Here are some of the most common questions we receive about buying a property in Florida, USA:
How easy is it to purchase property for sale in Florida?
Purchasing a property anywhere in the continental USA, is in general
terms, far less complicated than virtually any other country in the world.
Florida is very much a "user friendly state" giving the buyer
an extremely easy and safe approach to home ownership. The single most
important factor is to ensure that you use the services of a fully licensed
Real Estate Brokerage. escapes2 only work with fully licensed Real Estate
professionals in Florida. We will oversee the complete transaction from
the time that you arrive in Florida to when your home is ready for occupation.
This includes the following:
you to find the most suitable property for sale in florida.
- Handling the
legal aspects of the purchase.
- Monitoring construction and taking photographs.
with the mortgage broker and ensuring that the final paperwork is in order.
Carrying out the pre-occupation inspection, coordinating the delivery of furnishings,
organizing the connection of all services and arranging the final occupation licenses.
services are completely free to all of our customers
am concerned that when I visit Florida I may not view the best properties for sale that
are suitable for my personal requirements. How can I be sure that any decision
I take is in my best interest?
This is a concern shared by many prospective purchasers.
The best possible assurance you can have is to ensure that you select
a company that is totally independent and can therefore offer you impartial
and unbiased advice on every aspect of property purchase and management.
It is essential that a company is highly knowledgeable and expert in all
aspects of purchasing a property, has excellent relationships with all
major developers, and can provide a professional and reliable management
service with a proven track record of providing high levels of rental
income. escapes2 and their associates, have several decades of experience
in Florida real estate, and are without doubt the leading company for
sales and management of property for sale in Florida.
How much deposit do I require to reserve
property for sale in Florida?
In most instances, a "good faith deposit" of just $1000
will be sufficient to reserve a florida property and fix the price. Furthermore, we will
guarantee to refund any deposit paid, for whatever reason, at any time up to exchange
Is it easy to obtain a mortgage in
Subject to status, obtaining a mortgage in Florida is relatively
straightforward. Loans of up to 90% are available for residents and non-residents,
and are secured against property for sale in Florida. The majority of resident loans are
made at 80% of the purchase price to avoid private mortgage insurance, and the
majority of non-resident loans at 75% as these offers the best terms, especially
for our overseas buyers. There are several mortgage programs currently available
where you can choose a fixed or variable rate mortgage. Repayment terms range
from 5 to 30 years with no age restrictions. We can ensure that you obtain the
most suitable and competitively priced mortgage relative to your personal requirements.
Are there any other costs that I should
be aware of, in addition to the purchase price?
If you intend to let your
property in florida when you are not using it, you will need to comply with local legislation.
This includes obtaining a hotel/lodging license and ensuring that safety features
such as commercial grade fire extinguishers, smoke detectors and emergency lighting
are fitted. Wherever possible, we insure that these costs are included in the
For all purchasers using a mortgage, there are closing costs
to be paid. These are costs incurred when completing the purchase of a home. At
the beginning of the loan process there is a fee for the credit report and appraisal,
usually they are approximately $300 to $500. As the loan completes there are other
expenses to be paid, such as the mortgage set-up fee, legal costs associated with
the purchase and registration of the property, title insurance, and various pre-paid
items, such as 12 months household insurance and association fee. As a guide,
purchasers should allow around 4% of the florida property's total purchase price to cover all closing
I understand that there are certain rental
restrictions in Florida- is this true?
Yes, due to the fact that Florida attracts so many families from the
northern states, Canada and overseas, that spend only part of the year
within its borders, there are many restrictions as to where and when short-
term rentals are permitted. For instance, the four counties that make
up the majority of greater Orlando, each have different rules relating
to the letting of homes on a short-term basis. On the Gulf and Atlantic
coast the restrictions are extremely complicated and specific. It is therefore
essential to obtain correct professional advice and guidance as to the
suitability of a particular community. escapes2 associates will ensure
that the property for sale that you select is completely free from any
such restrictions and is legally zoned.
many weeks do I need to rent my home to cover all of the running costs?
is dependent on the type of property chosen, the location and the amount and term
of the mortgage. As a general guide, if you secure up to a 75% mortgage you will
need to rent out your florida property for about 35 weeks per annum to break even on an average
sized four-bedroom villa. If a fairly large home is selected it only takes another
two or three weeks to cover the difference in out goings. A normal year of bookings
will provide 21K-25K per year in rental income on a 4 to 5 bedroom home.
I am purchasing a second home or "holiday" home that I intend to rent
out, to what standards should I furnish the home?
Most of the builders deliver
a complete package including all the furnishings, kitchenware and linens. Very
few clients upgrade the standard furniture packages, as they are so comprehensive
and attractive. For the builders that do not handle furniture, our interior designers
will be pleased to show you several examples of furniture packages that provide
excellent value for money.
So how do I know which
management company to appoint?
This is not an easy question to answer. Appointing
a professional management company to manage and maintain your home in your absence
is vital. If you intend to rent out your florida property, it is also important to use
the services of a company that will provide you with high levels of occupancy
throughout the year, ensuring that you obtain the best possible returns. We can
recommend management companies that have an enviable track record of providing
owners with a comprehensive, professional and totally reliable service.
I covered by insurance in the event of damage to my florida property?
We help our
clients obtain the most comprehensive policies from several of the nation's leading
underwriters. If you are letting your home, the management company should also
make provision to obtain a security deposit from each group of guests on their
arrival to cover all accidental breakages.
the tax implications of owning a property in Florida?
This is dependent
on both individual circumstances and whether you intend to rent out the property.
We will be pleased to discuss the implications with you prior to you visiting
Florida, and can provide advice on the best methods of making your investment
Is purchasing a property in Florida
a sound investment?
Providing that you purchase the correct type of property, in a location
that is suitable, real estate in Florida can be one of the best investments
currently available anywhere.
I would like to book an inspection visit with your
company-how much notice do I need to give you?
us using the contact page with your preferred dates for travel and we will book
flights, car hire and accommodations for you. Depending on the time of year, we
can normally make the necessary arrangements with just a few days notice. However,
at certain times, particularly Christmas, Easter and all school holidays, we may
require longer notice to ensure flights and accommodations are available.
have booked a fly-drive holiday to Florida but need to arrange accommodations-can
you help me?
Yes, we have a wide range of property available within our rental
program, and can reserve accommodations for you at discounted prices. Simply telephone
one of our offices, give us your travel dates and type of accommodation you would
prefer, and we will make all the necessary arrangements for you.