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The Buying Process |
Testimonials |
Orlando Villa Buying Process |
YOUR FIRST DECISION
Before considering the purchase of a home, you must
determine the purpose of the home. Will it be only a holiday
home? If so, will you rent out the property when it is not
being used by your family, friends or yourself? How
important is that rental income? Or will it be purely used
to generate income?
RENTAL RESTRICTION
Questions have been raised about rental restrictions imposed
within the Disney area. Three counties have different sets
of rules. Orange County did, some time ago, bring in
regulations forbidding rentals of less than 30 days. This
does not mean that a property owner cannot rent their house;
only that each rental must be for a minimum of 30 days.
However, the number of rental agreements in any year could
not be more than 12 at the most and so a property in Orange
County may not be the best place to maximize rental income.
Osceola County now has rental restrictions in place.
However, the position is very different from Orange County.
Authorities have created exceptions and exclusions to
protect the large number of investors who have already
purchased houses in the county and the large number who
continue to do so. Consequently and without going too deeply
into what are fairly complex provisions, many developments
have effectively been excluded from the restrictions
rendering them communities from which short-term rental
activities are allowed. Polk County and Lake County are
developing relatively fast. Therefore further investment is
being encouraged. It is essential that a prospective buyer
obtain advice as to the suitability of the property /
development and the use of which it is intended. Rental
restrictions should be carefully evaluated and understood.
We will gladly provide you with advice guiding you safely
and expertly throughout your selection process.
DEPOSITS
The payment amount of the initial deposit will vary from
builder to builder. Most will require a $1,000 - $5,000 at
contract stage. A deposit will enable you to write the
contract, thus fixing the price and protecting your chosen
"lot" or home from a price increase. A total of 10% based on
the contract price will be required prior to construction
and balances most times are due when home is completed.
BANK ACCOUNT
A U.S. Bank Account is desirable to facilitate the transfer
of funds. We will be happy to introduce you to one of the
major banks and assist you in opening a suitable account. An
initial deposit of $100 should be adequate to open your
account and this can be done online through a major bank.
CLOSING AND RENTAL SETTING-UP CHARGES
Many are concerned about hidden extras and have heard
stories about buyers being saddled with unexpected charges
for closing costs long after it has become too late to
withdraw from the purchase. Closing costs comprise of
several elements, many of which are stamp duties payable on
various documents but the biggest expense is usually
applicable to the mortgage. Some builders will make a
substantial contribution to closing costs. If a US mortgage
is not required some builders will offer a cash discount.
Finally, if the property is being managed and rented out,
you will need additional money for escrow, lodging license,
fire extinguisher and security bolts.
RESALE
The availability of resale Property changes daily. We will
be happy to include a tour of appropriate resale properties
within your viewing program should this be of interest to
you. Good resale Property will not generally be on the
market long, and while there is always a possibility that a
"bargain" may become available, a true bargain in a prime
location can be difficult to find. The importance of buying
in a "prime" sought after location is crucial if the
property's resale value is to be optimized. There could well
be a good reason why a particular resale is "cheap".
FINANCIAL MORTGAGE INFORMATION
While Florida property purchases can often be financed from
one's home country, US mortgages will frequently be more
attractive and are readily available subject to approval.
Advances of 75% of the cost (house, lot and pool) are
relatively simple to obtain, 80% are not normally a problem
although much more detailed financial information will be
required. We will be happy to introduce you to various
mortgage brokers with whom we are associated.
COMMERCIAL AND BUSINESS OPPORTUNITIES
We have companies listed, small and large, in all types of
industry. We provide a free confidential business analysis
for land, businesses and commercial properties up to $350
million dollars.
US VISAS
If you are an investor seeking to run a business in the
United States, you will need to obtain the appropriate visa
to do so. We will briefly explain these to you and we can
arrange a meeting with our Immigration Consultant at your
convenience
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