advances of 75% of the cost (house, lot and pool) are available. We are more than happy to introduce you to licensed mortgage brokers specialising in the vacation home market. (Do I Qualify for a Florida Mortgage ?)
AFTER SALES SERVICE Introduce you to US Accountants to assist you with your US tax returns, if necessary. (More Details regarding Sales & Resort Tax ..)
Question : What happens after I have signed a contract and have gone home?
Answer : We will:-
1.
Be available to answer all your questions and queries regarding mortgages, closing dates and rentals.
2.
Send you photographs on a regular basis to show you the progress of the construction of your property and assist you with any correspondence you receive from the US.
3.
Arrange for a "walk through" just prior to closing. This avoids the necessity of you having to return to Florida to "close" the purchase.
4.
Advise and assist with the "closing" documentation upon completion of the property.
5.
Co-ordinate the delivery of your furniture package, should you choose to use the services of a furnishing supplier.
6.
Advise on selecting a Management Company to manage your Florida property and its rentals.
7.
Advise on how to promote your own rentals.
8.
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