BUYING GUIDE FLORIDA
Historic homes, the American equivalent
of our period homes, date back to the 1800s and are found mainly downtown. T is is a popular area for retirees who can walk to the bookstore, sit and enjoy a coff ee and visit the ice-cream parlour. A renovated three- bedroom Victorian-style 1920s home with a separate fl at costs $400,000 (£252,980).
Finding property in Florida When hunting for a home in Florida, keep in mind that guaranteed rentals might not be what they seem. What happens if there’s a drop in visitors going to a particular location that would scupper the supposed guarantee from the developer? And don’t forget you are probably paying more for the property in the fi rst place (this is how the developer covers generous guaranteed rentals payouts). Also, Americans are good at decking out
show houses in a glamorous fashion. Ask what comes as a standard and how much extras cost. You could end up paying another 30 per cent for add-on goodies. Also, be careful you don’t buy a home you
hope to let out in an area that is not zoned for short-term rentals - make sure your solicitor carries out a rigorous check.
Estate agents Unlike Europe, a buyer works with only one estate agent, or ‘realtor’. T e realtor’s job is to provide you will full information and guidance on all properties for sale gleaned from the Multiple Listing Service (MLS). In America, realtors have access to all information on homes on the market, and they don’t just sell homes they’ve listed themselves. Some brokers (or realtors) don’t list
homes at all. T ey are known as ‘buyers’ brokers’ and they are like a property fi nder in the UK, helping a purchaser locate a home. And, the seller pays the listing and selling brokers (the commission is split between them).
The buying process America’s a comparatively safe place to buy property and is probably more akin with buying back home in the UK than in some of the emerging overseas markets. Nonetheless, doing your homework before you buy applies to the USA, like anywhere else. 1. First, fi nd a state approved well-qualifi ed and licensed real estate agent (realtor). In America, there are agents who represent the seller and agents who represent the buyer. You want a buyer’s realtor with a good deal of knowledge and experience of dealing with British purchasers. Ask the realtor if he knows about the rentals market if you plan to let out your new home (an agent handling mainly American owner/occupiers will not have this level of expertise). Also, do not fall
into the hands of a seller’s agent. Traditionally, the buyer doesn’t pay anything to an agent, but the seller does. T e commission is split between the seller’s and buyer’s agents, but if you sign up with a seller’s agent by mistake, he will try to hold onto all the commission without giving you the buying advice you require. 2.T e good news is you do not have to trawl round several agents’ offi ces to see what properties are for sale, like in the UK. With the American Multiple Listing System (MLS) available to all realtors, virtually every property is listed on one large central database. Rather conveniently, you can access all the property stock for sale from just one agent’s offi ce and view it by price, location and other criteria. 3.T ink about the sort of property you want to buy and how easy it will be to sell on. You might be keen to own a home in a quiet development not close to shops or a good school. T is might suit you as a holiday homeowner, but when it comes to re-selling, it is unlikely to appeal to American families who want such amenities on their doorstep. Ideally, your home should appeal to as wide a market as possible. Equally, it you want to let out your property, keep in mind Americans and Britons have diff erent tastes – Americans favour apartments or condominiums, while the British prefer houses. Make sure you purchase the right sort of property for the main lettings market. 4. Once you have found a property, the buyer and seller will both sign a contract that sets out the conditions of the sale. T is should include property title checks and inspections. Remember, that typically a house survey in America isn’t as rigorous as one carried out by a chartered surveyor in Britain. You might have little recourse if a boiler breaks down, for instance, which you believe the surveyor should have informed you about. In some instances, it might be worth paying extra for a more detailed survey. 5. A 10 per cent deposit is paid when contracts are signed. It is general practice for the purchaser to buy the property in the state it is in and you cannot complain about any defects once the deal is closed. So, it’s important you check for any fl aws or defects before the contract is fi nalized, and defi nitely before the fi nal closing date on the transaction. T e buyer will lose the deposit if he backs out of the deal, unless the property fails to meet the conditions of sale in the contract. 6. In the US, the closing date is established when both parties sign the contract. T is is the time when all the duties and obligations under the contract are satisfi ed. T is includes the obligation of the vendor to make sure the title to the piece of real estate is ‘clean.’ Also, the buyer has to get all his
Amelia Island generally attracts the kind of folk that don’t want to eat sausage and mash on the beach, preferring the annual shrimp festival. ‘Regular’ families come here alongside celebrities such as Oprah Winfrey and John Grisham, who is currently building his own house.
Schools and education
The good news is that the state school system in Florida is fairly decent. So, you don’t have to worry unnecessarily about forking out a fortune to pay private school fees. However, just like in the UK quality can vary, so you need to check out the local schools and determine which one will be best for your children. University fees can be high, although there are generally more bursaries and scholarships than are found in the UK. Again, you need to do your research, fi nd out what is available and how you go about applying for any fi nancial help.
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