1) take a long drive from the Texas coast down to Key West, then on up to North Carolina, along the coast. You will see a lot of country and get an overview of how each region feels. Ideally, do it in July and January, to get a sense of the climate extremes.
2) rent for a month in an area that attracts you, spend a lot of time driving around to check out the various neighbourhoods.
3) once you see a neighbourhood you are interested in, rent for a month or a season there, and get to know the various sections, which side of the street has the best sunlight on cool January days, find out the dirty laundry at the HOA and CDD meetings.
4) make a clever insider purchase in the off season when there is blood in the water...don't be a sucker yankee buying the first thing he sees first trip down, while you are still hypnotized by the sight of a palm tree.
5) pay attention to ease of flight connections from your home area
pay attention to not being in a FEMA high risk flood zone and look for a high evacuation zone rating. Gated does not require homeminder for insurance purposes.
Yes and yes. I've got plenty of Canadian clients who own here. If you do not live in the property, then you will pay higher property taxes than owner's who occupy their property. That's pretty much true everywhere in the US.
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Thereâ€™s a great workshop going on about Florida real estate. Whether its visiting, vacation or settlement in Florida, its the perfect time to buy property in Orlando. Theyâ€™re holding real estate seminars around the GTA, and I think itâ€™s extremely worthwhile and an ideal opportunity for Canadian snowbirds. For more information, go to http://www.ownfloridanow.com. They have great rates as well.
Absolutely not ~ to the additional expenses. As others have mentioned, getting financing will require more money down than a US resident with good credit would have to put down and if you are not living here full time you cannot get the homestead exemption.
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There are no more additional expensed then if you were from California, New York, or Hawaii. The additional expense enters the picture when a person is a home owner and not a full time resident of the state of Florida.
The other thing to consider is inheritance tax. My understanding is that there is a significant inheritance tax for foreign owners of Florida property, but this is significantly impacted by your world net worth, and the issue can be managed with proper research and planning. For large properties, it pays to hold the house with a Canadian sole use corporation, avoiding death taxes.
Note that some insurance companies do not require property management of vacant snowbird homes if it is in a gated community.
If you want to discuss this further, email me at email@example.com
check out Paseo Fort Myers which is where I bought after extensive research.
You should not incur additional closing costs as a foreign purchaser. We are a firm that specializes in helping people locate property in the southeast. We have been doing this for over a decade and we are not tied to a specific area, community, development or developer. Our goal is to help you locate your ideal property. I am not sure this is the very best time to purchase FL, at least in a lot of FL. But, there are a lot of great opportunities if you know where to look and how to ask the right questions. Visit our site or give us a call.
The Schaffer Realty Group
I am from the UK and purchased my first home in Florida (Ft. Lauderdale). I didn't incur any additional closing costs as a foreigner but did have to put more money down. Contact Justin Friedle at firstname.lastname@example.org. Tell him that Trish MacDonald told you to contact him (so that he gives you VIP service!) He is a mortgage broker and the one that got me my first mortgage. I have found that there are many brokers who don't understand how to deal with mortgage for foreigners. Good luck and if I can be of more help, please don't hesitate to contact me.