Buying a property abroad can be fraught with difficulties, but the possibility of owning a holiday place in the sun is very tempting. With the worldwide recession there are bargains to be had, especially in places like Florida, where far too many properties were built and the market was absolutely flooded.
As it is so easy for US citizens to walk away from their property if they can’t afford to keep up with payments, it’s not surprising that so many are now owned by the banks who will sell at slashed down prices just to get rid of them.
Of course, the disadvantage for a British or European buyer is that you will not be able to reside full-time in Florida. You’ll only be able to use your apartment or flat there for periods of months at a time, as most foreigners are only allowed to stay for a period of three to six months at a time.
However, if you can afford to pay for one of these bargain apartments, you could use the time when you are not there to let it out to holidaymakers, even including friends and families who enjoy the same kind of holidays as you do.
It’s a question of finding a good agency to help you through the buying process and then to run the property in your absence. Holiday lets aren’t always occupied, so there will be times when your property stands empty, but then at peak holiday times, you can charge high rental fees.
Millions of visitors flock to Florida every year. The nearer you are to theme parks like Disney and Wet N Wild the more chances of you having regular holiday bookings. Houses and apartments in Orlando are popular year-round.
Bear in mind the main tenet of advice from big business property developers like David Lichtenstein – that small scale property investors stay within their means when first buying property to let. In other words, don’t bite off more than you can chew and end up like so many others who have had to hand in the keys to their dream holiday apartment.