buying property in orlando were do i start ?

jarjarmustdie

i am thinking of purchasing a villa in orlando florida
i have been numerous times and think now is the right time to invest there.
where do i start ?
checked out google so far, but no real good info found
can anyone point me in the right direction of usefull web sites,reliable agents who will guide me through the process :T
many thanks in advance for all your comments

lincroft1710

Why not go back to Orlando and visit realtors there. You'll be on the spot and can obviously do viewings.

Doozergirl

Will you need a mortgage over there?

jarjarmustdie

sorry forgot to say i am going for 2 weeks in early september.
have enough for a good deposit but yes i will need to get a mortgage

Doozergirl

in which case can I recommend someone to you? Just a small company (hence it's probably not the most flashy website) but last time I heard this guy was one of only three qualified mortgage brokers in this country for the state of Florida. I don't have any property in Florida hence I'm not up to date on exactly how many there are these days...

but he's proved himself a superbly organised and helpful UK mortgage advisor over the 10 years that I have known him

http://midvalefinancial.ifa-web.co.uk/SBIZ/SBX00717.nsf/All+Documents/73B9DC931F7329188025735B00539AF8?OpenDocument

Is that a Star Wars reference, your user name? If it is, you'll get on with each other, lol!

themanbearpig

Property is dirt cheap there now! It seems like a great time to buy. Be aware of the problems getting buildings insurance, due to the hurricanes.

Ian_W

And just to give you a choice THIS CO is long established for overseas mortgages in many countries. Not a recommendation, have never used them and TBH found them a bit expensive when I was buying overseas.

They seem to be suggesting max LTV in Florida is 50% which seems quite low.

EDIT to add:
You might also want to have a look HERE - it's the Orlando version of RightMove by the look of it.

Trollfever

And more here

http://realestate.shop.ebay.com/Residential-/12605/i.html?State%252FProvince=Florida&_dmpt=Residential

jarjarmustdie

many thanks for all the info so far:beer:
keep it coming :j

lagoslife

I would also post the same question to some USA expat forums to get feed back from people who have gone through the same process.

http://britishexpats.com/forum/forumdisplay.php?f=57
http://www.expatfocus.com/index.php?name=Forums&file=viewforum&f=16
http://www.expatforum.com/expats/

Hope this helps.

ognum

This is probably not going to be a popular reply but I will post it anyway. Before you purchase abroad do all your sums well.
You will not only have the purchase price but the cost of upkeeping your house. Remember the costs of power/water.
Homes in the US are really only built for a twenty year lifespan particullaly in Florida were the sun/heat has fast detremental effects. The cost of hurricaine insurance is big, I have a home in the hurricaine belt, not Florida and my hurricaine insurance is 3K a year.
If you plan to rent your property look into the with holding taxes of the state on rentals, you may need to pay state tax as well as UK tax on your rental income.
If you have a pool you need to factor in the ongoing cost of pool maintainace, chemicals and water. In the sun pool levels fall quickly and pools need to be topped up ofen on a baily basis which can end up expensive. Pool maintainance fees when you are not there need to be adressed.
You will also need a gardener handy man to maintain the outside of your home, you cannot expect to do this just on your twice yearly visits. Who is going to shutter up for you in the event of a hurricaine?
Also factor in Terminex treatment to prevent insect infestation. I could go on but I would say is Orlando is large and sprawling and older areas become old quickly, the prices start to fall as people move to the newer developments and the less desirable neighbours move in.
If you buy in Orlando and you need your money out remember that Real Estate agents in the US charge big bucks you maty be asked for 71/2% to sell your house, that may be a laege chunk of your profit. Prices are cheap because there is so much on the market and your will be just one more!