Print this pageBuying a Property in Florida
Why Buy Property in Florida?
The US is the most popular country after Spain for British people buying second homes abroad, and the majority of them buy in Florida. Attractions include the climate, favourable exchange rates and the availability of flights (and bargain fares) from all major UK airports. Few purchasers appear to be put off by travel time – a minimum of eight hours from London, depending on whereabouts in the state you are flying to.
As the US economy recently slid into recession and the long-standing property boom came to an end, many developers in Florida have faced tough market conditions in which to promote their projects. One consequence of this has been that intrepid British buyers have been able to get some great discounts on new properties. Another is that the exchange rate between the US Dollar and Sterling means Brits are getting far more property for their Pounds.
Some watchers are predicting that the fall in Florida property is almost at an end, and prices have nearly ‘bottomed out’, so for people buying now it could be the perfect time for an investment.
Popular locations in Florida
This guide gives a flavour of the areas of Florida most popular with British second home purchasers – the central region around Orlando, the east (Atlantic) coast and the resorts on the southwest (Gulf) coast.
Although there are no restrictions on Britons buying a property in Florida or anywhere else in the US, there are limits to how long they can spend in the country each year (see Passports, visas and residency section). Many areas of Florida also impose restrictions on the number of days per year that homeowners are allowed to let their property. Some ban letting altogether, so if you are counting on your property in Florida to pay for itself through rentals in any way, it is vital that you know what the letting situation is as early as possible.
Related Articles
More links on Florida:
Distressed Florida property Below market value deals in the heart of Florida – bank-owned repossessions and distressed sales – perfect for investment or holiday homes
A Place in the Sun Live the UK’s only dedicated overseas property show takes place at Earls Court, London on 26th – 28th March 2010. Click here for your FREE ticket.