Buying Process

Here we address common questions a new home buyer may have. We make ourselves available to assist you, should you have any additional questions.

Before considering the purchase of a home or property in Florida, you must determine the purpose of the home. Will it be only a holiday home? If so, you may want to rent your property in Florida when it is not being used by your family, friends or yourself. How important is that rental income? Or will it be purely used to generate income? Select an option below for more information...

1. Your First Decision
2. Rental Restrictions
3. Deposit
4. Bank Account
5. Resale
6. US Visas
7. Mortgages
8. Closing and Rental Setting-up Charges
9. Spec. Homes
10. Furniture Packs
11. After-Sales Service
12. Commercial

Say you decide to buy a brand new home to be built worth $250,000 with a 20% deposit. Here are the breakdown of deposits:

	US$	UK£
Due on contract (say today)	$5,000	£2,941
After 30 days* (before construction)	$20,000	£11,764
After 6-12 months (completion)	$25,000	£14,705
In addition, an estimated 5% of the price of the home will be due during completion and serve as your closing costs or legal fees.
20% Total deposit	$50,000	£29,411
5% of $200,000 (completion)	$10,000	£5,882
Total Cash Outlay	$60,000	£35,294
Furniture may or may not be included and must be purchased after home is completed. Some builders offer contribution towards furniture packages from $8,500.
* Furniture packages are available from $10,000 (3 bed) - $16,000 (5 bed) Builder will start building your home with a total of 10% deposit

1. Your First Decision

Before considering the purchase of a home, you must determine the purpose of the home. Will it be only a holiday home? If so, will you rent out the property in Florida when it is not being used by your family, friends or yourself. How important is that rental income? [ Top ]

2. Rental Restriction

Questions have been raised about rental restrictions imposed within the Disney area. Three counties have different sets of rules. Orange County did, some time ago, bring in regulations forbidding rentals of less than 30 days. This does not mean that a property owner cannot rent their house; only that each rental must be for a minimum of 30 days. However, the number of rental agreements in any year could not be more than 12 at the most and so a property in Orange County may not be the best place to maximize rental income.

Osceola County now has rental restrictions in place. However, the position is very different from Orange County. Authorities have created exceptions and exclusions to protect the large number of investors who have already purchased houses in the county and the large number who continue to do so.

Consequently and without going too deeply into what are fairly complex provisions, many developments have effectively been excluded from the restrictions rendering them communities from which short-term rental activities are allowed.

Polk County and Lake County are developing relatively fast. Therefore further investment is being encouraged.

It is essential that a prospective buyer obtain advice as to the suitability of the property / development and the use of which it is intended. Rental restrictions should be carefully evaluated and understood. We will gladly provide you with advice guiding you safely and expertly throughout your selection process. [ Top ]

3. Deposits

The payment amount of the initial deposit will vary from builder to builder. Most will require a $1,000—$5,000 at contract stage. A deposit will enable you to write the contract, thus fixing the price and protecting your chosen "lot" or home from a price increase. A total of 10% based on the contract price will be required prior to construction and balances due when home is completed. [ Top ]

4. Bank Account

A U.S. Bank Account is desirable to facilitate the transfer of funds. We will be happy to introduce you to one of the major banks and assist you in opening a suitable account. An initial deposit of $100 should be adequate to open your account. [ Top ]

Resale

The availability of resale Property changes daily. We will be happy to include a tour of appropriate resale properties within your viewing program should this be of interest to you. Good resale property in Florida 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 optimized. There could well be a good reason why a particular resale is "cheap". [ Top ]

US Visas

If you are an investor seeking to run a business in the United States, you will need to obtain the appropriate visa to do so. We will briefly explain these to you and we can arrange a meeting with our Immigration Attorney at your convenience to discuss all options in more detail. [ Top ]

Financial Mortgage Information

While purchases of property in Florida can often be financed from one's home country, 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. We will be happy to introduce you to various mortgage brokers with whom we are associated. [ Top ]

8. Closing and Rental Setting-up Charges

Many are concerned about hidden extras and have heard stories about buyers being saddled with unexpected charges for closing costs long after it has become too late to withdraw from the purchase.

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.

Some builders will make a substantial contribution to closing costs. If a US mortgage is not required some builders will offer a cash discount.

Finally, if the property is being managed and rented out, you will need additional money for escrow, lodging license, fire extinguisher and security bolts. [ Top ]

9. Spec. Homes

Most builders will build one or more spec homes in anticipation of a buyer wishing to buy a house that is ready to occupy. This is a great way to see the finished product before completing the purchase. The inventory obviously varies on a regular basis, but we will be happy to show you the current availability. [ Top ]

10. Furniture Packs

While you may like to furnish and equip your home yourself, this can be somewhat time-consuming and expensive. Most buyers opt for one of our "furniture and house ware" packages. We do not consider it necessary or indeed advisable to spend excessive sums on furniture, but equally we believe it could be false economy to buy furniture of inferior quality which may not stand up to the rigors of a rental property.

Our furniture pack will equip your property in Florida with attractive, yet hard-wearing furnishings. Everything from a color TV, washing machine, fridge, lamps, ashtrays and toilet rolls are included. More expensive packs are available and most items can be customized or upgraded to suit your taste and budget. We also offer a free interior design service and will be happy to arrange a suitable time for you to meet with our interior designer. [ Top ]

11. After-Sales Service

We will:

1. Be available to answer all your questions and queries regarding mortgages, closing dates, rental, etc.
2. Send you photographs on a monthly basis to show you the progress of the construction of your property in Florida
3. Carry out the "walk through" just prior to closing. This avoids the necessity of you having to returning to Florida to "close" the purchase. We will ensure that the house is completed, the color schemes are as ordered and all extras are installed
4. Arrange for deposits to be paid on your behalf (provided that these funds have been established in an account) for all utility services
5. Co-ordinate the delivery of your furniture package and ensure that all items are in working order and that all packaging is removed from your home
6. Ensure that your property in Florida is continually ready to receive either your guests or yourselves. [ Top ]

12. Commercial and Business Opportunities

We have companies listed, small and large, in all types of industry. We provide a free confidential business analysis for businesses and commercial properties up to 25 million dollars. [ Top ]

Counties for Short Term Rental

Lake County: City of Clermont
It's a land of gently rolling hills and a thousand of glimmering lakes. It's Florida's true natural beauty. It's small, friendly towns where southern hospitality rules the day. It's a perfect getaway. It's only a short drive from all the dazzling magic of Orlando. It's a million miles from all the hassles. It's lot of great things to do for all ages. It's family fun where vacation dollars go further. It's lake county the country side of Orlando.

Polk County: Cities of Davenport and Haines
Small towns and neighbors of Disney World, placed just off the beaten path. Situated along US Highway 27, Davenport has remained largely unchanged by the impact of world-size tourism just to the north. The rolling hills of the Lake Wales Ridge, stretching south for about 100 miles from this point in northeast Polk, provide an idyllic setting for the town of Davenport.

The rapid expansion of the Disney complex just to the north, coupled with thousands of vacant acres of land formerly used for citrus production, have drawn dozens of new subdivisions and Golf Courses to the area all the way to Haines City.

Osceola County: City of Kissimmee
City leaders, wanting to continue Kissimmee's prosperous history, encouraged growth through the attraction of retirees into the area during the 1950's. This effort stimulated growth of almost 60%. The next period of growth came in the 1970's with the opening of Walt Disney World resort area and other tourist attractions. Since Walt Disney World's debut in 1971, the population doubled from 7,500 to 15,000 in 1980. For the year 2000 an estimated 47,814 occupies 18.64 square miles of Kissimmee. [ Top ]