Florida Homes and Properties

Archive for the ‘Real Estate’ Category

Florida real estate properties include the residential, office and commercial buildings, as well as the land itself. The most expensive property is that along the coastline overlooking the water. They are rather expensive, and the rich own most of the beach homes and villas lining the coast.

Going into the interior, Florida real estate properties decrease in price. However, there are a couple of zones within that area that do carry a hefty price tag. While there is no dearth of property availability in Florida, it is important to be sure about the real estate agent that you choose.

Keep in mind that in order to get the most for your money, you must research what is available in the Florida real estate market. You have to know what you are looking for in the way of size, price, location and what your purchase will be worth down the road. The cost of property in Florida varies greatly depending on these factors. The most important consideration should be the location, as you should want your property to escalate in value. This means you should be looking in areas that are close to businesses like banks, shopping malls, restaurants and entertainment. If you are interested in real estate in Florida, find a good real estate agent and sit down and talk about what you need to get started. The real estate agent needs to have a clear picture of what you are looking for and how much you are willing to spend. With this information in hand, a good real estate agent will guide you, give you options and find the home that you are looking for.

In a depressed housing market, which is still reeling from the devastating mortgage meltdown, a lot of investors and brokers view auctions as a vital portfolio management tool, and like any other tool, it works wonders when used correctly for the right task.

The one thing all auction sellers in Florida, and probably elsewhere have in common is a desire or the need to sell within a shorter time frame than ordinary marketing methods or techniques would usually take.

Why The Auction Markets Are Good For Selling Homes These Days

Because of the slow activity in the housing market, here are among the most common reasons we hear about the perks of undertaking an auction. First, many view that these activities free up cash for alternative opportunities, and also eliminate “carrying” costs like interest, maintenance, utilities and taxes on property that is selling more slowly than anticipated in a business plan. Second, auctions enable home sellers and brokers to draw more attention to the property and set it apart in a crowded marketplace.

Third, auctions help cast a much wider net by drawing prospective buyers from a wider geographical area. And in addition, property auctions allow to establish the fair market value of a property that is difficult to appraise due to a lack of comparables. In reality, there are almost as many reasons as there are sellers. For those who are thinking of undertaking a property or home auction event, first ask yourselves, is the property suitable for an auction?

For instance, if you’re selling commercial land, the auction method is generally well-suited for locations near major cities, preferably with frontage on major roads and high visibility. For residential or commercial buildings, the auction method would most probably be best-suited to those that are high-quality, non-distressed, and in the growth market.

Auction Activity For The Condo Market

As most would expect in a tough residential condo market, auction activity is on the rise as developers and individual owners seek to quickly dispose of units that otherwise might sit idle and empty for longer periods. According to CEO of Pompano Beach-based Fisher Auction, inquiries have risen by 30% to 40% from a year or two ago, mostly from developers or bankruptcy courts.

While at this point, sellers have been end-users who bought on speculation, or were developers who needed their money back, the inquiries are now coming mostly from financial institutions. Most buyers are investors who are looking for deals and are not worried about staying in the market, while some auction buyers are individuals, but most activity is coming from domestic investor groups, and foreign buyers are also coming in to the auction market as well.

Activity Is Peaking In The Auction Markets Despite Some Problems

According to the chairman of Sheldon Good & Company in Chicago, one problem with condo sales at auction is depth of market, which he views greatly varies across the state of Florida. According to the housing market analyst, leverage is everybody’s enemy, as in some markets, prospective buyers worry about a further drop in pricing.

In other property markets where the oversupply isn’t as severe, buyers perceive less value from the auction, however, there’s plenty of business right now in the auction markets, notes the head of Sheldon Good & Co., as they are negotiating as well with other companies in the eastern and western sides of Florida, and the total amount of real estate under consideration exceeds $100 million.

http://commercial-realestate-florida.xon.us – Florida Commercial Real Estate

It’s three years since Florida’s property market imploded. Foreclosures, surplus inventory and bankrupt developers may have turned the Sunshine State somewhat gloomy, but every cloud has a silver lining. There are incredible deals to be had, and some say the market is beginning to bottom out. Or at least, fall at a more demure pace. Deal-hunters may do well to start their search. Brits and Europeans, who sought holiday homes elsewhere while Florida was in free fall, are now showing renewed interest in their old favourite.

Patricia Tan, international sales director at Prudential Palms Realty in Sarasota, says Brits are beginning to wake up to the bargains on offer. “Many areas in Florida are offering property at between 40% and 60% discount from the prices they sold at the top of the market in 2005. Sterling is also comparatively strong against the dollar, and quite weak against the Euro, making US properties look more favourable to British buyers than European ones.”

