Everything you need to know about buying a house in Florida

The opportunity for a return on investment has led many foreigners, especially Brazilians, to invest in buy a house in Florida. Whether for rental investment in Vacation Homes (Vacation home), or residential property.

One of the reasons is that it's easy for foreigners to buy a property with a mortgage. If the idea is to rent a property, the rental income itself can pay for the financing of the home.

There are several facilities that many Brazilians don't know about, such as buy a house in Florida, we detail in this post. So that you understand how simple and profitable this process can be.

As previously mentioned, although many people don't know it, the process of purchase of real estate in Florida is quite simple. And it brings a number of benefits, such as: dollarization of assets, investment diversification, security, currency stability and many other advantages that we'll highlight below.

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Coreign buyers were responsible for US $ 153 billion in residential properties in the United States between April 2016 and March 2017. This means a jump of 49% compared to the same period last year. The information comes from National Association of Realtors. The previous figures show that the previous average for 2015 was exceeded.

Monetarily, last year sales to foreign buyers accounted for 10% of the entire amount invoiced in the United States (153 billion), and 5% of the number of properties sold. In total, the foreign buyers purchased 284,455 homes. Incorporating an increase of 32% over the previous year.

Chinese buyers led the pack for the fourth year running. Followed by buyers from Brazil, Canada, the United Kingdom, Mexico and India.


Source: CNBC | Foreigners snap up record number of US homes, by Diana Olick

 

The purpose of buying a house in Florida should be your starting point



1 The first point to consider is the purpose of the property you intend to invest in. The property can be used as an investment for a Vacation Home, a property for fixed monthly rentals, or simply a property to be rented out. to live in the United States with his family.

Source: National Association of Realtors | Reasons that Foreigners Purchase U.S. Existing Homes by Diana Olick

This decision has a direct impact on the region where you intend to invest in your property. For example, there are areas set aside for Vacation Homes, meaning you can't just buy a property in any area and rent it out for the purpose of having a vacation home. There are specific areas in the city for this purpose.

It is also worth noting that the public who will be renting this property will usually prefer properties close to theme parks, supermarkets, infrastructure such as golf courses, outlets and convenience items during your stay in FloridaTherefore, location is extremely important if you want to keep your property rented out and get a return on your investment.

 

Buying a property to live in and/or rent out long-term


On the other hand, if you want to buy a property to invest in a fixed rental through an annual contract, it can be in any region of Florida.

But strategically it's important to define who your audience will be (tenants) and how easy it is to rent in each region. This will ensure that you always have your property rented.

This also has a direct impact on the income you will get from the renting the property.

However, if your goal is to have a property to live in with your family in Florida, you should only take into account your personal preferences. These can be determined by region and other very important factors such as schools for their children. These are the points that make all the difference to this decision.

To help you with this decision, see our post on the characteristics of each region of Orlando.

 

How do I manage a property in Florida while living outside the United States?


Frequently asked questions by those wishing to invest in a Vacation Home are: How will the property be rented out throughout the year? And who will maintain, manage and clean the property?

The answer is simple. There are property management, or "Property Manager"They take care of everything for you.

These companies will be responsible for making your property available on major travel portals around the world. Your home could be available on sites such as Booking, Decolar, Viagens.com, as well as the administrator's own property library.

The process of buying a house in Florida


2 Once the objective has been defined, the next step is to find out how make it possible to buy the property. Which is an extremely simple process that we'll detail below.

The first point to know, and one that raises doubts, is whether a foreigners can buy property in the United States. The answer to this question is YES.

Anyone with a valid passport - regardless of their immigration status or visa type - is able to buying property in Floridawith the option of financing up to 70% of the property's value.

Incredibly, even the financing process for a foreigner in the United States can be simpler than financing a property in Brazil. And believe me, with infinitely lower interest rates, between 5-6% per year.

However, there are some requirements for this process. For example, the minimum amount to be financed must be 100,000 dollars, as required by the bank.

In order to finance a property in the United States, you need some kind of valid visa. This can be a tourist, student, work or any other type of valid visa. If you are buying the property for cash, this is not necessary.

Normally, a financing process takes an average of 45 days to complete.

Buying a property outright, without the need for financing, is an even simpler process. The deal can be concluded within 15 days of the offer being made to the seller. This gives you a number of benefits, such as, you can buy directly from Brazil.

It is important to have a property management reliable. So that you take good care of your property and provide your guests with a safe and comfortable service.

Keep in mind that you need qualified brokers on your side. So that they can provide you with everything you need to have the property of your dreams safely.

A very important tip is to bear in mind that there are thousands of brokers in the United States. However, an important point to note is whether these brokers have a structure and qualified service focused on when selling to foreigners. Since this is a process that requires greater flexibility and personalized attention, for obvious reasons, such as distance, language, documentation, etc...

O The Florida Lounge can advise you safely and calmly so that you can own your property in the United States and understand how to buy a house in Florida. We even have two physical stores in Brazil to serve you exclusively. Click here to contact us directly.

 

Proposal time


3 After defining the purpose of the property, the way in which you wish to acquire it and the consultancy or professional who will lead your entire process, the next step is to make the proposal for the purchase of the property.

When you find the house of your dreams, ask the professional who leads your process to arrange the "Contract to Purchase Real Estate" (Contract for the purchase of real estate).

This document will show the seller the price, term and payment conditions for closing the deal.

At this point you will need to make a deposit of between 1% and 3% on the value of the property to the seller. This will ensure that your offer is secure and has a real purpose. purchase agreement.

Another very important point, especially if you want to buy a second-hand property, is the property inspection (mandatory for financing cases).

This assessment should be carried out by a competent company. It is necessary to check and evaluate items such as: soil settlement, drainage, erosion, pests, structural integrity, air conditioning, heating and cooling systems and the condition of the property's electrical and hydraulic structure.

The Key Moment and the Aftermath of the Purchase 


4 Certainly, the most awaited moment is when you pick up the keys to your dream home in the United States. Regardless of whether you're buying a house in Florida (to rent or to live in), this is the time to celebrate with your whole family.

 

Once all the above steps have been completed, all the documentation and the keys to the property will be handed over to the owner. Then it's time to enjoy your family and take care of your new property. 

In conclusion, buying a property in Florida is a simple process, available even to foreigners - including the opportunity to finance 75% of the property's value.

However, the steps described in this post should be checked carefully if you want to be successful with your investment.

Let us help you with your dream. Contact us now and make a simulation.