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Hoffman Realty - Tampa Property Management
Property Ownership in FloridaPROPERTY OWNERSHIP IN FLORIDA Whether you're buying in Florida for the first time, looking to acquire a new property or just want to explore your options, Hoffman Realty is here to help. Our primer on property ownership in Florida will help you accomplish your goals.
Decide on a region. Think about where you might like to purchase property. Do you prefer a golf course villa or something near the beach? Do you want to live in the city or in a more secluded area? Do you like the white, sandy Gulf coast beaches or grainy, wide-open Atlantic coast beaches? Choose a type of home. Do you want a brand new home (off plan) or a resale home? Will you use it exclusively or rent to others? Will it be a vacation home, an investment property or both? Think about amenities. Would you like a home with a private pool or one that shares a pool with others? Do you require a fitness centre, golf club or country club? Would you prefer a quiet, natural setting or something near exciting attractions and nightlife? Consider price range. Decide on a realistic price range for your financial position. Financing Information If you are planning to apply for a mortgage, here's some information to get you started. You can obtain a US mortgage from a Florida lender (paid in US Dollars) or a British-style mortgage (paid in UK Sterling). Hoffman Realty will gladly help you find the best mortgage to meet your needs through our network of bankers and mortgage lenders. British-style Mortgages. You can obtain a British-style mortgage through British Mortgages Abroad LLC. They have affiliates in throughout Florida and in the UK. US Mortgages Most U.K. buyers select U.S. mortgages as the best values for their Florida purchase. As a rule of thumb, foreign investors in the U.S. may apply for a mortgage of up to 70% of the property value. Keep in mind, however, that these mortgages will require you to have a U.S. bank account and tax identification number. A mortgage lender will explain your options in detail. The most popular mortgage with UK buyers is a Self-Certification Loan. The characteristics of a Self-Certification Loan are:
For resale properties, the seller determines the amount of deposit required to secure the contract. Often this is from 1 to 10% of the purchase price. For new (off plan) properties, the initial deposit required to secure the property is usually between $1,000 and $5,000. Many builders will also ask you to make an additional down payment of between 5% and 10% of the purchase price within 30 days. When the home is completed, the balance may be paid with cash or mortgage. Other costs (called Closing Costs) vary, but as a general rule you can count on 4-5% of the property price for off plan and 3-4% of the property price for resales. Mortgage lenders may also require a payment of about $500 to start processing your application. About Visas: Options for UK Buyers While the US does require documentation visas for foreigners living or working in their country, there are many options for UK citizens who want to buy real estate and live part or full-time in the US. By completing a visa waiver on the day they travel to the US, many UK tourists travel for up to three months without visas. If you are planning to stay for more than 3 months at a time, here is an overview of your visa options. The B Visa (tourism) This visa allows UK visitors to stay up to 6 months at a time. The E Visa (business) This business visa says that any British subject setting up a business in the US may receive a visa for an indefinite time period. The U.S. Citizenship and Immigration Services requires the British subject to show evidence that he/she is starting an enterprise rather than simply making an investment. It is possible to have your real estate purchases considered as an enterprise if you own or are purchasing more than one US property. The L Visa (long term) These long-term visas are granted to foreign skilled workers who have at least 4 years of university study or equivalent work experience (3 years of work experience equals 1 year of university). Family Based Residency If one of your immediate family members (parents, children, spouse) is a US citizen, you may qualify for residency. Hoffman Realty will gladly put you in contact with a US immigration attorney to handle your visa application.
               
MaryAnn Hoffman / Andrew Dougill
Phone
E-Mail Us
(813) 875-7474 Fax (813) 354-9278 Toll Free (888) 690-9216 xOp 1 Hoffman Realty, Llc
3900 W. Dale Ave.
Tampa, FL 33609
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