Statistics recently released by the Florida Association of Realtors show sales recovering this year. Statewide, the median sale price for an apartment is now ?65,000 – a 32% decrease from 2008 alone. Yet sales of existing homes have increased every month for the last 12 months; foreclosure filings are dropping and existing-home prices have been stabilising.

Florida is a huge state, though, and it’s hard to generalise. In the Cape Coral-Fort Myers stretch of the Gulf Coast, where the median home price has settled just below ?54,400, existing home sales are up a massive 104%. Here, one out of every 88 homes is in a state of foreclosure.

Meanwhile just up the coast, Sarasota is boasting the lowest inventory level in five years and was featured on the Today Show (October 6) as “best priced market in the nation” due to a 30% price fall in the last year, followed by current signs of recovery in price. “Luxury two-bed apartments in a golf and country club are now being offered by a national builder at less than ?90,700,” says Tan of her local market. “Or those who want a detached villa should look at Lakewood Ranch area in Bradenton. A four-bedroom home with pool that sold at around ?423,200 is now under contract for ?181,300.”

In Orlando, property sales are up 49% this year on 2008. Mickey Mouse country has been dealt a huge blow by effect of recession on tourism, resulting in rising unemployment, and 50% of those sales were ‘distressed’. “Most properties for sale right now are almost back to prices of two or three years ago – around half [their pre-crash] price or more,” says Orlando-based realtor Janette Thorne. “So buying in the right location with a good loan to value will offer a good investment to most families.”

Thorne, a Brit who runs Homes of America Realty with her broker husband, Howard, recommends the small communities of Windermere and Dr Phillips as ideal for retirees or families looking for more than just a holiday home. Surrounded by the Butler chain of lakes, they offer beautiful scenery with the attractions of the City of Orlando nearby and beaches less than an hour’s drive. “Windermere is so pretty,” says Thorne. “It’s like going back in time with a small cobblestone street lined with boutiques and caf?s. People tend to think of Orlando as the Disney area and yes it is, but there’s so much more to explore.”

On the Atlantic side in colourful Miami, sales are gathering momentum but there is still plenty of choice. Here, Patricia Tan warns: “There have been problems with buyers purchasing what seems like a really good deal in an apartment building only to find that a huge percentage of the units are in some stage of foreclosure, or other residents are not paying their monthly fees.”

With so many foreclosed properties around, you might think finding that deal of a lifetime would be easy. But repossessed homes often come with hidden baggage. So find an expert agent and legal advisor you can trust, run a title search, and ensure the contract includes contingencies for financing and inspections.

John McLoughlin, a realtor and home inspector with British American Property Solutions notes on their site: “It’s extremely important to understand why and how the property has become a foreclosure in the first place. Make sure you take action with a home inspection to prevent buying someone else’s liability.” Other factors to watch for, he says, include utilities. Many foreclosed homes will have had services cut off due to debt before viewing. This makes it impossible to tell whether water and energy supplies function at all. Then there are pie-in-the-sky promises of high rental returns by unscrupulous agents.

To ensure decent rental returns, know how competitive the local market is. Greater Orlando, at the highly competitive end of the scale, has a glut of empty rental properties at present, despite its tourist draws. In contrast, some Florida beach areas that have limited rental supply can offer better returns. These may also benefit from long-term lets to Canadian and American sun seekers – so called ’snow birds’ – in the winter months.

“Purchase in an area where there’s demand for holiday rentals but supply is restricted by county ordnances,” says Tan. “Or you could look at apartment complexes in the Fort Myers area, where properties are being sold at a fraction of their 2005 prices and there’s still good demand from tenants. My favourite at the moment is a development called MUSA where apartments are priced at up to 70% off their high and are being sold with tenants in place.” Fort Myers is home to Florida’s fastest growing university, creating jobs and therefore tenants. MUSA is also located close to a hospital and other medical facilities whose staff require ongoing housing.

For a long-term investment, the white-sand beaches of the Emerald Coast, Northwest Florida are worth investigating. Florida’s ‘Panhandle’ (named for the shape) should benefit from tourism and a boost to the economy when the new Panama City-Bay County International Airport opens in 2010, in West Bay. In October, the major US domestic airline Southwest announced plans to serve the airport, starting with eight daily flights to four US cities in May 2010. This was a coup for prime landowners in the area, real estate company St Joe, who have reportedly dug deep to secure the airline’s entry. Up until now, most visitors to this hard-to-access region of Florida have come by road.

Wherever you choose to search, deals are abundant. As the New York Times trumpeted earlier this year: in Florida you can now get a condo for less than the price of a new car. That may be so, but no reason to throw caution out the window. If the subprime mess has taught us anything, it’s that fools rush in. So take your time and shop around.

