We can also recommend Mortgage Brokers to you.
Jim Soda .. TheSodaGroup.com
Keller Williams Realty Internantional
Sarasota - Lakewood Ranch
The further South from Sarasota the better your opportunity for buying a more affordable second home. Englewood FL, off of 776 from US 41 (8 miles from Venice ) has excellent opportunities.
It is not your responsibility to be concerned with the zoning. Any home that you find should be zoned appropriately through Sarasota County Zoning. a second home in this down market is a wonderful idea!
Here are some things to keep in mind if you are planning to purchase an investment property. First of all decide how long you plan to own the property before you buy it. The longer you own the home, the more money you will need to put into it for maintenance, repairs, and improvements. Then decide your purpose for investing. Is it for rental income? Are you looking to build up appreciation and resell?
Don't count on appreciation. With the market the way it is right now, appreciation is not a guarantee. When looking at homes, you want to purchase a home that would have an attractive resale value no matter what the market is like. Obviously you would like to make a profit if you did resell.
If you decide to rent the property, you want to rent it for at least 1.5 to 3 percent of the purchase price. It is necessary to make sure your rental income will cover your out of pocket expenses such as the mortgage payment, taxes, insurance, maintenance, repairs and vacancy rate. Right now, demand is higher than supply. Check with local real estate agents or call rental ads to see what the going rental rate is within the areas you are looking to purchase a property.
Try an investment calculator such as the one at goodmortage.com. Go to their web site: http://www.goodmortgage.com/Calculators/Investment_Property.html. This will give you a good idea of the financial situation if you decide to rent an investment property.
There are tax benefits in any real estate investment whether it be rental homes, apartments, vacant land, commercial buildings, industrial, shopping centers, or warehouses. Check with your local tax advisor before entering into a purchase agreement for any investment property to make sure you qualify and follow the strict requirements.
Jim Soda TheSodaGroup.com
Keller Williams Sarasota-Lakewood Ranch
Top 5 In Real Estate Member / Keller Williams Luxury Properties
Your getting some very good responses from some of the agents. I work with a lot of International buyers and sellers just like yourself. Siesta Key and Anna Maria Island are both great places for year around vacation rental abilty. I have a number of listings myself on Siesta Key that have vacation rental income right now. A new buyer would be able to continue with the programs that are in place with these properties. I also have another personal listing on Anna Maria Island with good vacation rental income. A good vacation rental can bring in $10K to $18K US a year. My listings on Siesta are both well over $20K US a year.
If your a golfer, Stoneybrook Golf and Country Club of Sarasota would be a great option that has a vacation rental ability. There are many Brits that own and live at Stoneybrook of Sarasota.
Englewood area is lovely! I just sold a condo in Placida at Hecienda Del Mar this month. We close in another 25 days. Though that region along with Venice will not have the vacation rental incomes like Siesta or Anna Maria. I would certainly not rule out Lido Key or Longboat Key for a vacation rental property either. Your budget and personal tastes will dictate what would be some of the better options for you.
Please contact me. I would be happy to work with you and get you the kind of information that you are most interested in.
I sell properties in all of Sarasota County and my office is on Siesta Key. Give me a call. I can help you with this.
Thank you for your very good questions. There are two areas that you should consider on the Gulf Coat, Siesta Key and Anna Maria Island. Both of these location are great for short term rentals. Siesta key is so popular because of it's beautiful white sand beaches and was recently named the #1 beach in America! There is also a darling village on Siesta Key for dining and shopping Anna Maria Island is very popular with tourists as well and many Europeans enjoy their vacations there. The beaches there are also very beautiful. Either one will do the trick, it's just a matter of finding the right property. You can do that at my website! Let me know if you have further questions.
You as a UK citizen can own a second home and then you can call a Property Management ( I can help you with this) to rent the home out for you, and handle the transaction.
I have some excellent ideas for you! I have an ideal Manasota Key home for you to consider! It is only $225,000.