|
Frequently Asked Questions
Q: What happens after I purchase?
A: At All Florida Villas, we pay attention to detail to ensure a smooth and enjoyable home buying experience. For example, we will:
- Be available to answer all your questions and queries regarding mortgages, completion dates, rental, etc...
- Assist you in the transfer of your funds to the home builder, so that the building process may begin on your home for a timely completion.
- E-mail digital photographs to you on a monthly basis to show you the progress of the construction of your home.
- If you are not planning to return to Florida for the closing, we will carry out the "walk through"/"snag list" on you behalf just prior to closing. This ensures that the house is completed to specification and all items are delivered and installed as ordered.
- Coordinate the delivery of your furniture package with your management company to ensure that all items are in place and the villa is ready for occupancy or for your visit.
Q: Can I get a mortgage in Florida if I am a U.K. resident?
A: Yes, obtaining a mortgage in Florida is really quite simple for Foreign Nationals. Even if you own your home outright in the U.K, you may still borrow up to 80% of the purchase price of a home in the U.S.A. You also may take a home equity loan on your home in the U.K. to finance your down payment or pay cash for a home in the U.S.A., it is entirely up to you.
Q: Do I need a solicitor when purchasing a home in the U.S.A.?
A: Buying a home or villa in Florida is really quite simple. It is not necessary to have a solicitor/attorney of your own to represent you in your purchase, however you may do so if it makes you more comfortable. What we have in Florida are Title Guarantee companies, they are U.S. attorneys/solicitors that issue to the home buyer at the time of closing, an insurance type policy guaranteeing that the title to the property is passed to the buyer without liens or encumbrances. They arrange for title searches(mentioned above),surveys, pest inspections, recording of deeds, recording mortgages(if applicable),etc,. All of these services have a fee that are known as "closing costs" in the U.S.
Q: How easy is it to purchase a home in Florida?
A: Purchasing a home in Orlando is in general terms much less complicated than in virtually any other country. The single most important factor is to ensure that you use the services of a fully licensed real estate broker. Our Florida office is fully licensed by the State of Florida and will oversee the complete procedure, from the time that you arrive in Orlando to when your home is ready for occupation. This includes initially helping you to find the most suitable property, handling the legal aspects of the purchase, monitoring construction and taking photographs, liaison with the mortgage broker and ensuring that the final paperwork is in order, carrying out the pre-occupation inspection, coordinating the delivery of furnishings, These services are completely free to All Florida Villas customers.
Q: Is it easy to obtain a mortgage in Florida?
A: Obtaining a mortgage in Florida is relatively straight forward. Loans of up to 80% are available for non-residents and are secured against the Florida property. You can choose a fixed or variable rate mortgage and repayment terms ranging from 3 to 30 years with no age restrictions. As we work closely with independent mortgage brokers, we ensure that you obtain the most suitable and competitively priced mortgage relative to your personal requirements. We will be pleased to provide you with further information on this subject as and when necessary.
Q: How much deposit do I require to reserve a property?
A: In most instances, a "good faith deposit" of just $1,000-$5,000 will be sufficient to initially reserve a property and fix the price, depending on the builder requirements.
Q: I understand that there are certain rental restrictions in Orlando - is this true?
A: Yes, there are certain restrictions as to where and when short-term rentals are permitted. The four counties that make up the majority of the Orlando area each have different rules relating to the letting of holiday homes. It is therefore essential to obtain correct professional advice and guidance as to the suitability of a particular property and location. All Florida Villas will ensure that the property you select is completely free from any such restrictions.
Q: What exactly are closing costs?
A: These are costs incurred when completing the purchase of a home. They comprise of a mortgage set-up fee (normally about 2% of the loan) along with the legal costs and registration of the property, which will total approximately 3.5% - 4% of the sale price.
Q: Are there any hidden costs that I should be aware of?
A: If you intend to let your property, you will need to comply with local legislation. This includes obtaining a hotel/motel lodging license and ensuring that safety features, such as fire extinguishers and smoke detectors, are fitted. These will be explained and taken care of by your management company.
Q: To what standard should I furnish my home?
A: It is not necessary to spend excessive amounts on furnishing a property and furniture in Florida is relatively inexpensive. However, it is important to remember that a poorly furnished home may have an adverse effect in what can be charged when letting the property. An interior designer will be pleased to show you examples of various furniture packages which are approved by tour operators and provide excellent value for money.
Q: How do I know which management company to appoint?
A: This is not an easy question to answer. Appointing a professional management company to manage and maintain your home in your absence is vital. If you intend to let your property, it is also important to use the services of a company that will provide you with high levels of occupancy throughout the year ensuring that you obtain the best possible returns. Not all management companies are created equal, please ask us and we can help advise you in making your choice.
Q: Am I covered by insurance in the event of damage to my property?
A: Insurance in Florida is inexpensive and a standard policy will cover you for most eventualities. If you are letting your home, the management company should make provisions to obtain a security deposit from each group of guests on their arrival to cover all accidental breakages.
Q: What are the tax implications of owning a property in Florida?
A: This is dependent on both individual circumstances and whether it is intended to let the property. We will be pleased to discuss the implications with you during your visit to Florida and can provide advice on the best methods of making your investment tax efficient.
Q: Are there any restrictions as to the time I can spend in Florida?
A: You are legally allowed to spend up to a maximum of 186 days in any one year in the USA. It must be pointed out that if you are considering the possibility of retiring permanently to the USA, it is unlikely that you will be granted the necessary residential visa and independent advice should therefore be sought prior to making any commitments. We would be glad to discuss your requirements and have expert immigration professionals available during your visit.
Q: Is purchasing a property in Orlando a sound investment?
A: Providing that you purchase the correct type of property in a location which is suitable for short-term rentals, property in Orlando is one of the best property orientated investments currently available in the world.
Q: I would like to book an inspection visit with your company - how much notice do I need to give you?
A: We can normally make the arrangements for you to visit Orlando with just a few days notice. However, at certain times of the year, particularly Christmas, Easter and all school holidays, flights and accommodations are often in great demand.
Q: I have booked a fly-drive holiday to Orlando but need to arrange accommodation - can you help me?
A: We can arrange with a management company to reserve accommodations for you.
We trust that this information provides you with the answers to many
questions and queries you may have had.
However, please feel free to contact us if you have any other points that you may wish to raise; we will be only too
pleased to offer our advice and guidance on any matter concerning the purchasing and ownership your Orlando dream home.
We look forward to hearing from you.
 |
Select the options below to display your dream home. |
 |
|
|
|
|