There are usually a lot of investors looking to buy run down houses for sale. While these may not sound like a great investment, they are usually an excellent way of spending some time on a property and then selling it on for a large profit once the time comes. They can even be suitable for a family home if you find the right deal.

Start by checking with your local real estate agents to see if there are any run down homes for sale. They may not have any on their books at the moment, so ask them to notify you if any come onto the market. When they do they should be able to let you know all of the relevant details, as well as showing you round the home if you want to have a look.

Another way of finding derelict and run down buildings is to simply look around your neighborhood. You’ll probably notice is the home has been left alone for a while and needs some work doing. You could also ask the neighbors for any details if they are willing to help. Once you have found a house you like it is also important to have a licensed surveyor or builder assess the property to make sure it is structurally sound.

If none of these options work for you then try doing your research online. It may take a little time but there is usually information around on the latest property bargains. Take your time and find a good value property and it could be the best purchase you ever make, whether it’s a home that lasts you for years to come or something that earns a great profit when you decide to sell it on.

Moving to the “Sunshine State” is a dream for many retirees, families and singles. With tropical weather in most parts of this giant peninsula, and miles of beaches, it’s easy to daydream about a home with orange and palm trees, Spanish moss, and friendly neighbors. As the fourth most populous state, the dream is a reality for more than 16 million residents. If you’re wondering how to pick out your dream property in Florida, then keep some of these tips in mind.

1. Florida is eclectic. It’s true that some Floridians are living the lifestyle stereotype, but most residents will tell you that every community is completely different. Be sure to research the different areas of Florida to make sure you are selecting a development or town that has the atmosphere you are looking for. Life in Miami is completely different than life in Pensacola, which is more like a southern town. Gulf Coast towns and cities are known for being more relaxed, while the East Coast of Florida is a little more fast-paced. Central Florida will vary greatly on whether one chooses South-Central or smack-dab Central, and of course, inland properties are going to be more affordable than their coastline cousins.

2. Choose river and lake properties over pure beach ones. To keep from spending phenomenal amounts on insurance and property, try to live a little further inland. It’s always easier to rent a beach house for a week or two, than to pour money into a beach property year-round. Buying Florida properties five miles or more inland will save you thousands.

3. Basements and extra space are rare. Wet weather and sandy soil make it almost impossible to build homes with below-ground footage. Many Florida real estate agents will suggest that their clients, who are relocating from out-of-state, trim down their belongings before arriving. Winter necessities are unnecessary for most of Florida. This is usually the first kind of belonging an agent will tell you to scale down.

4. Homeowner associations. The stereotype of the hyperactive condo board or homeowner association is a reality for many planned and gated communities, and condo complexes in Florida. If it is possible to talk to a few of the residents before purchasing a property in one of these structured developments, then do so. Try to get a feel for how the governing board conducts itself. Always read all the fine print on the homeowner association agreement, so you know what your responsibilities might be. Remember, homeowner associations are your friends not your enemies. They exist to protect your property value by enforcing the rules. Should you find the rules to be too strict for your comfort, there are always non-deed-restricted communities in which to live in Florida.

5. Get familiar with some common terminology. Most properties in Florida are built out of CBS, or concrete block and stucco that protect homes from humidity, wind and pests. Also, be sure to ask your real estate agent about Florida’s Homestead Property Tax Exemptions. Many residents qualify for serious deductions on their property tax, but they have to make sure they are proactive to get them. Look for properties with school districts that have the grade rating of ‘A’ or ‘B’. Schools in Florida are graded just like the students.

6. Check the air conditioning system. In order to counteract mold and humidity, Floridians have to make sure that their A/C system is powerful and durable. Many residents purchase service contracts with A/C specialists. Also, make sure you understand the system’s warranties, and consider getting additional environmental inspections for air quality in your potential new property.

7. Florida homes are not filled with pests. We don’t like bugs as much as you. If you keep a reasonably clean house and a regular pest control routine, you will not have a problem with pesty bugs.

Florida has a town, a coastline, and numerous attractions for people of every age, occupation and background. Consider the characteristics of each area of Florida, and then try to narrow things down to a few areas. With the right research, you can find the perfect Tampa Bay Florida real estate property in the right community for you.

First-Time Home Buyers Assistance

Florida Housing is a State Financing Corporation created over 20 years ago to help Floridians obtain safe, decent housing that might otherwise be unavailable to them. Their “First-Time” Homebuyer Program provides low interest mortgage loans and financial incentives throughout the year, for eligible homebuyers who haven’t owned a home as a primary residence within the past 3 years.

