While there are many factors for Foreign investors to consider and be aware of when investing in the Florida Real Estate market, the following tips are a very good place to start…
It is very important that you find a licensed REALTOR® to work with. Of course, you can do some research on your own but much of the information you find online may be outdated. A licensed REALTOR® in the area you are interested in buying will be able to guide you through all of the legalities as well as show you the homes that fit your criteria. As you will be working very closely with your real estate agent, be sure to ask a lot of questions and check reviews before deciding which REALTOR® is right for you. If you have associates who recently invested in the Florida real estate market, ask them for recommendations on an agent as well.
Buying a home in the US differs in some very important, fundamental aspects as in the UK. Be sure to familiarize yourself with the differences before you commit or pay any fees. Again, this is where representation by a licenced real estate agent is going to be a tremendous benefit.
You must decide how you will use the home to proceed accordingly. What do I mean by that? There are a few options you will have when investing in a home in the Florida market. One option is to buy the home and use it occasionally for yourself or family for holidays/vacations, and rent it out the remainder of the year. Another option is to buy the home and lease it out long term, for at least seven months to two years at a time – not using the home for personal use at all. Counties, cities, subdivisions and areas all have specific rules and regulations regarding whether a home may be used as a vacation rental – your REALTOR® will show you homes in areas that best suit your needs.
Price growth in the Florida market, specifically the Orlando/Disney real estate market, has outpaced gains nationally (ORRA REALTOR Association). the Orlando/Disney real estate market is experiencing a ‘Buyer’s market’ in 2015 as more and more properties are coming in the market – we are seeing the appreciation in investment properties.
If you would like to discuss investing in the Florida real estate market, or would like me to represent you, email me An@OrlandoVacationRealty.com or give me a call 1 (407) 800-0888.