Ten Steps To Buying

Step 1: Make the decision to buy

It seems obvious, but it is good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want to buy in Florida and write those reasons down.
Determine how long you want to stay in the property; permanently, for family vacations or 6 months each year - does buying still make good financial sense?
Can you afford a house that will meet your list of requirements?
If you intend renting the property, are you happy that the rental income will cover your outgoings and if they do not could you still afford to meet those monthly bills?
Ensure that you not only buy with your heart but also your head. You need to find a happy balance between the two.
This is going to be an important decision and will involve a great financial responsibility on your part. Ensure you are getting what you want.
Be patient and remember that it can be a frustrating process. Learn and be prepared to keep learning. Do not be afraid to question what is being said. Think rationally.
Take your time and work at your own pace.

Step 2: Seek professional guidance

We will arrange for you to speak with a Licensed Broker to act for you in any possible purchase.
They will discuss the reasons you want to buy a house and your plans for the future.
They will talk about areas, short term rental zones, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and its possible rental to grow.
There are hundreds of details that go into each real estate transaction and you need the help of a broker who is acting for you and help make the process run smoothly and as worry free as it can.

Step 3: Begin the hunt

After our initial contact we will arrange for details of suitable properties matching your requirements to be sent to you after our colleagues in Florida have previewed them to eliminate those they feel would not be suitable.
If you then decided to view any of them, appointments to tour the houses at times convenient to you will be arranged.
As you tour houses, both the positive features and negative features will be pointed out to you and you can clarify what you like and what you don't like.
You'll probably amend your "wish list" as you tour houses, some things will become more important and others less important.
With this new information, you can refine your search criteria to narrow in on the house of your dreams.

Step 4: Know the market

An essential factor is the local knowledge of our local broker who will use their knowledge of the local market to help you in your house search.
They can let you know when the market in a particular neighbourhood is "hot" and requires immediate action or when the market is "cool" and allows for more thoughtful consideration.
You will be told when the asking price has negotiating room and when the house is "priced to sell". Their unique market knowledge will keep you a step ahead of the "house hunting competition".
In a "seller's market", it is not unusual to see multiple offers on a property, full-price offers and even above-price offers.
On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room, as houses are taking longer to sell.
At the present time it is viewed as a sellers market and properties are generally going very quickly.

Step 5: Find your dream home

We are confident that you will find your dream house. When you do, our Broker will put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favourable home inspection, clear title, etc.).
The offer is normally presented with "earnest money". This is a cash deposit, made to a home seller to secure an offer to buy the property. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).
If buying a new built home, you will need to place a deposit usually between $1,000 and $5,000 at the contract stage. This will fix the price and your chosen lot and protect it from any price increase. This will generally be non refundable unless your application for a mortgage is declined.
A total of 10% based on the contract price will be required prior to construction and balances due on the homes completion.

Step 6: Negotiate the deal

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. This counter offer can be discussed and you can decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse.
It is better to set limits prior to negotiating an offer and stick to these limits.

Step 7: Get a loan

You can finance the purchase from your own country or by obtaining a US mortgage.
Advances of 75% of the cost including the house, pool and lot, are relatively simple to obtain.
An 80% advancement is not normally a problem although more financial information will be required.
We will be happy to introduce you to various mortgage brokers both here and in the US with whom we are associated.
During the closing period, you will be working with your mortgage lender to close the loan.
It is possible to be pre-qualified for the loan before starting your home search, that is have an agreement in principal that you will be lent the money.
Your broker will gather the necessary property information your lender will need to close the loan.
You will need to open a US bank account and you will be introduced to one of the major banks to assist you in opening an account. An initial $100 deposit should be adequate.
You can furnish the house yourself or choose a furniture package. It is not recommended to spend excessive amounts on furniture, but it would also be false economy to buy inferior quality furniture that does not stand up to the wear and tear of a rental property.
Furniture packages will fully equip your home and include everything from colour TV’s, washing machines, dryers, fridges, pool and house furniture, lamps, pictures and even ashtrays, cutlery and all linens. You can be introduced to an interior designer who will go through the options with you.

Step 8: Close the deal

You will receive a 'Good Faith Estimate' of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs.
Your broker will be glad to review the 'Good Faith Estimate' answering questions and highlighting missing costs and estimates they believe to be low.
With new properties you can be sent photographs regularly showing the progress of your homes construction.
We will arrange to conduct the final walk through just prior to closing to ensure all your chosen specifications are complied with, saving you the cost of returning to Florida should you not wish to do so.
You will be introduced to recommended management companies that will be able to care for your home whilst you are in the UK.

Step 9: Move in

Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time.
You will be given a checklist to help you remember the numerous details that will make your moving day a pleasure.
Ensure your furniture is delivered and all is in correct working order and that all packaging is removed.

Step 10: Marketing and after sales

Afterwards and during this time Floridays4U will...

Lliase with you and help you in the marketing of your property and help in maximising your homes rental potential.
Help you prepare, develop and create a website to gain maximum exposure online.
Advise you on appropriate websites and publications to advertise with.
Help in compiling a home brochure for guests.
Be on hand to help in any way we can.