Program Highlights

The program offers low-interest 30 and 40 year fixed-rate loans, downpayment and closing costs assistance as well as access to credit counseling.

Teachers, firefighters, healthcare workers, police officers, as well as active duty and veteran military personnel could be eligible for lower interest rates.

Eligible applicants include individuals who:

 have never owned a home,

 don’t claim their mobile home as real property,

 haven’t owned a home as their primary residence within the past three years,

 have established credit worthiness,

 have an annual income that does not exceed program limits.

Downpayment Assistance

Florida Housing offers two downpayment and closing cost assistance programs in the form of second mortgage loans, and one in the form of an upfront cash assistance to help eligible homebuyers cover their downpayment and closing costs.

Downpayment Assistance

Programs: Offers Up To:

(Income limits apply)

FLORIDA ASSIST PROGRAM $10,000- Applicants with annual income at or below 80% Area Median Income

ASSISTANCE FOR MODERATE INCOME (HAMI) $5,000-Applicants with moderate income

The City of Orlando offers a Downpayment Assistance Program, available to low and moderate income first-time homebuyers for the purchase of a home within the City limits of Orlando. Depending on the gross household income, assistance may be $10,000, $20,000 or $30,000.

Teachers and public safety personnel, who are moderate income, may qualify for $20,000 of assistance. City of Orlando employees, teachers, and public safety personnel who are purchasing homes within the city limits of Orlando do not have to be first time homebuyers. Purchasers must occupy the property as a principal residence for at least ten (10) years. The downpayment assistance becomes a grant once the period of affordability has been satisfied.

Orange County provides funds to qualified first time homebuyers for down payment and closing costs associated with purchasing a home. The program provides assistance to qualified low and moderate income persons in Orange County on a first come, first ready basis. The program also requires that potential homebuyers complete a pre-purchase and post-purchase education program.

The buyer must:

 Meet the income requirements. Annual household income cannot exceed 120% of the area median income.

 Provide at least $1,000 of their own funds.

 Complete a home buyer’s education seminar.

 Secure first mortgage financing.

The property must:

 Be new or existing and located in Orange County, outside the city limits of Orlando.

 Not exceed a sales price of $219,000.

 Receive competitive fixed rate financing.

 Be fee simple ownership.

The assistance:

 Maximum ranges from $20,000 to $35,000 depending on household income.

 The County’s assistance is provided to the buyer’s closing agent at closing in the form of a soft second mortgage at 0% interest which is forgiven after fifteen (15) years if the home remains owner-occupied.

 In addition, the total first mortgage and Orange County’s second mortgage may not exceed 105% of appraised value.

Home Buyer’s Education Program

All participants requesting down payment assistance must attend a free Homeowners Education workshop. This provides education and technical services to assist eligible low and moderate income families in the process and procedure connected with the purchase of an affordable single family fee-simple housing unit. Homebuyers Education addresses such topics as choosing a realtor, qualifying for a mortgage, inspecting a house, contracts for sale, home maintenance and credit issues.

The Orange County Finance Authority is a government organization that provides mortgage financing with lower interest rates than what is available in the market. Their financing products reduce long-term mortgage costs. Plus, if eligible, you may obtain additional down payment/closing cost assistance from other sources along with this financing!

In order to qualify for home financing, certain eligibility requirements must be met:

 You have not had an ownership interest in a primary residence during the previous three years. (Unless the property is located in a federally designated “Targeted Area”.)

 Property must be owner-occupied for the term of the loan or until the property is sold.

 Have the legal right to permanently reside in the United States

 Meet credit and loan requirements

 Do not exceed the income & purchase price limit

 Veterans can waive First-Time Homebuyer Rule

City of Kissimmee Community Redevelopment Agency offers financial grants to new homeowners within the Community Redevelopment Agency district (CRA), in order to provide economic support to the downtown businesses. It is designed to attract new residents to targeted areas within the Community Redevelopment district. There will be no income limitations placed on the granting of these funds.

Funding will be granted based on establishment of owner occupancy of the subject property. The grants will be given on a first come, first served basis after certain qualifications have been met.
The agency offers financial grants to eligible employees of employers in the CRA Overlay District on a first come, first served basis to be used towards the purchase of a home. Plus, there are incentives for Teachers to be used towards the purchase of a home in the CRA Overlay District on a first come, first served basis.

Osceola County provides funds to qualified first time homebuyers for downpayment, closing costs associated with purchasing a home, and financing with lower interest rates than what is available in the market. The program provides assistance to qualified low and moderate income persons in Osceola County on a first come, first ready basis. The program also requires that potential homebuyers complete an education program.

