Property for Sale in Florida

Buying property in Florida

You want to buy in Florida? You have come to the right place.

Florida Homes Forever has operated successfully since 2001. Brian Slater, one the two owners, began by buying his own property in Florida over 20 years ago and realised there was a gap in the market which led him to form his own travel company still running today. This led him to form Florida Homes Forever along with his business partner Bob Blanchard who has over 30 years experience in the financial industry. Bob is ideally placed to provide help in the buying and mortgage process. Between them and their excellent team there is little that has happened in the Florida market they have not experienced over the years.

The team is ready and able to help with any questions you may have about buying property in Florida whether it be a holiday home or for investment purposes. To help there is a Florida Buying Guide for you to download and read at your leisure. We have property in the Orlando area - for example, condos in Kissimmee, pool properties in Davenport, pool homes in Sandy Ridge; condos and houses in Miami; and property in the Gulf Coast - new homes in Fort Myers, single storey pool homes and luxury homes in Naples, plus so much more. If you prefer scroll down to see more, email from the Contact Page or just call us on +44 (0)1444 443523 for an informal chat.

Buying Property in Florida: If you are thinking of buying in Florida, first decide whether you want rental income or whether you are looking to buy for your personal use. This will determine the location and type of property you buy. Then think about how you will want to use it in the years to come. Decide whether you want to buy a new home or a resale property available for occupation now.
Although Florida Homes Forever is based in the UK, we and our associates in Florida have detailed local knowledge which we will be pleased to pass on to you.
If you want to rent out our experience indicates the type of property that produces the best rental income is a detached family home of 3 or 4 bedrooms in size with a private heated pool, well furnished and in a prime rental area. We have found that the ideal location for short-term rentals is the Orlando area within 20 minutes driving time of Disney World. Elsewhere, especially on the Gulf Coast, personal choice is more important.
If you are looking for homes for sale in Florida or need assistance with rentals please contact us at Overseas Homes Forever on +44 (0)1444 443523.
Construction in Florida: How do I know which builders are reputable?
We regularly monitor buildersft performance and work only with those who have a good reputation for both build quality and financial stability.

Is there a Code of Practice?
Yes. The State of Florida ensures that all homes are built according to the State Code Regulations.

When will construction start?
Often when mortgage approval has been received (if required) then 8 weeks after contracts are signed to allow for permitting (similar to UK building regulations). Alternatively many builders have homes already built and ready to buy straight away.

How long does construction take?
Between 4 and 15 months depending on location, the builders scheduling and the type of home.

What is the form of construction?
Block built with pre-fabricated sides, metal reinforcing rods and a tiled or shingled roof, usually with a choice of elevation design. All homes are built to withstand the local Florida weather extremes.

How can I be sure that everything is as I want it?
If new, you will decide the specifications you want when you choose your home. When the building work is nearly complete, you or your agent will be invited to make a ‚Äòwalk throughft inspection prior to closing.

What is a walk through?
Your opportunity to check that the inventory is as agreed and to note any defects which must be rectified before closing (completion).
What if I am buying a resale home?
You or your agent will 'walk through' the home before agreeing to buy and often once more just before closing to check the condition of the property has not changed.
Tax Implications: We cannot give you professional advice concerning taxation either in the U.K. or in Florida. You must seek advice from an accountant in this country concerning your UK position and an accountant in Florida for advice there. We will be pleased to refer you to accountants in Florida who have an extensive knowledge of taxation in respect of the non-resident ownership of a rental home there. We can give you some basic guidelines however.

By filing a non-resident tax return and by electing to class the ownership of your home there as a trade or business, you are exempted from the 30% withholding tax taken from gross rents. In addition it also allows you to deduct ordinary and necessary expenses from income derived for tax purposes. This means that the expenses involved, including the interest and capital elements of mortgage repayments, can be set against income. In addition depreciation of certain items is also allowed. In practice the ordinary owner of a rental home pays little, if any tax at all.

