MOVING FROM THE U.K. TO FLORIDA?

Are you thinking of Buying property in Florida?

Are you considering relocating here from the U.K?

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Florida is not known as the sunshine state without good reason. The year-round sun and relaxed pace of life is part of the reason why so many retired people are buying property in Florida. The property boom of the past few years has meant it is not just retirees who are keen to buy a Florida villa as investors are desperate to get in on the Florida holiday rental market.

Reasons for buying property in Florida

Over 50,000 British expatriates have invested in Florida real estate and the signs are that more are set to do the same. Some are planning a new life in the sunshine state whilst others are buying purely to enter the Florida holiday rental market. Whatever your reasons  for wanting to buy property in Florida, you are not alone and may already have your eye on a Florida villa or other property.

Anyone buying property in Florida, whether as a second home, main residence or buy-to-let Florida villa should arm themselves with as much knowledge of the market as possible.

Finding a Florida villa, how much it costs and how to buy

You are on this page so you have already begun looking for a Florida villa or other property. Like anyone can, you can search the internet for information along with properties.  BUT THE BEST ADVICE  is to work with a local knowledgable REAL ESTATE BROKER that will be on hand to help you through the process.   Knowing local business contacts, business brokers, attorneys, and the local real estate market well will be a long term assest to YOU, the buyer.  

The process of buying property in Florida is unique to the state. If you are in the market for a Florida holiday rental, or other property, then you should learn as much as you can about the laws and traditions concerning buying property in Florida.

There will also be associated costs when buying property in Florida. You must work out whether this makes your Florida villa too expensive and what it means for the profitability of your Florida holiday rental.

A word of warning for those buying property in Florida

There are always pitfalls associated with buying property in Florida. The dangers of buying a Florida villa which you come to regret can be avoided with professional legal advice.

Whether you are buying a new home for yourself or a Florida holiday rental as an investment, you should endeavour to find out as much as you can about the market.

Florida property report – buying a Florida villa and Florida villa rentals

The price of Florida property has risen by 87% in just five years. As with any area experiencing a property boom, there have been dire warnings that the investment value of your Florida villa will collapse for a few years. In fact, capital growth has reached unprecedented levels in some areas and the Florida villa rental market has been exceptionally profitable for investors.

Florida property report – a tourist driven market

If you find the right Florida villa or other home, in the right location, then Florida property can be one of the best housing investments you can make.

Other factors underpinning the Florida property boom

All the prerequisites of a burgeoning property market; growing job market, low mortgage rates and favourable rates of inward investment, are in place. The popularity of the state as a retirement destination remains undiminished. Over 1000 people relocate to a Florida villa or condo each day and the population demographic of the United States suggests this trend is set to continue.

Investors losing faith in stocks and bonds have seen them turn their attention to Florida property, and Florida villa rental, in particular.

Florida property prices and Florida villa rental returns

Florida property values vary greatly depending on where you are buying. A four-bedroom, three-bathroom Florida villa in Tallahassee will cost around $275,000 whereas a similar property in Key West will cost nearer to $4 million.

The Florida villa rental market is thriving because of the popularity of the sunshine state with tourists and also the growth of commerce-based localities such as Miami. Zoning restrictions on the Gulf and Atlantic coasts have pushed up the price of Florida villa rental in those regions.

The average weekly rent in West Palm beach is $1587 and $1431 in Miami. The lower costs in Orlando, a ready-made tenant base, means it may offer the best investment opportunities in the market for Florida villa rental.

The future for the Florida property market

Florida has a number of the fastest growing property markets in the US with price rises of 36% in Naples and 28% in Orlando in recent years. The growth of the Florida property market has meant there has been a shortage of properties in some areas. This has been met by developers seemingly building a Florida villa on every spare piece of land they can find.

The Florida property market now appears to be experiencing an overall slow-down with less developments being planned and prices growing at a slower rate. Mortgage rates are expected to rise in the future, pushing up the cost of borrowing.

Florida’s popularity amongst tourists and retirees ensures it will retain its investment potential and Florida villa rental still offers some fantastic returns. However, the sky-rocketing prices of Florida property in recent years may be finished and a new era of steady growth arriving.

 Moving to Florida - information for those buying Florida villas

Over 50,000 British buyers currently own properties in Florida and whilst many of these are holiday homes, many Brits have emigrated to the sunshine state. Millions of UK citizens have indicated a willingness to move abroad with many stating that moving to Florida is their preference.

Whilst people are making more money in the UK, they are becoming increasingly aware of the benefits associated with living overseas. As a result, more and more British buyers are set to secure Florida villas of their own in the next few years.

Obtaining a visa and moving to Florida

Obtaining a visa allowing you the chance of moving to Florida is by no means guaranteed. There is a number of visas you could theoretically apply for, but choosing the correct one is vital if you move to live in Florida villas permanently.

Moving to Florida and working there

When you think of moving to Florida you must also think about how to support yourself and how to finance the purchase of properties in Florida. If you have succeeded in obtaining a visa then finding work will more than likely be your next concern.

Employment opportunities can be found across the state but when buying Florida villas be aware that finding a good, well-paid job might not be easy. You should think about this when considering where to buy properties in Florida. If you become unemployed in Florida  you will also need to find out whether you are entitled to unemployment insurance.

Taking care of the family after buying properties in Florida

Access to healthcare is another consideration when buying properties in Florida, particularly given there is no equivalent of the NHS in the US. If you suffer from ill-health you need to evaluate how much this might cost you before buying Florida villas. This is obviously particularly concerning for people moving to Florida and retiring.

Education in Florida is something that anyone moving to Florida with children must consider. Before you buy Florida villas you should learn a bit about schooling and how moving to Florida is likely to affect them.

The practicalities of moving to Florida villas

Moving to Florida is not like moving to a new house a few streets away. How are you going to get your possessions to properties to Florida and what can you safely dispose of when moving to Florida villas?

Getting properties in Florida connected to utilities is something you should start doing as soon as possible.

Other concerns for those buying properties in Florida

Many Britons hope to obtain a visa for moving to Florida by means of buying or starting a business. Those taking this path should tread carefully, however, and make sure you do your homework before committing to anything.

Tax is something you will be unable to avoid when buying Florida villas. Some of the taxes you incur will be related to properties in Florida, although there is no such thing as personal income tax in Florida. Moving to Florida may be something you have dreamt of for many years but there are precautions and steps you must take in order to realise this dream.