The buyer must:

 Not have owned a home in the last three years.

 Attend a Home Buyers Orientation Session and complete a Home Buyers Education Program.

 Have a minimum of $1,000 to contribute toward the costs of buying a home.

 Have an annual income that falls within the area median income guidelines as defined by the U.S. Department of Housing and Urban Development. Additional terms may apply.

The property must:

 Must be located in Osceola County.

 New home or existing homes must not exceed $200,000. If within the City of Kissimmee homes must not exceed $240,000.

 No mobile homes.

 Manufactured homes must have DCA insignia seal.

 Must be a single family home, condominium, town home or villa.

The assistance:

 Maximum ranges from $39,000 to $69,000 depending on household income.

 The Loan is provided to the buyer’s closing agent at closing in the form of a soft second mortgage which is forgiven after ten (10) years if the home remains owner-occupied.

Repayment of the loan becomes due if:

 Borrower defaults on the first mortgage.

 The house is sold refinanced with equity cashed out.

 The house is rented, leased, subleased or ceases to be owner-occupied prior to the end of the loan period.

 No Home Equity Line of Credit borrowed against the property.

Home Buyer’s Education Program

All participants requesting down payment assistance must attend a free Homeowners Education workshop. This provides education and technical services to assist eligible low and moderate income families in the process and procedure connected with the purchase of an affordable single family fee-simple housing unit. Homebuyers Education addresses such topics as choosing a realtor, qualifying for a mortgage, inspecting a house, contracts for sale, home maintenance and credit issues.

SHIP Program (State Housing Initiative Partnership)

The State Housing Initiatives Partnership (SHIP) Program provides funds to produce and preserve affordable housing through the creation of a partnership between the public and private sectors. The funds are derived from the collection of documentary stamp tax revenues, which are deposited into the Local Government Housing Trust Fund. Based on a population-based formula, SHIP funds are distributed to local governments each month.

These funds are available to Home Buyers through the Downpayment Assistance programs above.

If you are looking for property for sale in Florida, and you love nature and fishing, then look no further then the Florida Everglades.

The Florida Everglades are subtropical marshland located in the southern portion of the state of Florida, specifically in parts of Monroe, Collier, Palm Beach, Miami-Dade, and Broward counties.

On December 6, 1947, President Harry S. Truman formally declared Everglades a National Park, at a ceremony held at neighbouring Everglades City. The original size of the park, 460,000 acres has been greatly increased since 1947, and today, Everglades National Park now consists of 1,399,078.26 acres of wetlands, and is a haven for over 36 threatened or endangered animal species.

On October 26, 1976, Everglades National Park was added to the list of International Biosphere Reserves. International Biosphere Reserves are a branch of the UN Educational, Scientific and Cultural Organization (UNESCO). These select reserves are protected samples of the Earth’s major ecosystem types. On the same date, UNESCO also declared it a World Heritage Site.

Within the Everglades, there is an estuarine community, mangrove forests, coastal prairies, freshwater marl prairies, freshwater sloughs, cypress forests, hardwood hammocks, pinelands, and the Everglades estuary. The Everglades estuary is possibly the most threatened, and serves as a nursery for many marine species. Manatees and sea turtles are often found grazing in the brackish waters. Shrimp, lobsters, molluscs, worms, and small fish, keystone species to the marine ecosystems, thrive in these waters. Over 100 species of marine fish have been identified in the Florida Bay. Several sharks and dolphins call these waters their home, and the extremely rare American crocodile can also be spotted in these waters.

Without this protected area, a 300 million dollar sports fishery, and a 100 million dollar commercial fishery would be in serious jeopardy. Sport fishing is closely observed and regulated, while commercial fishing is prohibited inside the park. Both of these actions are attempts at maintaining a sustainable breeding stock, protect against over harvesting and ensuring a balanced ecosystem for later generations.

However, alteration of overland water flow, uncontrolled hunting and drainage of wetlands has contributed to a decline of species within the Everglades. Once known for its expansive bird population, the Everglades have seen its number of wading birds drop drastically since the turn of the century. The Florida Panther, was a common sight throughout the state, and is now on the brink of extinction. The Everglades serves as a haven for 15 endangered species: American crocodile, Green turtle, Atlantic Ridley turtle, Atlantic hawksbill turtle, Atlantic leatherback turtle, Cable Sable seaside sparrow, Snail kite, Wood stork, West Indian manatee, Florida panther, Key Largo wood rat, Key Largo cotton mouse, Red-cockaded woodpecker, Schaus swallowtail butterfly and Garber’s Spurge.

