UK Citizens are buying, these days, people across the globe seem to be interested in owning a property in Florida, Orlando and Miami. It is either for deriving better ROI or to have a vacation home. Florida is popularly called ‘The Sunshine State’, as it enjoys dry, warm weather throughout the year. The British experience bitter cold during the harsh winter months. Hence, investing in properties in Florida is indeed a wise choice to provide a dream holiday for your family.
Why consider investing in Florida Real estate?
- Location is as crucial as property: It is quite natural to focus on the property completely. At the same time, property location also does matter significantly. It should be part of the decision. Several neighborhoods and resorts are present in Florida, with each have its advantages and charm. The location chosen will determine your financial potential in the long-term. Also consider rental strategy. You can also invest in properties close to the tourist destinations like Disney World.
- Hot real estate market: Not only the weather and the beaches but also Florida’s real estate seems to be sizzling. It is indeed a profitable investment and offers a rewarding experience. The state also provides real estate investors with lucrative returns. Several options are available to choose from in key areas like the Gulf Coast, Orlando and Miami. It is the right time to invest.
- Contract types: Before finalizing the purchase, you need to be aware of the contract types in Florida.
- Standard contract: The seller is responsible to deal with all property-related problems.
- ‘As-Is’ contract: If the report finds any issues within the property, then the seller is not under any obligation to fix them. Buyers can easily pull out of the deal if deemed necessary.
When UK Citizens are buying in Florida they are following are the information present in the contract:
- Pre-deposit value or percentage put down including full deposit value due to completion of due diligence.
- Property price.
- Duration for due diligence allotted. The standard contract comes with 15 days for the default amount.
- The proposed closing date is approximately 30-45 days.
- Purchase to include inventory items.
- The time frame and financing contingency to be mentioned clearly within the contract. The sale is completed only on the approval of the mortgage. Also are specified acceptable mortgage terms along with maximum interest.
First-time property investors are sure to find it tough to understand the contracts. You need to take a confident approach when signing any type of paperwork. For this, you can hire an experienced consultant.