Buying Process
Here we address some common questions a homebuyer may have. As
Florida homeowners ourselves we are available to assist you, should you have
any additional questions. 
YOUR FIRST DECISION
Before considering the purchase of a home, you must determine
the purpose of the home. Will it only be a holiday home? If so, will you rent
out the property when your family, friends or yourself are not using it? How
important is that rental income? Or will your new home be purely used to
generate income and or capitol growth? Are you looking to invest into a home
that you would like to live in permanently or for extended periods?
PRE-QUALIFICATION
We
recommend that anybody buying a home in Florida first talks with an independent
financial advisor about financing options, amounts available to invest in a
home etc., and with a view to being prepared financially before searching the
Florida real estate market.
We
also recommend that you take both legal and taxation advice to secure the best
investment advice and protection for your own individual situation. BRF can
refer you to any of the above, who have expertise, knowledge and experience of
the Florida property purchase process - just give us a call.
CHOOSING THE RIGHT HOMES
Buy
Right Florida will independently provide you with what they believe are
excellent property choices, in many categories of homes. They will do this by
firstly listening to your needs, collating your information and then by
continually watching the market through a network of communications with
Florida based real estate agents, developers and property owners. From past
record this strategy has worked well in accessing developments that are about
to be launched in great locations or with unique facilities of competitive
advantage.
As
the buyer you will then be in a position, as being pre-qualified to move on the
property, or properties to meet your needs. When you buy a property using BRF
referral services, you will know why you have purchased a particular property
or development and what alternative property is on offer around your home at
any one time.
DEPOSITS
The
amount of initial deposit will vary with your purchase and can be as little as
$5,000 (US). This payment is made the day that you make your final choice of
property. This "good faith" deposit will enable you to enter into a formal
agreement with the seller, thus fixing the price and protecting your chosen
"lot" or home from any price increases. The minimum deposit to secure a
mortgage on your holiday home is 20%.
BANK ACCOUNT
A
US bank account is desirable to facilitate the transfer of funds. Please follow
our Links page to be introduced to one of the major banks that will assist you
in opening a suitable Internet account. An initial deposit of $300 should be
adequate to open your account.
We
can also provide you with information about opening a dollar account here in
the UK, with great exchange rates and services through a private banking
manager. Please call us for more information
CLOSING AND COSTS
Closing costs comprise of several elements, many of which are
stamp duties payable on various documents but the biggest expense is usually
applicable to the mortgage. Sometimes you can negotiate with the seller on new
property to pay some or all of the closing costs. You should put aside approx
3% of the purchase price towards covering closing costs. It can be less for
cash purchase. The most important documents here are Title Insurance, which
protects you as registered owners of the property and your property deeds.
Escrow agents are used in transfers between buyer and seller and when dealing
with property purchase, the escrow agents keep the funds and pass money on
Closing to the developer, when they have title insurance to the property you
own.
If
you are an investor seeking to run a business or live in the United States, you
will need to obtain the appropriate visa to do so. Refer to our Immigration
Section.
RESALE
The
availability of resale properties changes daily. Good resale property will not
generally be on the market long and while there is always a possibility that a
"bargain" may become available, a true bargain in a prime location can be
difficult to find.
The
importance of buying in a "prime" sought after location is crucial if the
property's resale value is to be optimised. There could well be a good reason
why a particular resale is "cheap". We will refer you to a licensed real estate
agent who will let you see the whole listed home inventory in any area you are
interested to buy in, at no charge or commitment to you.
FINANCIAL MORTGAGE INFORMATION
While Florida property purchases can often be financed from the
UK - US mortgages will frequently be more attractive and are readily available
subject to approval. Advances of 75% of the cost (house, lot and pool) are
relatively simple to obtain, 80% are not normally a problem although much more
detailed financial information will be required. To secure a home that may not
be built for 6-12 months only a $5000 deposit is usually needed. We can refer
you to one of the UK's most premier IFA companies who have negotiated great
deals with UK and USA mortgage brokers - just let us know and we will provide
you with their direct contact information
AFTER SALES SERVICE
- After the sale
has been agreed, we will continue the working relationship we have just begun.
- We will be
available to answer all your questions and queries regarding mortgages, closing
dates rental, etc.
COUNTIES
You
have probably read and heard many stories regarding the different counties
which permit, or do not permit, holiday home rentals. This can be very
confusing. On reviewing your needs we will only suggest homes on communities
that are fully zoned for the appropriate rental terms. The county must license
short-term rentals and your home will need a special permit to rent on a daily,
weekly and even monthly basis. If you do not wish to use your home at all and
are looking for good long term tenancy or to owner occupy, you may well be
interested in a home, that is not short term zoned, but has a track history of
good tenancy.
Disclaimer:
Buyright Florida Properties offers no financial,
legal or taxation advice. We sell real estate in the USA through links with
developers and real estate agents. All our clients are requested to seek their
own independent financial, legal and taxation advice before purchasing a
property, and in doing so will conduct their own financial due diligence
towards the purchase. Our company or its employees or agents do not offer
financial products or advice, but offer access to property purchase
opportunities and third party agents through a referral process.
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