Florida and federal officials and politicians, including the president and the vice president of the United States are now giving this fragile and environment the attention it deserves. In the words of Al Gore, “By working together, we can heal this division and ensure a healthier environment and a vibrant economy…There is no other Everglades in the world.”

There are many properties to choose from in the region of the Everglades. In general terms, it is less complicated to buy a property for sale in Florida, than most countries. Subject to status, obtaining a mortgage in Florida is fairly straightforward as well. Repayment terms range from 5 to 30 years with no age restrictions. The other expenses to take into account when buying a property in Florida are the mortgage set-up fee, legal costs associated with the purchase and registration of the property, title insurance, and house insurance. As a rough guide, allow 4% of the property’s total purchase price to cover all closing costs.

If you want somewhere exciting to live, with nature on your door step, then buying a property for sale in Florida, near the Everglades, will offer you everything you need.

Although there are fewer horror stories about buying property in Florida than there are for some popular European areas, it is very dangerous to assume that our cultural and language similarities mean that the property-buying process in Florida is the same as the UK. The systems are actually very, very different in a number of critical areas and ignoring that fact can leave you open to a great deal of risk.

As they say, forearmed is forewarned, so here are ten areas the experts consistently return to with their British clients.

One Rule To Bind Them
Even if you listen to no other piece of advice about buying property in Florida, please, please, please don’t ignore this.

The only way to be 100% sure of avoiding the many pitfalls is to enlist the help of experienced professionals who are based in Florida but who are expert in dealing with British people buying property there. It’s not enough to simply work with people in Florida – if they don’t understand where you are coming from, they won’t know which parts of their system need to be specifically explained and highlighted as different.

Getting Into The Country
Getting into Florida to find a property shouldn’t be a problem for British people with a current passport. You don’t need a Visa for a visit of less than 90 days, which should be enough for any research and buying trips. Bear in mind that the final contracts can usually be signed by mail – though you may have to do this in front of a USA-recognised notary (the American embassy can help you find one).

Although it’s beyond the scope of this article, please bear in mind that staying long-term or permanently in Florida is a different matter entirely and you should obviously confirm your status before buying a residential property.

Recruit a Buyer’s Agent
Buyer’s agents are paid from the seller’s commission, so you don’t have to pay them – but they have a legal responsibility to give their client (you) fair advice. Make sure your agent has experience of dealing with British clients.

Use The Listings
A major difference between property buying in the UK and Florida is that virtually all Florida properties are listed on one central database that all reputable agents can access. That means that you don’t have to trudge round multiple agencies to see all the properties on offer, and there is really no excuse for falling under the spell of owners selling their own properties, developers selling their own developments – or any other sellers with a highly vested interest. Identify what you want, prioritise your needs, and sit down with your agent to identify potential properties in the locations and price ranges that suit you.

Don’t Buy The Show House
At least – don’t buy a property on a new development thinking that your home will look like the show house. We’re used to show homes in the UK being furnished and dressed to look their best, but a Florida show home is more like the cars they show in the TV ads – metallic paint, air conditioning, alloy wheels and a whole range of other extras that might add 30% or more to the price.

Indeed, many specialists go further and advise British clients against visiting any developments on spec. There are too many stories of Brits being friendly and open with the on-site agents only to find later that they have been verbally signed up for services, or even worse, property!

Recruit a Mortgage Agent
There are many critical differences between how mortgages work in Florida and the USA, and there can be serious consequences if you get the wrong kind of mortgage for the property you buy – or the way you plan to use it.

Get Pre-approved For A Mortgage
You can get pre-approved in principle for a mortgage before you start looking seriously at properties. As well as putting your mind at rest about the availability of mortgages, this helps you set an affordable budget right at the beginning – and show sellers and their agents that you are a serious buyer with funds available. Don’t underestimate the extra respect you earn when sellers know you are a qualified buyer rather than a tyre-kicker!

Don’t Forget The Golden Rule
Location, location, location. Florida is a massive state, and there are regional variations in market conditions, resale values and other factors – just as there are across the UK. Don’t fall into the trap of treating the whole state as one equally desirable sun-soaked location – ask your advisers about the differences between the different regions within Florida, and dig right down to the level of local zoning regulations to make sure that a specific property can be used the way you want to use it.

The Deal Isn’t Closed Until
Purchasing a property in Florida has two key stages. Once you have found the property you want, you will sign an agreement of sale. This commits both you and the seller to the deal, but usually only within the context of a number of conditions or clauses that you must both satisfy. For example, this may make the sale conditional upon you getting the right kind of mortgage, or upon the seller providing appropriate documentation to prove ownership, and so on. Be aware that any commitment to actions by specific dates is binding, and missing them can give the seller an opportunity to pull out of the deal (which they might do if they have received another offer).

