Florida Property - whats going on???

thebrowski

Have just become aware of the massive apparent crash in property prices in Florida.

We have long thought about getting a place over there and it seems like a dream time to do so...Anyone offer some advice?

Seems pretty good idea at present but there is always someone with another point of view on here!!!

19lottie82

I was discussing this with my Dad when we were over there last year.

Downsides we could see where, there are LOADS of properties out there, and I mean LOADS, could you guarantee you could rent it out for x weeks every year?

Also, managment / maintenance charges could be very expensive, if you employed a company to look after it for you?

maemaesmummy

We have lots of friends that own in Florida, if you can afford to buy outright and cover your bills without rentals then bobs your uncle..if you can't then don't even think about it.

Friends used to need to rent (with no mortgage) only 19 weeks a year to cover expenses/bills and taxes now it's 44..which in a saturated market isn't easy.

maemaesmummy

Oh and the Fl news reports are actually stating the market is starting to recover and prices are beginning to rise.

C_Mababejive

Whats the point unless you can legally live there...?

thebrowski

Thanks for the responses....

We would be in a position to buy with no mortgage or minimal mortgage - thought that this would be a good position to be in....

Am surprised to hear that I would have to rent the place out 44 weeks a year to cover the cost of taxes/bills etc - Florida must be really expensive!!!!

How on earth did anyone ever make any money there if 44 weeks worth of rental income was taken up on bills???

Anyway, will carry on looking into it

gnus

thebrowski wrote: »

Anyway, will carry on looking into it

Also be aware that just because you own property in the US that doesn't give you the right to be allowed in using the VWP. You stand in line like everyone else and hope.

Stay more than you go and you'll find yourself refused entry.

Having a B2 helps.

poet123

A good port of call for info is the DIBB (Disney Information Bulletin Board) they have as section for property owners and I am sure they will be able to answer any questions you might have. And also this forum used to be a good source of info, I haven't been on it much lately though.

http://www.orlando-guide.info/forums/search.php?searchid=351798

maemaesmummy

thebrowski wrote: »

Thanks for the responses....

We would be in a position to buy with no mortgage or minimal mortgage - thought that this would be a good position to be in....

Am surprised to hear that I would have to rent the place out 44 weeks a year to cover the cost of taxes/bills etc - Florida must be really expensive!!!!

How on earth did anyone ever make any money there if 44 weeks worth of rental income was taken up on bills???

Anyway, will carry on looking into it

Utilities are high, pest control, garden services, pool cleaning, management fees, taxes, str fees, hoa fees and you wouldn't qualify for homestead...it is expensive

That's the point people aren't making money renting...they are lucky if they cover their costs especially with the glut of properties up for str, it needs to be something special to get consistent repeat rentals...and that's the reason so many brits who bought thinking they would make money are finding their homes are subject to foreclosure.

We love Florida and visit a lot...we also have friends (brits) that live there now and discuss this option a lot...but always decide to keep the cash in the bank.

we are off next week for our second trip this year..this time for 6 weeks can't wait!

Listerbelle

Lots of well explained points against buying a holiday place in Florida over at https://www.britishexpats.com.

BW

shaun_from_Africa

One thing that you should be extremely careful of when buying Florida properties is "Chinese Drywall"

http://en.wikipedia.org/wiki/Chinese_drywall

http://businessnewsexpress.com/foreclosures-with-chinese-drywall-still-being-dumped-on-innocent-home-buyers/