What UK Investors Need to Know Before Buying Property in the Orlando/Disney AreaTerry Riffe | November 9, 2015
With its sunny climate and world-renowned attractions, the Orlando/Disney area is one of the top locations for Uk property investors. Before you decide on your property and make a commitment, there are a few details you should keep in mind.
Familiarize yourself with the Immigration laws. The United States has a complicated visa system. The visa you choose will be based on whether you plan to move to Florida, live in the state part time, whether you will be associated with a United States company and other factors. Also keep in mind, it is not necessary to travel to the United States to purchase an investment or vacation property. With the advancement in technology, investors are able to view properties online and take care of all legal documents either via email or courier services such as UPS. If necessary, US bank accounts and mortgages can also be handled without the investor travelling to the US.
Unlike buying in the UK, you do not need an attorney to purchase property in the United States. In the United States, you will want to partner with a REALTOR® that will act as your buyer’s agent. Your agent will find homes that fit your criteria and schedule showings for you. Once you decide on the home you like, your agent will then negotiate the price and terms on your behalf. Your licensed agent will act as your transaction broker and represent you during the entire process. She/He will represent you as a buyer regardless as the properties’ listing company/agent. (Please note: You are not required to select a REALTOR® to buy a property in the United States, however it is in your best interest to have one represent you.)
Decide how you will be using your property. Will you be renting the home out short-term as a vacation rental? Will you be leasing the home out long-term, generally seven to twenty four months? Will you be fixing the home up (flipping) to sell at a higher price? Or, will you be using the home primarily for yourself and your family? This is very important to be sure of before going in. In the Orlando/Disney area, not only do housing guidelines and restrictions vary by county and city, but also by area and subdivision. Your REALTOR® will better be able to find your dream home once this is established.
If you are a UK Investor and you are ready to invest in the Orlando/Disney area or have more questions, I’m happy to assist you! Send me an email An@OrlandoVacationRealty.com or give me a call +1 (407) 800-0888.