The final stage is “settlement” or “closing”, and brings with it a significant range of different fees. Too many to deal with adequately here, but a useful leaflet from the US Department of Housing and Urban Development contains full details of everything to account for – and handy tables to help you keep track of all the costs involved.

Cost Of Ownership
Finally closing the deal on your dream is a massive landmark – but don’t forget it is also the beginning of your life as a property-owner in Florida, so make sure your plans and calculations have included all the ongoing costs that apply. The calculation, application and payment of property taxes for example is very different from the Council Tax system in the UK, so it’s important you understand how this will apply to every property you consider buying – and that you factor the costs into your budget.

The key to successfully buying property in Florida is really quite simple – find experienced advisers who specifically understand the business of helping British people through the process. Follow that one simple rule and you will soon join the many thousands of Brits with property in the Sunshine State!

The American Sunshine State of Florida has always been one of the favourite destinations for travellers around the world. The alluring tropical weather, pristine beaches, and inviting landmarks in the State are too good to resist for the locals and the visitors alike. The relaxing lifestyle of Florida’s coastal culture adds to the charm of a retired life the Brits yearn for during their entire youthful life. Due to diverse hotspots, Florida is not just popular with the retired brigade, but also with the kids and youth alike.

What Makes Florida a Hot Investment Destination?

Florida could be termed as the southernmost State of the United States of America. Surrounded by Sea and Ocean, Florida is every bit a coastal State that has natural richness of beauty and some scenic glory. Florida beckons with hundreds of pristine sandy beaches lined with towering palm trees and affording the best environs to relax your woes away. With year-round tropical sun warming the Floridan air, the weather in Florida presents the best of America to the world, and is a major reason for property investment in Florida.

It’s not only the weather that gravitates people from all over the world towards Florida, but the overall living standards enhanced by the recreational facilities in the State and its vicinity that are the USP of Florida. The State is home to the world famous Disneyland or Walt Disney Resort in Orlando – a favourite among children and adults alike. Besides, you get to enjoy a plethora of activities in Florida, like golfing, fishing, dining and theatre etc.

Florida is the fourth most populous State of the USA and home to nearly 16 million residents. The ever-increasing popularity of Florida as a dream destination for first and second homes is further contributing to the riches of this giant peninsular State.

Florida is not a single-community State. Thanks to its all-round beauty and better standards of living, the State attracts people from all around the world and this makes Florida a truly multicultural paradise on Earth. Further, Florida boasts of different kinds of lifestyles in different regions. For instance, the coastal lifestyle may not be the same as that of Central Florida. The Gulf Coast towns and cities are known for being more relaxed, while the East Coast of Florida is a little more fast-paced.

Florida is flocked by tourists all the year round, which makes the demand for property – both rental and disposable – in constant demand. You can easily earn regular rental income or just stay during holidays or permanently make Florida your next permanent destination.

Florida is very well connected both within and outside the country with regular flights to and from the State. With an elaborate road and rail network to support the airways, you can look forward to easy accessibility to the Florida state.

The availability of different kinds of properties to suit every kind of taste and preference is another important factor that works in favour of Florida real estate investment.

Though the legal process governing the real estate transactions in Florida is a little tedious and cumbersome, every effort is worth the time and energies spent, as you’d hardly find a place under the Sun that is so perfect in terms of living standards. Moreover, if you are prepared to hire an attorney for all the documentary spadework and other tax hassles related to owning a property in Florida, chances are that you won’t be troubled by all the legal formalities.

Hottest Investment Destinations in Florida

You can easily find different properties for sale all around Florida. However, there are certain regions and cities that are more preferred by investors for obvious reasons.

For those seeking out a flurry of tourism-related activities around, the town of Kissimmee offers the best bet. Situated in Osceola County, Kissimmee’s close proximity to the Disney World makes it a real estate magnet in the region. Property in Kissimmee has a rich heritage and an enviable landscape with close proximity to some of the world’s premier holiday attractions. The town is within eighteen miles of Orlando and is ideally located to go further west and explore the golden beaches of Clearwater or the Space Coast to the east.

Miami is every bit a modern city with a vibrant lifestyle, world-class hotels and restaurants, some fabulous beaches and a buzzing nightlife. If you want the real thrill of Miami, don’t forget to invest in the beachfront property here, which range from villas to apartments to nice residential homes.

Tampa and Orlando are other big cities in Florida that are always in the pink for the real estate investors. The cities offer choicest options for some great rental income from apartments, villas, luxury, and holiday homes. Orlando’s world famous theme parks have a unique charm of their own that is so very irresistible for the adventurous Brits.

