BUYING GUIDE FLORIDA
purchase another within a specifi c timeframe. T is permits profi t from the property sold to be deferred from taxes until a future date when the new property’s eventually sold. Specifi c rules need to be followed, but there are specialist tax and accounting companies that can help you coordinate these exchanges. If you rent your property out you will
need to fi le a federal US income tax return. You’ll have to declare your rental income, but you can deduct expenses such as maintenance, utilities and mortgage interest. Since Florida doesn’t have state income tax, only the federal government will tax income from the property.
Healthcare Florida has a number of excellent hospitals and health centres, but free healthcare is not usually available. You will need to take out medical insurance, which can be expensive, unless you have an employer who will cover it for you. Emergency treatment is available at certain hospitals, even if you can’t pay for it. But if you
Glossary of Useful Terms Attorney
Broker Closing costs Fixer-upper
want to be reassured you’ll get good care, insurance is essential.
Schools and education T e 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.
Visas Most people can visit the USA for up to 90 days without a visa under the Visa Waiver Program. For longer stays or split residence, a B-2 visa is still a tourist visa, but it allows you stay in America for up to six months. T is would suit a retiree, who wants to spend half his time in the UK and half in
Florida. You can spend more time if you break up your visits, but you must not abuse the system, or your visa will be revoked. If you’re working in Florida, you can
apply for an L or H visa. Normally, your employer will go through the process of getting the right visa for you. Getting a visa that will allow you to
operate a business in Florida is more complicated. Assuming you meet the criteria for this process, there is still no guarantee you will be successful. T e most common visa for setting up a business is the E-2 investor visa. T ere’s a great deal of documentation to be completed, employ a specialist who can help with the application process. You’ll have to prove you have funds to create a US business that will support you and your dependents, and that you will create employment for locals. §
Useful websites solicitor or lawyer
estate agent (also known as a realtor)
legal, title and insurance fees paid when you purchase a home
a rundown property requiring work
Foreclosure (or distressed) a home that’s gone back to the bank when the mortgage couldn’t be paid
HOA fees
Home Ownership Association fees (similar to maintenance charges for fl ats in the UK)
Multiple listing service (MLS) central database with all property listings in an area property
Real estate Realtor
Short sale
Single family home Split residence
STR
estate agent (also called a broker)
a negative equity property, where the amount owed on the mortgage is more than the property’s worth detached house
spending some of your time in the UK and some in Florida short-term rental
NEXT ISSUE *** ON SALE: 18TH DECEMBER 2014 *** ON SALE: 18TH DECEMBER 2014 ***
10 BEST PLACES TO BUY ABROAD 2015 The most exciting issue of the year at a thrilling time in overseas property 136 |
aplaceinthesun.com
National Association of Realtors (NAR):
realtor.org Property price index:
zillow.com Miami Association of Realtors:
miamire.com Florida Association of Realtors: fl
oridarealtors.org
Compiled by Cheryl Markosky (updated - September 2014)
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