Other taxes you will become involved with are Sales and Tourist taxes, currently ranging from 10% to 12% depending on the County, Tangible Property Tax on the furniture not attached to the house (usually about US 250 per annum reducing), and Property taxes which are set by the County Valuer and are usually around 1%-1.5% of the value set by him. Your management company will collect and pass on these taxes on your behalf except for the property tax which will either be collected from you and paid on your behalf by the Mortgage Company if you have one or paid direct to the County.

If you sell your property a ‚Äòcapital gains taxft could apply. Due to depreciation and expenses your rental property will probably operate at a tax loss. These losses are accumulated to reduce future gains on operation or sale of the property. Regardless of whether you make a loss or gain a withholding tax of 10% of the gross sale price is withheld until the next tax return is filed and approved after which any excess tax is returned.

In summary the tax treatment for the short-term rental homeowner is favourable, but, it is essential to get professional advice at the outset.
There are dual taxation agreements between the UK and USA revenue authorities and you are strongly recommended to speak to your adviser about tax effects in the UK.

Finally we will be pleased to let you have more detailed guidelines from some U.S. accountants should you want them.
Legal Considerations: Will I need a lawyer?
Not usually as the Title Attorney will handle the transaction for you. When you buy a property you take out Title Insurance, which protects you from faults in the Title described on the Schedule.

Are property sales regulated in Florida?
Yes, the Florida Real Estate Commission oversees every real estate transaction.

How do I know that the agent is reputable?
Real Estate agents must be qualified and licensed to work in Florida. Ask to see his/her licence if you wish.

What is the legal buying procedure in Florida?
A Title Attorney takes the title from the seller, checks that it is free and clear (no mortgages, liens etc.) and then conveys it to the buyer. The Title Attorney also ensures the financial transactions are in accordance with the Contract and Agreements relating to the purchase.

What is a Title Attorney?
He is a totally independent lawyer who acts for both sides of the transaction.

Who hold the Title Deeds?
The Title Attorney will hold them until closing when they are handed to the purchaser.

Where is the mortgage recorded?
At the Public Records Office. This ensures that all legal charges are identifiable and can be cleared before resale.

