Your Questions Answered ...Honestly
It can be daunting, etc, etc. Heres some Q and A (rename section to FAQ?)
Frequently asked questions:
- Why is buying a home in Florida such a good investment and will the 'bubble' ever burst?
- What type of property should I buy and where is the best location?
- Should I arrange finance for the purchase or should I buy cash?
- If I buy a property for rental income how many weeks must I rent to achieve a break even and what are "guaranteed rentals"?
- I have heard that some areas have restrictions on rentals and periods of rental occupancy, is this true?
- I want to buy a home in Florida can Pilgrim help me with all property purchases?
- Can I "Try before I buy"?
- Can you offer a professional Property Management Service to look after my home?
- What else can Pilgrim help me with?
- Once I own a property in Florida how long can I stay there?
Why is buying a home in Florida such a good investment and will the 'bubble' ever burst?
The beaches that surround Florida being some of the cleanest and least crowded you will find anywhere in the world. The weather is warm and comfortable all year round - a guaranteed recipe for success. In Central Florida there are many of the Worlds greatest attractions which are the magnet for kids and fun seekers from all over the World. With substantial inward investment in the State, property prices are still increasing. Florida has it all, wealth, employment and growth all working together to produce a very buoyant and exciting economy.
What type of property should I buy and where is the best location?
This depends on what you want from your investment and how you plan to use it. Are you after investment income or capital growth through appreciation? Are you looking for a holiday or a seasonal second home? Do you want an income by renting the property? Renting can produce enough income to cover all of the outgoings including the mortgage. For the ideal solution to your particular property needs we'll draw up your own personal property profile so that you can decide which suits you best.
Should I arrange finance for the purchase or should I buy cash?
In most cases it is better to have finance on the property. By finding a deposit of only 20% means you can keep the majority of your investments in place still earning you money. The interest on the loan is tax deductible against your income. In the case of a rented investment property the income generated can help finance the purchase.
If I buy a property for rental income how many weeks must I rent to achieve a break even and what are "guaranteed rentals"?
The location, cost and type of property will have major effects on the income achievable for weekly 'short term' rentals. Very careful costing analysis must be calculated before you purchase a property for this purpose. In good rental areas the optimum property will need to be let for around 35 weeks to break even. Many people make the mistake of buying based on the promise of a "guaranteed rental income" this is a mistake for two reasons. It is an unlawful "inducement" in Florida to promise a guaranteed return on a Real Estate transaction. And, if you cannot afford to buy without achieving the minimum income guaranteed you could seriously restrict your current standard of living.
I have heard that some areas have restrictions on rentals and periods of rental occupancy, is this true?
Yes, rental restrictions and deed restrictions are rules that are specific to individual areas and developments. We can give you the correct information you need on specific areas, builders and developments to make sure that your required property usage is allowed within your chosen location. This information must be seen in writing before any contracts are signed, the information given by builders can also be checked at the County Hall records office.
I want to buy a home in Florida can Pilgrim help me with all property purchases?
Yes, Pilgrim's sales staff are professionally qualified and Pilgrim is a fully licensed Florida Real Estate brokerage so, no matter what it is you are looking for we can help. It may well be that you do not see exactly what you are looking for, but Pilgrim acting as your personal "Buyers Broker" will tailor it's service to your requirements and help you find the perfect property. We offer continuity and consistency and can if required give testimonials from past and present clients who have been delighted with our services.
Can I "Try before I buy"?
Yes, if required, you can visit the area and stay in a Florida home that is similar to what you are looking to purchase. We can arrange all of this for you. If you already have a visit or holiday planned we can arrange a guided tour with one of our own licensed professional area representatives. This would be without obligation or high pressure sales tactics.
Can you offer a professional Property Management Service to look after my home?
Yes, we can offer a professional Property Management Home Care service which takes care of the homes sold by us. We have the highest level of customer satisfaction possible. We ensure both homeowners and guests have time to enjoy their stays in Florida without having to worry about property related matters. The service we provide covers all aspects of the ongoing care and maintenance needed to keep your property in prime condition. We pride ourselves in caring for your home. We always give you the continuity of all related services which is needed for trouble free Florida home ownership.
What else can Pilgrim help me with?
We offer you the wide variety of services and information which you need to make an informed decision on buying the right property. We can also, through our professional affiliates, offer competent and professional advice and services in such fields as; Tax Planning, Accounting, Commercial and Business Purchases, Investments, Wills and Immigration.
Once I own a property in Florida how long can I stay there?
If you are not a US citizen you can stay in Florida for up to 6 months (186 days) in any one 12 month period. If you would like to stay in Florida longer we can put you in touch with competent Immigration specialists who can discuss other options to allow this.