BUYING A VACATION HOME?
The Disney World Area is the Number 1 tourist destination in the World and many people return time and time again. With an ideal climate and so much to do it is not hard to see why.
Owning your very own vacation home makes this experience even more enjoyable and can also be financially rewarding.
There are many factors to consider when purchasing a property whether it is a brand new property direct from a builder or a re-sale property.
Our Company has over 60 years of experience in Buying and Selling Real Estate in the local area, our Realtors are licensed and are qualified to write contracts for properties being bought or sold.
We offer a simple 'start to finish' package:
Step 1 - By discussing through in detail your specific requirements, your thoughts and your ideas, we compile a criteria list in preparation of our next step our 'property search'. We couple this information with our qualified and professional advice, we further assist you in setting up a US Bank account,qualifying you for a mortgage if required, and we could introduce you to an accountant if necessary.
Step 2 - We have access to all the properties that are available for sale in Florida so working with our list, we pull up as many homes that meet the criteria for you to view. When we find the right home, we write a contract and make an offer.
Step 3 - If a new property was purchased, we would oversee the various stages of the build. We would also do the final walk through before closing.
If the property is an investment property and rentals are a requirement, we would also offer you a complete property management and rental program to suit you.
Why stay in a cramped hotel or condo when you and your family could enjoy the luxury of your own spacious pool home?
Visit Florida as often as you like... then let others help pay for your property when you're back home!
The rental of your home will eliminate or at least substantially reduce the cost of ownership!
Buying a second home can be grueling, time consuming, frustrating and could prove an expensive exercise.
Buying a property possibly thousands of miles away can seem like an insurmountable hurdle that must be plagued with problems and pitfalls. Yet, as with any financial investment, qualified professional advice and guidance can alleviate most if not all the worries, ensuring that the entire buying experience is a pleasurable one.
We believe that buying a property in Florida, with expert guidance, should be considerably simpler than buying one in most other parts of the globe, and it is our objective to assist you in reaching your goal with the minimum of concern, worry, and of course expense.
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, one must determine the purpose of the home? Will it be only be a holiday home? If so, will one rent out the property when it is not being used by your family, friends and yourself. How important is that rental income?
When choosing a primary residence, the logistics of the property location is important in relation to the owner's place of work. However, a holiday home generating income will not need to be close to offices. The whole of Florida provides a wealth of income property locations to the holiday home owner or investor.
When rental income is important however, the correct location of the property is crucial, and rental income will be maximized when the property is located within a 15 minute drive of Walt Disney World. Outside this area, and even marginally outside, rental demand will fall off very quickly and very substantially.
It is essential that a prospective buyer obtains independent advice as to the suitability of the property/development they are considering, and for the use to which it is intended to be put. With such advice the problem of rental restrictions should be carefully evaluated and understood. We will gladly guide you safely and expertly throughout your process.
The amount and required submission of payment of the initial deposit will vary from builder to builder. Most will require a nominal $1,000 at contract stage (up to typically $5,000). This will enable a contract to be written, thus fixing the price and protecting your chosen 'lot', pending your return home to arrange any balance required, payable prior to construction.
A US 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. This need take no longer than an hour and an initial deposit of $100 should be adequate to open the account.
Closing costs comprise of several elements, many of which are stamps duties payable on various documents, but the biggest expense is usually applicable to the mortgage. This alone can amount to 6-7% of the loan amount, and will be clarified further once the most appropriate source of finance has been determined.
The vast majority of builders in Kissimmee make a substantial contribution to such costs. When a US mortgage is not required, then many builders will offer a cash discount, typically 2%. Since the buyer will have to make some contribution to the closing costs; around $1,500 will normally cover these along with changes such as a credit check fee, appraisal charge, etc. Sometimes it is necessary to pre-pay 1 month mortgage repayment, insurance, and property tax, which on a $110,000 purchase with 75% mortgage might require a further $1,500, approximately, with utility deposit of around $375.
Property tax generally amounts to approximately 1.5% of the property's value and is payable either annually in advance or, more commonly, monthly along with any mortgage payment.
The availability of second hand properties changes on a daily basis. 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's will not generally be on the market long, and while there is always a possibility that a 'bargain' may become available just as you are ready to buy, a true bargain in a prime location can be difficult to find. Hence the importance of ensuring that what you choose to buy is indeed in a 'prime' sought after location. This is crucial if the property's resale's value is to be optimized. There could well be a good reason why a particular resale is 'cheap'.
Most builders will build one or more properties in anticipation of a buyer wishing to buy a house that doesn't need to be built but already exists. While clients will therefore not have the opportunity to choose the specification / color scheme they might favor, some may like the idea of being able to see the finished product before they buy it and, also of being able to complete their purchase just as soon as any finance formalities have been arranged. The inventory obviously varies on a regular basis, but we will be happy to show you the current availability.
While you may like to furnish and equip your home yourself, this can be somewhat time-consuming and most buyers opt for one of our "furniture and house wares" 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 own furniture packs will completely furnish and equip your property to an attractive, yet hard-wearing standard. Everything from a color TV, washing machine, fridge, etc. down to lamps and toilet rolls are included. More expensive packs are available and most items can be customized or upgraded to suit your tastes and your pocket. We offer an interior design service and will be happy to arrange a suitable appointment.
While Florida property purchases can often be financed from one's own home country perhaps, using a main residence or secondary property as security, U.S. mortgages will frequently be more attractive and are readily available subject to status. Advances of 70% of the cost (house, lot and pool) are relatively simple to obtain, 75% are not normally a problem although much detailed financial information will be required, while 80% advances are certainly possible in many cases. With access to a vast number of different mortgage companies, we will be happy to recommend the most appropriate mortgage source for your circumstances.
On new constructed homes we would carry out the 'walk through' just prior to closing. This avoids the necessity of your returning to Florida to 'close' the purchase if you don't want to.
We would further ensure that the house is completed, the color schemes are as ordered and all the extras if any are installed. Then we can advise you that the closing can take place.
We would also arrange for all services (water, electricity, gas, etc.) to be turned on and for all deposits to be paid on your behalf (provided that these funds have been established in an account).
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.
Ensure that your property is ready and is continually ready to receive either you or your guest.
Please call 407-518-9311 for all your property sales, vacation rentals and management.