Straight Talking
For those that have worked with us in the past you will know that we are a very factual company and despise professionals who beat around the bush and dont give the true facts.
Good news or bad news we believe that it is better to tell it ‘as it is’ rather than try to flower things up or avoid giving the full facts. That way correct decisions can be made and time is not wasted.
Accordingly we will continually upgrade this part of the web site with facts about the real estate industry. Some information will reinforce your current understanding and other facts will hopefully make you think and safeguard you in the future.
New Visa....stay in Florida all year round
If I had one pound for every time someone has asked me how I managed to obtain my visa to move from England to the sunshine of Florida I would be a wealthy man.
For those who I haven’t had the pleasure to speak with either face to face or by email, I operate ‘The British Realtor in Florida’ real estate brokerage based in Naples , Fort Myers and shortly Sarasota and my visa is an L1 visa as this company is a US extension of a group of UK companies which I am the managing director of ( The Simply Think Group ) .
My situation is slightly unusual to most as I own a number of companies in both the UK and the
US in diverse fields and employee over 100 people from these companies, accordingly I tick a lot of the boxes on immigration.
Most people who ask me the question above are in totally different situations to mine and in many instances are retired and are also therefore limited on other routes to obtaining a visa.
However at last it appears that the US immigration is seeing the benefits of having certain foreign individuals in the country spending their overseas income over here and giving to the local economy without taking anything from it.
At this present moment a new legislation is before Congress which if approved will give a route to foreign individuals who fit the following criteria.
1. Are aged over 55 years of age
2. Earn their income /pension from outside the US
3. Purchase a home in the US for a minimum of $500,000
4. Have no past criminal record
5. Have medical insurance
These individuals will be granted a temporary visa and willhave the opportunity to then apply for a permanent visa.
Also a second option is being proposed whereby an individual who buys a home for a minimum of $250,000 either to live in part of the year or for investment will have the ability to extend the normal 180 day temporary visa to 240 days.
It is envisaged that not only will local businesses benefit from the increased revenues provided by foreign spending but also the real estate market will again attract more foreign buyers.
I will make a point of ensuring that I update this blog once more information is known on this new legislation. In the meantime , this is ‘ The British Realtor in Naples & Fort Myers’ wishing you a happy fathers day. Simon Brooker 001 239 682 4319 simon@thebritishrealtorinflorida.com
Investment or not ?
If you are going to buy a home in florida to use yourself 3 – 4 times a year and intend to rent it out as much as possible for the remainder of the year ,the chances of you making profit or breaking even is very slim. You must be prepared to tie your money up with no return. Long term investment is a risk of the performance of the property market.
The cost of property taxes, HOA fees, Agents fees, Pool cleaning, Yard care, Pest spraying, Air con servicing and general maintenance can very easily outweigh the income from rentals especially if you want to use the home yourself in season. Very few homes are rented in the US summer months from July to September.
If you do want to buy an investment in Florida you need to find a home which has no HOA fees so normally not on a community and, is within the catchment of popular schools and close to amenities . You also need to be looking at renting it annually and unfurnished.
Will an agent with high profile offices sell my home quicker and achieve a better price than an agent with not such a high profile ?
Firstly one thing that you need to be aware of is that in the majority of cases the agent who introduces the buyer is not the listing agent. This is because the way the system works in Florida is that once your home is listed on MLS it is open to every licensed realtor to offer to their prospective buyers. When a successful transaction is negotiated the listing agent and the introducing agent share the commission.
Therefore who the listing agent is and where they are located has very little bearing on their chances of selling your home. Believe it or not in Naples alone there are over 4000 licensed real estate agents which is a fantastic sales force working for the listing agent.
Once listed these agents will be offering your home so every potential buyer will be contacted.
What is important with the listing agent you use is that they have experience in negotiating and are dedicated to achieving the highest price for you, not just brokering the deal…
If you have a question you wish to ask now rather than wait for me to cover it, send me an e mail as I would be happy to respond simon@thebritishrealtorinflorida.com
Capital Tax held even if you make a loss
Under legislation when you sell your Floridian property the title company or attorney has to hold back 10% of the money and send it to the IRS unless you have a exclusion certificate in place. This applies whether you have made a profit or a loss on the property so be aware.
The process of obtaining a certificate can seem to be complex but once it is learned it is relatively straight forward. If you need some advise do not hesitate to contact me and I will talk you through the process that you have to follow. simon@thebritishrealtorinflorida.com
More straight talking to follow soon…