Foreign Home Buyers – 11 Tips for international buyers, buying properties in Florida.
Take advantage now of the dollar’s weakening comparing to the Foreign Currency
1. Take advantage of the services of an expert buyer broker agency
One of the main differences between the U.S. housing market and many other foreign nations.
Hiring a Realtor in the US for representation does not typically cost the home buyer anything.
Commissions are paid by the seller. Buyers can have an agent help them with all aspects of a real estate purchase at no charge. It is important that foreign property buyers with a broker with experience and excellent market knowledge of area. An experienced agent will help buyers find the most suitable home and negotiate the best price and terms.
2. Consider the Services of a Real Estate Attorney
There are many US Tax laws that can have serious implications for foreign buyers.
L a lawyer who test in the U.S. tax laws to considerable savings in set can lead when it comes to sell the property.
A Real estate attorney can also help avoid unnecessary tax liabilities when buying real estate.
3. Consider setting up a Qualified Domestic Trust
United States real estate held at death by an alien of the United States can be taxed at very high rates.
Proper installation can help the Trust defer tax until the goods are taken to the confidence.
4. Consider the cost of hurricane shutters Before buying a home in Florida Hurricane Shutters no small investment. Most small homes are looking at a spending a minimum of $3,500 to protect their homes.
If you are interested in a bigger house and installed hurricane protection invests in quality, should be aware of how much money the seller in the negotiations on a price.
5. Remember sprinkler – be aware that it can be very hot in Florida.
Homes need built in sprinkler systems to maintain the beauty of the landscaping.
However, there are many homes that do not have sprinkler systems and there are those that are not functioning sprinkler systems. The cost of adding or repairing a sprinkler system is considerable. Condo units they include the landscaping costs in the maintenance fees
6. Beach front vs. Mainland
There are many buyers who want the country they live on a beach front and think because they have heard about the beauty and immediate access to water, but there are those who are dissatisfied with their choice. There are many benefits of living on the mainland. For example, there are luxurious condos that are minutes from the beaches and entertainment. You can have waterfront views and a boat and avoid paying the prime prices of living on the water
7. Maintenance Fees
Maintenance fees can be quite high depending on where you buy.
You also have to consider taxes and insurance costs homeowners, and sometimes make the cost of maintaining home buyers in their annual budget. In some condo development, the cost of the building insurance is included in the maintenance fees
8. Family Neighborhoods
South East Florida has neighborhoods that are quieter than others tend, and there are those that are filled with children and all the noise that comes with them.
If you are hoping to buying a home where you will have peace and quiet let your Realtor know.
An expert agent know which areas are best suited to your needs.
9. Homeowners insurance deductions
Your agent can inform you aspects of your homeowners insurance deduction because they could save a lot of money in the long run.
10. A house with a pool and / or Jacuzzi
The Florida Department of Health reported, “”death by drowning for children under five in Florida are more than twice the national average and are higher than any other state in the nation.
More than two-thirds of these deaths occurred in swimming pools.”" Many people dream of a house in Florida with a pool and is a great dream, but everyone needs to consider pool safety.
Again, ask your Realtor what you should be looking for and/or avoiding.
There are many more tips and laws that are important for international buyers.
It is important for International home buyers to choose a Realtor that knows the Florida real estate market well.
11. Known expenses – Depends on the condition of the property
To prepare your budget, make a list of monthly expenses as follows:
- Mortgage (if exist)
- Taxes – about 2.2% from the purchased price, paid annually
- HOA – these are the monthly maintenance fees paid the condo association
- Insurance – Homeowner insurance
- Management fees – If you pay for looking over your property
- Electricity – Because of the high humidity in Florida, air-conditioning has to be on even if no one occupy the property(usually it is set for 80 degrees (26 degrees Celsius)
- Misc charges such as repairs etc.
For an investment property
- Rent – monthly income
- Vacancy – 10% in desirable locations (roughly)
- Management fee – different for an investment property, usually 10%
- Misc expenses – different for a rental property $500 – $700 annually