What happens after the closing?
You, or your agent, are given the title deeds and keys to your home (even if there is a mortgage). Please note the deeds can take up to 6 months to be received especially if the property is new.
Visas in Florida: Visas for entry into the United States is a specialist subject and although Florida Homes Forever does not give advice, we will be pleased to refer any specific enquiries to a specialist company.
Outlined below is a brief description of the categories of Visa. These notes apply only to UK citizens and are intended as a guide only. You should check with your travel agent or the US authorities in the UK for any recent changes to requirements (www.usembassy.org.uk). Please note that the US authorities refer to all non-US citizens as ‚Äòaliensft. Non UK citizens should seek advice from the United States Embassy in London. (www.usembassy.org.uk) The Embassy should be consulted if you have any particular questions or concerns that need answering.
Normal Visitor Visa Waiver Scheme
If you have a machine readable UK passport you will normally be able to apply for the Visa Waiver Programme on-line. Please look at http://www.usembassy.org.uk/cons_new/visa/niv/vwp3.html for detailed information. The programme usually allows a stay for up to 90 days in the US although the Immigration Officer may approve a shorter period only. A combination of trips in any one rolling year must not exceed 180 days. It does not entitle you to work in the U.S.A. To apply for the Visa Waiver on-line after you have purchased your return airline tickets you can go to the US Homeland Security website at https://esta.cbp.dhs.gov/esta/esta.html?_flowExecutionKey=_cC12C0311-3BA5-A0F4-4B00-E457D5327F3C_kDD3D705B-F4A6-038F-AFA8-67446F20FC12.
B2 Visa
This has to be applied for from the US Embassy in London. If granted it allows entry to the US for up to 180 days at a time (also the maximum period allowable in any one year). Like the Waiver Scheme it does not entitle you to work there.
E1-E2 Treaty Trader/Investor non-immigrant Visa
This visa is for people wishing to trade or invest in a business in the US and then live and work there. The minimum investment is defined from time to time by the US authorities and must generate income to benefit the US economy over and above simply providing a living for the investor. Advice is essential.
Green Card Permanent residency.
The Green Card is the symbol of permanent resident status in the United States. It is available to beneficiaries who have demonstrated significant contribution to the economy of the US. It is normally granted only after a holding one of the above visas for a period and, as before, expert advice is essential.
Note
Other specialised classes of visa are issued but advice should be sought. See also the US Embassy website at http://www.usembassy.org.uk/cons_new/visa/niv/apply.html. The US immigration authorities, in common with other countries, reserve the right to refuse admission to their country even if an appropriate visa is in existence.
Florida FAQs: What is Closing?
All interested parties meet, on a mutually agreed date, to complete the legal formalities and to settle all outstanding accounts. (Like ‚Äòcompletionft in the UK).
Do I have to attend the closing?
Not necessarily. Foreign investors can arrange to close by mail provided that there are sufficient funds lodged with the Title Attorney to cover the balance of payments due. If a US mortgage is involved it will be necessary for some documents to be signed in front of a Notary Public, see www.thenotariessociety.org.uk or an American Notary at the US Embassy in London.
What is an escrow account?
An account in which the funds cannot be accessed by anyone until the transaction has been completed to the satisfaction of all the parties. (Similar to a clients' account in the UK).
Who holds the deposit?
The title attorney holds the money in an ‚Äòescrowft account.
Is the contract legally binding?
Yes.
When do I pay the deposit?
When you sign the contract.
Will I need any more funds?
Yes, if you are using a management company to look after your home, the minimum opening balance in a management escrow account is usually $US 1,000. Lenders may require up to 6 months reserves of repayments, property taxes and home insurance in your US bank account at the time of closing.
What are the closing costs for?
Finance costs, Title Fees, State and Government duties, search fees, arrangement fees and any incidental costs incurred in putting together and closing a contract to purchase a property.
Will I need a US bank account?
Yes as most income and outgoings will be in $US.
What other costs are there?
The balance of the holding deposit and deposit you are making towards the purchase of your home together with the closing costs (typically 3% to 4% of the price) will need to be available approximately 1 month before closing.
When do I start spending money?
When you have selected your home you will need to pay a holding deposit.
How much is that?
If new, it depends on the developers and it can vary from $US 5,000 up to 10% of the purchase price on reservation and the balance of 10% usually within 4 weeks afterwards. For resale properties an initial deposit in good faith is required $US 5,000 on contract but this is subject to negotiation.
Is it easy to open a US bank account?
Yes, you just need to provide two forms of identity and a minimum opening balance (usually $US 100). We can help you either during your visit to Florida or by post from the UK.
How long before the mortgage is approved?
Approximately 4 to 8 weeks depending on the deposit and the source of the finance. As terms vary considerably between different lenders please speak to us first for up to date information.
Are there penalties for early redemption?
Usually not in the U.S.A. but it is important to seek advice.
What is the current mortgage rate?
Rates vary considerably depending on the type of loan required. We or your mortgage broker will be able to advise.
What types of mortgage are available?
A variety of fixed or variable rate loans in the US. Repayment, investment or interest only loans can be negotiated but it is essential to seek advice from us or your mortgage broker first as both the range and availability of product is subject to change without notice.
What is the minimum deposit required?
All foreign nationals normally pay at least 25% of the purchase price when taking up a $US mortgage although 30% or more is more common and recommended.
Can I use UK finance?
You can choose traditional UK finance on your UK home or unsecured finance in which case 100% of the purchase price may be borrowed, subject to equity. You must seek advice from a regulated UK mortgage broker or direct lender in respect of UK finance. See also Finance
How much will a broker charge?
In the US you should allow between 2.5% and 3% of the loan to cover both brokers and lenders fees and charges. In the UK it is by negotiation with your broker or lender.
When do I have to pay this fee?
At closing in Florida. By agreement in the UK. In both countries a valuation or appraisal fee will be payable on application together with a Credit Reference charge.
Do I pay if my mortgage is refused?
In Florida no, although if a valuation or credit search has been completed those expenses will be lost. In the UK speak to your broker or lender for information.
What is the maximum term of the mortgage?
In Florida age discrimination is illegal so, if provided by a Florida lender, 30 years irrespective of age. In the UK it depends on the lenderfts criteria.
If there are other FAQs you think should appear on this page please let us know - we will do our best to include them.

A selection of our properties