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 The
Buying Process in
Florida
Here we address common questions a new home buyer may have. We make ourselves
available to assist you, should you have any additional questions. Before
considering the purchase of a home, you must determine the purpose of
the home. Will it be only a holiday home? If so, you may want to rent
your property when it is not being used by your family, friends or yourself.
How important is that rental income? Will it be used purely
to
generate income?
YOUR FIRST DECISION
Before considering the purchase of a home, you must determine the purpose
of the home. Will it be only a holiday home? If so, will you rent out
the property when it is not being used by your family, friends or yourself.
How important is that rental income?
RENTAL RESTRICTION
Questions have been raised about rental restrictions imposed within the
Disney area. Three counties have different sets of rules. Orange County
did, some time ago, bring in regulations forbidding rentals of less than
30 days. This does not mean that a property owner cannot rent their house;
only that each rental must be for a minimum of 30 days. However, the number
of rental agreements in any year could not be more than 12 at the most
and so a property in Orange County may not be the best place to maximize
rental income.
Osceola County now has rental restrictions in place. However, the position
is very different from Orange County. Authorities have created exceptions
and exclusions to protect the large number of investors who have already
purchased houses in the county and the large number who continue to do
so.
Consequently and without going too deeply into what are fairly complex
provisions, many developments have effectively been excluded from the
restrictions rendering them communities from which short-term rental activities
are allowed.
Polk County and Lake County are developing relatively fast. Therefore
further investment is being encouraged.
It is essential that a prospective buyer obtain advice as to the suitability
of the property / development and the use of which it is intended. Rental
restrictions should be carefully evaluated and understood. We will gladly
provide you with advise guiding you safely and expertly throughout your
selection process.
DEPOSITS
The payment amount of the initial deposit will vary from builder to builder.
Most will require a $1,000—$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 will be required prior to construction.
BANK ACCOUNT
A U.S. Bank Account is desirable to facilitate the transfer of funds.
We will be happy to introduce you to one of the major banks and assist
you in opening a suitable account. An initial deposit of $50 should be
adequate to open your account.
 CLOSING
AND RENTAL SETTING-UP CHARGES
Many 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. Closing costs comprise
of several elements, many of which are stamp duties payable on various
documents but the biggest expense is usually applicable to the mortgage.
Some builders will make a substantial contribution to closing costs. If
a US mortgage is not required some builders will offer a cash discount.
Finally, if the property is being managed and rented out, you will need
additional money for escrow, lodging license, fire extinguisher and security
bolts.
US VISAS
If you are an investor seeking to run a business in the United States,
you will need to obtain the appropriate visa to do so. We will briefly
explain these to you and we can arrange a meeting with our Immigration
Attorney at your convenience to discuss all options in more detail.
RESALE
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 Property will
not generally be on the market long, and while there is always a possibility
that a "bargain" may become available, a true bargain in a prime location
can be difficult to find. The importance of buying in a "prime" sought
after location is crucial if the property's resale value is to be optimized.
There could well be a good reason why a particular resale is "cheap".
SPEC HOMES
Most builders will build one or more spec 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, but we will be happy to show you
the current availability.
FURNITURE PACKS
While you may like to furnish and equip your home yourself, this can be
somewhat time-consuming and expensive. Most buyers opt for one of our
"furniture and house ware" packages. We do not consider it necessary or
indeed advisable to spend excessive sums on furniture, but equally we
believe it could be false economy to buy furniture of inferior quality
which may not stand up to the rigors of a rental property. Our furniture
pack will equip your property with attractive, yet hard-wearing furnishings.
Everything from a color TV, washing machine, fridge, lamps, ashtrays and
toilet rolls are included. More expensive pack are available and most
items can be customized or upgraded to suit your taste and budget. We
also offer a free interior design service and will be happy to arrange
a suitable time for you to meet with our interior designer.
FINANCIAL MORTGAGE INFORMATION
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 relatively simple to obtain, 80% are not normally a problem
although much more detailed financial information will be required. We
will be happy to introduce you to various mortgage brokers with whom we
are associated. For more mortgage information
click here.
AFTER SALES SERVICE
We will:
1. Be available to answer all your questions and queries regarding mortgages,
closing dates, rental, etc...
2. Send you photographs on a monthly basis to show you the progress of
the construction of your property.
3. Carry out the "walk through" just prior to closing. This avoids the
necessity of you having to returning to Florida to "close" the purchase.
We will ensure that the house is completed, the color schemes are as ordered
and all extras are installed.
4. Arrange for deposits to be paid on your behalf (provided that these
funds have been established in an account) for all utility services
5. Co-ordinate the delivery of your furniture package and ensure that
all items are in working order and that all packaging is removed from
your home
6. Ensure that your property is continually ready to receive either your
guests or yourselves.
COMMERCIAL AND BUSINESS OPPORTUNITIES
We have companies listed, small and large, in all types of industry. We
provide a free confidential business analysis for businesses and commercial
properties up to 25 million dollars.
COUNTIES FOR SHORT TERM RENTAL
Lake County: City of Clermont It’s a land of gently rolling hills and
a thousand of glimmering lakes. It’s Florida’s true natural beauty. It’s
small, friendly towns where southern hospitality rules the day. It’s a
perfect getaway. It’s only a short drive from all the dazzling magic of
Orlando. It’s a million miles from all the hassles. It’s lot of great
things to do for all ages. It’s family fun where vacation dollars go further.
It’s lake county the country side of Orlando.
Polk County: Cities of Davenport and Haines Small towns and neighbors
of Disney World, placed just off the beaten path. Situated along US Highway
27, Davenport has remained largely unchanged by the impact of world-size
tourism just to the north. The rolling hills of the Lake Wales Ridge,
stretching south for about 100 miles from this point in northeast Polk,
provide an idyllic setting for the town of Davenport.
The rapid expansion of the Disney complex just to the north, coupled with
thousands of vacant acres of land formerly used for citrus production,
have drawn dozens of new subdivisions and Golf Courses to the area all
the way to Haines City.
Osceola County: City of Kissimmee City leaders, wanting to continue Kissimmee’s
prosperous history, encouraged growth through the attraction of retirees
into the area during the 1950’s. This effort stimulated growth of almost
60%. The next period of growth came in the 1970’s with the opening of
Walt Disney World resort area and other tourist attractions. Since Walt
Disney World’s debut in 1971, the population doubled from 7,500 to 15,000
in 1980. For the year 2000 an estimated 47,814 occupies 18.64 square miles
of Kissimmee.
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