Researching Buying a Home in Florida - advice please?

lawtz04

Hi,


I am currently researching into the possibility of buying a holiday home in Florida, with a view to renting it out most of the year and using it ourselves once or twice a year.


I would love to hear from anyone who has experience of this and their advice, positive and negative.


Thank you
S

AnnaLMLH

Ive friends who do that, they say there best advice is that if you can afford to cover the mortgage, grounds fees, other fees etc for a year yourself without rental its worth looking at, if not then it can turn into a money pit

ognum

I don not own a holiday home in Florida but do own one an equal distance away.

For anyone buying a holiday home anywhere I would have the same advice.

- Don't invest money you cannot afford to walk away from
- Remember all the upkeep costs and who is going to do it
- Your holiday will cease to become a holiday if you are sorting out taxes, furnishings and repairs.
- If the fridge goes wrong and you are not there your renters want a new fridge now. How will you do this?
- Remeber you will need to pay UK tax on your rent

I do not rent out my second property it is a home and I spend many months there but I have discussed second homes with many friends who have them, the majority have said they would not have done the same again.

The thing you forget is that it ties you to that holiday, if you get fed up and want to go somewhere else then either you do that as well or you have to go to your holiday home.

Understanding a foreign property market is difficult make sure you get good advice, well done for asking here!

vanilla_twist

My parents had a holiday home in florida for 8 years. Did buy after crash when $2 to the £1 which helped.

I agree it is not that much of a florida holiday as need to allow at least 5 full days seeing agents, getting repairs done and updating.
Lots of fees as have pay bills through an agent. Homeowners associations get on your back and are quick to fine if grass not cut or sprinklers dare to be activated on the wrong day.

For my parents it was a project and a bit of fun. If you can get rentals for 26 weeks of the year you are doing very well. We did allow groups of men (usually golfers not stag parties) and also dogs (charge a higher deposit and insist on a carpet clean at the end of stay).
My parents installed solar pool heating, hot water and electric. People renting think nothing of leaving air con on all day while out and costs a bomb to run. They didn't keep house long enough to get their money back on the solar but as I said it was a project for them.

Definitely buy in a zone that allows all types of rentals. A lot of americans do rent houses and nice to fall back on.

You also need a very good neighbour who will keep an eye out for you.

All that said I would definitely do it if I had the money to spare. It was great fun but then when we visited it was just myself and my parents, I imagine it would not be the easiest thing to do with children in tow plus if you want cheap holidays wannavilla and ownersdirect have cheap rentals anyway.

HTH

V x