Totally Florida Real Estate Blog

Sunday, February 18, 2007

UK Buyers: Key Facts When Considering Buying A Florida Property


1 - Research. Purchasing a Florida property is a big decision and is likely to be a medium to long term commitment. You can find an enormous amount of information on buying property abroad on the Internet and from specialist magazines. Calculate your budget and do your groundwork before embarking on a 4,500 mile trip to Florida to ensure that purchasing a property in the Sunshine State is right for you.

2 - Funding. There are many Lenders who will fund mortgages for UK Buyers at competitive rates. We can provide you with advice as to whether it would be more appropriate to fund a mortgage in US dollars or UK sterling. Before making a commitment to buy be sure that there is access to adequate funding to purchase your dream home (the most popular basis is 10% of the purchasing price within 30 days, a further 10% upon completion of the property together with the remainder being funded by a mortgage lender).

3 - Location . As always the location of the property is of paramount importance if you need to maximise its rental potential. To rent your home the property needs to be in a location that is zoned for short term rentals, and ideally within easy reach of the attractions. Also, consider the type of community - for example, a resort community which may offer gated security and a range of communal facilities, or maybe even a golfing community.

4 - Promotion. A good way of securing bookings is to work in partnership with your Property Management Company, many have links with Tour Operators and travel groups who can be an important source of rentals. Be prepared also to work at promoting your Florida property yourself, using your own (whether they are family, work colleagues or social contacts) can significantly increase your rental income. Creating a website for your Florida property and advertising it on a variety of cost effective, specialist rental portals will produce a flow of enquiries. We also advertise our client's villas on our own web site .

5 - Management. The Management Company will take care of your Florida Property and your Guests thereby building goodwill and increasing the potential for repeat bookings. Selecting a locally based Property Manager you can trust and will care for your home is critical - we can share our experiences of Florida management companies and help advise on the "dos and don'ts" of selecting the right one for you.

Now, make a list of all the questions you have about buying a Florida property and simply give us a call - you've got nothing to lose!

homes@totallyflorida.com www.totallyflorida.com



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