BUYING GUIDE FLORIDA
then norm in Miami. T ere are some older homes, but new build architecture is the choice for most homebuyers.
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 goodies that aren’t included in the basic price. 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. An unscrupulous or lax realtor might not point out this important fact, so 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).
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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 Eastern European markets. Nonetheless, do not be seduced by the sun and exotic cocktails in hot spots (literally) like Florida. 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
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