HOW TO BUY
Making the most of your investment
There are so many things to consider when buying a home overseas, such as:
“But there are so many more things to consider when buying a home in Florida”
Our friendly team are here to guide you every step of the way and advise on everything you will require before your visit, during the purchase, throughout the build, at closing and after completion.
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What Do You Want From
Your Florida Home?
Is it 100% a financial investment or is this a purchase to improve your quality of life?
The benefit of owning a home in the Sunshine State is that it will likely increase your standard of living, it certainly increased ours. Apart from the joy of having a home in Orlando we regularly fly to other US cities and have enjoyed stays in Washington, New York and Las Vegas.
The cruises we have experienced from Port Canaveral to the Bahamas and the Caribbean have created lifelong memories. Other owners have added skiing holidays via Colorado, Marlin fishing trips out of Clearwater and visits to the US Masters in Augusta which is only a six-hour drive from Orlando.
Whether you’re looking for a financial or a lifestyle investment, it’s important to think about which group of owners which one you fall into as it affects your choice of property.
It is important you consider which group you fall into
as it can affect what you choose to buy
These are the buyers who are happy to purchase a resale Pool Home for around $250k which probably needs attention to bring it up to the standard we would expect to achieve a good rental return.
They are likely buying outright or with very little finance, if any at all. They will spend extended periods in the home, possibly staying for a few weeks here and there and leaving the rest of the calendar free to generate income throughout the year.
This type of buyer is not necessarily concerned about being in the prime locations and will generally choose the house as opposed to the development. They are likely to achieve between 25 and 30 weeks rental income and are happy that they use the home a lot themselves should they wish.
The 2nd group has a very similar budget to the first group but require as much income from the home as possible. They are normally borrowing a significant amount of the purchase price and are likely to need 30 plus week’s rental to make the home pay its way.
This is very achievable and still leaves plenty of time for the owner to use the home themselves. I would recommend that if you fall into this group then you need to think about doing some of the rentals yourself.
A good company will still do the majority of your rentals but with a small amount of private advertising you can supplement the homes annual income with only a handful of bookings each year
This is the buyer who wants maximum income from their home. It would be foolish of this buyer to try and cut corners. The property must be in the most desirable rental developments, the location must be right and the home must be well presented. It doesn’t have to be a brand new home but it must have a WOW FACTOR. It should also have some, although not necessarily all of these additional features.
- Upgraded Furniture
- Flat Screen TVs
- Extended Pool & Deck
- Games Room
- Conservation View
This buyer is not likely to find a home below $250k but they will find excellent properties above this figure that do rent out extremely well. The typical budget within this group would be $300k plus and the home will produce between 30 and 40 weeks rental occupancy year on year.
This is the buyer who wants the higher end home and although they welcome rental income to offset running costs it is not a necessity. They are happy to block the home for extended periods for themselves or their families and friends.
They will still want all of the additional features which are listed above. More often than not they are cash buyers and 25 weeks rental income will normally cover all costs associated with running the home and still leave plenty of weeks for their own use.