Many people who travel to Orlando, Florida from outside the U.S., such as Canada or the U.K., enjoy their holidays so much, they decide to buy a second home here. If you want to make Central Florida your “home away from home,” there are some important points you need to know before you buy.
1. Decide How to Pay for the Property - Many foreign buyers wind up purchasing a holiday home with cash, since financing can be difficult to obtain. If you plan to finance your purchase with a U.S. bank, expect that a minimum down payment of 30 percent will be required. A U.S. mortgage also generally requires far more paperwork than loans secured in other countries. Another advantage of raising finance outside the U.S. is that your holiday home purchase in Florida could be considered cash, potentially saving you thousands of dollars in bank related closing costs.
2. Use the Multiple Listing Service (MLS) – Home buyers in many countries outside the United States have to talk with many different real estate brokers to find a home. But in the U.S., buyers can find all real estate listings in one place, the Multiple Listing Service or MLS. As a result, foreign buyers can get information on all MLS-listed properties while working with just one real estate broker.
3. Find a Local Real Estate Agent – Foreign nationals who seek to buy a holiday home in the Orlando area will be best served by seeking help from an Orlando real estate agent who specializes in working with foreign buyers, such as Team Donovan. Our team is comprised of both European and American-born agents, who work effectively with clients from around the world. Our firm differs from traditional U.S. brokerages, where each agent is an independent contractor; these agents survive only on commissions which can lead to infighting and erodes efficiency. Team Donovan agents are all on the same team; every team member works for all of our customers and we all have a share in the profits of our work. This leaves us with more time for one-on-one communication with our clients.
4. Visa Requirements – As of now, there is no special U.S. visa requirement for foreign nationals desiring to buy Florida real estate. However, this can change, if you plan to stay longer in the states for longer than 90 days at a time. Your country of origin may have rules that apply as well. Before purchasing an Orlando holiday home, it’s wise to contact an immigration attorney who specializes in matters between your home country and the U.S. For more information on visitor visas, visit the U.S. Department of State’s website.
5. Choose a Home Inspector – Finding the perfect holiday home is just the first step in the buying process. Sometimes, there may be problems with a property that can’t be detected by the naked eye. That’s why it’s important to seek a second opinion from a home inspector. These individuals can ensure that your property is free of major defects, or at least let you know where any trouble spots are. Real estate agents, like Team Donovan, can provide you with a list of recommended home inspectors. You can also visit the following websites for assistance: American Society of Home Inspectors (ASHI) and the Florida Association of Building Inspectors (FABI).
Contact Team Donovan today at (407) 705-2616 for help in locating a holiday home in Orlando.
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