In all, Florida is a combination of everything you want irrespective of the kind of lifestyle you are looking for. From relaxed to adventurous to youthful to exuberant to childish, you can enjoy almost every activity under the Sun.

Understanding the real estate tax laws in Florida can be tricky-there are several different factors that can affect the rate at which you’re taxed. The size of your property tax bill depends on two main factors-the assessed value of your property, and the tax rate (expressed as tax dollars paid per thousand dollars of assessed property value) for each local government body in your area which taxes property. For example, the property you purchase may be subject to taxes by the County, the School Board, the City, and various designated district organizations such as the Hospital District and the Water Management District. You will also be affected by whether or not you live in a Community Development District (CDDs)-these have extra tax regulations that will affect how much property tax you pay. There are other considerations, too, such as Homestead Exemptions and the “Save our Homes” amendment, which will limit the amount of property tax you pay.

If you are buying property in Florida, or considering relocating to Tampa, Florida, understanding property tax laws is particularly important, because the amount of property tax that is payable is subject to change once you make the purchase. Property values are reassessed each time a property changes hands, and the assessed value influences how much property tax you pay. As a rule, the assessed value of a property you buy will typically be around 83% of the sale price of the home. Note that with home prices in many areas of Tampa on the rise, it’s particularly important to get as accurate an estimate as possible before buying to avoid any unpleasant surprises in the future.

County Taxes

Your tax rate varies depending on which county you live in, and which part of the county you live in. This is because within a county, certain regions may be incorporated, and other regions may be unincorporated. Those regions which are unincorporated have slightly lower property taxes. For example, unincorporated Tampa regions such as areas within Lutz and New Tampa are subject to slightly lower property taxes than incorporated regions such as the City of Tampa and Temple Terrace.

Community Development District Tax

If you live in a Master Planned Community in Tampa or are considering relocating to one, your property will be subject to Community Development District Tax. Developers use this tax as a means of sharing the cost of land and community development among the individual lots and homes in that community. This tax enables the development of Tampa communities with additional amenities such as parks, community centers and other recreation areas that make these areas attractive and pleasant places to live. These taxes are usually payable for a fixed amount of time-up to twenty years-after which the tax no longer applies. Payment of this tax is tied to the property, not the owner. This means that if you purchase a property in a CDD, you as the new owner will be required to pay the CDD tax. The length of time the tax is payable does not change if the property changes hands. So if, for example, you purchase a ten-year-old property in a community with a twenty-year CDD tax, you’d be paying the bond portion of the tax for another ten years.

If you’re considering purchasing property in such a community, it’s important to find out how much the CCD tax is, and how many years of payment are remaining. Note that CDD taxes vary based on the amenities available in the community, and that there may be other fees associated with the property such as those required to maintain community common areas. If you are the owner of a CDD property you will likely be subject to paying annual fees for the maintenance of common areas even after the bond portion of the tax has been paid in full.

Homestead Exemption

Homestead Exemption allows all Florida homeowners who are legal residents of the state to deduct $25,000 from the assessed value of their primary residence, meaning that the taxable value of primary residences is reduced. There are other exemptions which apply to other groups of residents-these include disability exemptions, exemptions for senior citizens and veterans, and an exemption for those who are legally blind. To be eligible for an exemption in any given year, you must take possession of your home by December 31 and must apply for homestead exemption by March 31st the following year. Exemptions are not granted automatically-you must apply for any exemption you would like to receive, and you are subject to approval based on certain requirements, which depend on the type of exemption you are applying for. If you qualify for a Homestead Exemption, you may also qualify to defer part or all of your property taxes for any given year. For more information, see your tax assessor’s office.

The Florida “Save Our Homes” Amendment

If a homeowner qualifies and applies for Homestead Exemption this guarantees the property’s assessed value cannot rise more than three percent each year. This law is a result of the “Save our Homes” amendment, which states that annual property assessment figures cannot exceed the lower of 3% of the prior year’s assessment, or the percent increase in the Consumer Price Index. This amendment protects existing homeowners, but note that if you purchase property, it will not be protected by “Save our Homes” automatically-when the property changes hands, the assessed value cap is lifted, and you do not qualify for protection until you obtain a Homestead Exemption. However, once you have obtained a Homestead Exemption, you will automatically be protected by the “Save our Homes” amendment.

The “Save our Homes” amendment means it is particularly important that you not rely on existing property tax values if you are considering purchasing any home in Tampa or within all of Florida-a protected home has an artificially low assessed value, and depending on the region in which you purchase and the current real estate market, the assessed value may increase sharply once the property has changed hands.