FAQ

How much deposit do I need?
A fully refundable reservation deposit is payable to reserve your home and fix the price of anything between $1,000 and $10,000 payable by credit card, cheque or wire transfer.     This deposit is guaranteed to be fully refundable without interest up to exchange of contracts.  Upon exchange of contracts a further deposit is required usually between 10% and 25%.  Some builders require stage payments.

 

Are there any costs above and beyond the purchase price?
As a guide, buyers should allow approximately 4% of the total purchase price.  However, some builders will contribute $$$$ towards closing costs as an incentive to purchase their homes and use their recommended mortgage broker.

 

Should I open a bank account in the US?
A bank account is needed in the US, it is a straightforward procedure and we will help set it up for you.

 

Are there any rental restrictions in Florida?
Yes.  Different communities are zoned either as short term rental, long term rental or residential.  Our Orlando agent will give you the necessary advice as to which home to buy.

 

How many weeks rental do I need to rent my home to cover the Running costs?
This is of course dependent on the type of home chosen, location and the amount and term of mortgage.  As a general guide, if you secure a 70% mortgage, you will need to rent your home for about 30/35 weeks per annum to break even on an average size 4 bedroom detached pool home.  Keep in mind however, if you intend to purchase the home strictly to rent it out as an investment, rental is not a guarantee of profit and should not solely be used to pay for the entire running costs.  It is strongly encouraged for you to supplement any rental programme with 4 to 6 weeks rental of your own to ensure bookings.

 

Which Management Company should I use?
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 rent out your home, it is also important to use the services of a company that will provide you with high levels of occupancy throughout the year.  A good management company will provide owners with a comprehensive, professional and totally reliable service.  They in turn should be backed by large booking agencies and wholesale travel providers.

 

What if someone damages my home during their rental period?
If you are renting 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.

 

What standards of furnishings should I select if I am going to rent out my home an a short-term rental basis?
Many developers deliver a complete package including all furnishings, kitchenware and linens.  For the developers who do not provide furniture, our relationships with several local furnishing providers will allow you to furnish your home professionally and economically, providing excellent value for money.

 

How long can I stay in the US?
You can visit Florida for 3 months at any one time by completing the Visa Waiver Scheme entry form. You can spend six months on a visa in a twelve-month period.  Immigration and working in Florida will need expert advice as it is very difficult to obtain and the criteria is very restricted.

 

What income tax do I pay?
If you are a UK resident, you are liable for tax on your worldwide income and gains.  Associated annual costs, taper tax relief and annual exemption allowance should reduce your tax liability significantly.  Professional assistance regarding your own situation is recommended and we can provide the contact details for a tax adviser.