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Does anyone here from the UK have a Florida home ?

Does anyone here from the UK have a Florida home ?

Old Mar 4th 2021, 3:51 pm
  #16  
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Default Re: Does anyone here from the UK have a Florida home ?

I would definitely rent versus buying at least for the first few years. If you are staying 6 months each time that could give you an advantage for renting over the typical northern US snowbird type who most likely is looking for 3 months or so. To a landlord a six month contract which would extend beyond the normal busy season might be attractive to them and give better rates and welcome you returning on a regular basis.
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Old Mar 4th 2021, 4:08 pm
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Default Re: Does anyone here from the UK have a Florida home ?

I don’t have a Florida home or any intention of getting one but I live in a place where only 20% of the people are “full-timers” and the rest are second homes.

Our local Facebook group is full of posts from second home owners frustratedly trying to find someone reliable to mow the lawns, weed, etc whilst they are not here. We had a huge storm recently and were without power for 3 days. Previously we were without power for a week following a storm. The second-home owners had to either drop everything and come and repair the damage or try and arrange repairs from a distance. It all sounded very stressful to me.

Also check the HOA and local city rules on renting out your home. It’s illegal where we live to protect the hoteliers. Also many of the full-timers have made it very clear that they don’t want different people showing up at the neighbors place every week. Whilst most people are respectful, we have in the past had problems with people renting a place for a huge party with noise till the early hours and leaving rubbish everywhere, and so on. Properties here require a lot of maintenance at the best of times. Renting one out over and over to people who just don’t care would be a nightmare.
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Old Mar 4th 2021, 4:14 pm
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Default Re: Does anyone here from the UK have a Florida home ?

Airbnb’s are often a huge problem. Drugs, prostitution, pedos, drunks, parties. Check the condos rules regarding Airbnb.
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Old Mar 4th 2021, 4:39 pm
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Default Re: Does anyone here from the UK have a Florida home ?

Originally Posted by davidtoft View Post
Hi Excpomea

Are you a Floridian ?

Also, how did you get stung with a big HOA fee, are they not set in stone from the outset?
I
I've had a couple of homes with HOA fees. They are reviewed periodically to ensure there are enough in reserves to cover maintenance and repairs. Certainly not set in stone.

I have slso known of people who live in HOA communities who have been faced with a 'special appraisement' whereby Management has agreed than additional cost must be covered by an additional payment from the residents. This is all pretty normal.
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Old Mar 4th 2021, 4:56 pm
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Default Re: Does anyone here from the UK have a Florida home ?

I know 2 people who have properties in Florida, one is now retired and was actually over here when Covid hit.

Part of the sales pitch was that their condos would be managed and rented out and they do get some rental income but found that the management companies naturally prioritise their own properties and perhaps most significantly they want to occupy during peak periods, so they are mainly looking to rent during the off season.

Obviously things have tanked in the last year.

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Old Mar 4th 2021, 5:15 pm
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Default Re: Does anyone here from the UK have a Florida home ?

Wow there are some fantastic and very informative replies on here, I think I have struck very lucky for finding this.

We;ve been to Orlando six times, plus I've been myself before that, Texas twice and a road trip from Seattle, across and up to Canada in the past, so have had lots of great experiences in America.

We are naturally attracted by the weather, if you were from the UK you'd understand. The winter means you are basically locked to your house with little chance of doing much, the weather pretty much ruining anything you want to do.

We love theme parks but more enjoy just being able to do anything, beach, walks, nature reserves, sightseeing any, so we aren't junkies regarding have to be theme parks constantly. Magonlia and West Side is an area that has come to our attention, and we know of Kissimee, Davenport and Haines City having holidayed there. We are 100% certain the I4 will never be a good place ! As I've said already the proximity to a theme park was merely to be able to rent it out.

I wouldn't rule out long-term renting instead of a purchase although it's nothing I've done before (we have mortgages to be able to own a house),but given our English mentality it would be like we'd be flushing money away rather than having something to show for it at the end. Very roughly, I'm presuming a three bed house out there will cost in the region of 10k if someone could block out that length of a window for us.

Anyway, this is a full on learning process for now and I welcome anything that gives us a clearer picture what to aim towards.

Has anyone here had a good experience of a second home in Florida for example, managed to land upon a reliable company to look over your home for the about six months you'd be away from it?

Thanks for all your time and replies so far.
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Old Mar 4th 2021, 5:31 pm
  #22  
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Default Re: Does anyone here from the UK have a Florida home ?

$1,500-2,000 p m appears to be the norm renting in my region just a short drive west of the parks. 5 or so years back that would have been $1,200-1,500 including pool/lawn care. Plenty of new sub divisions popping up and house prices are on the increase but for how long??
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Old Mar 4th 2021, 5:39 pm
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Default Re: Does anyone here from the UK have a Florida home ?

I would take a long term rental. Then the following year try a different part of Florida, then a different state. I would rather move around, rather than be tied to one area and all the problems having a holiday home can bring.
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Old Mar 4th 2021, 5:46 pm
  #24  
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Default Re: Does anyone here from the UK have a Florida home ?

Originally Posted by Floridablues View Post
$1,500-2,000 p m appears to be the norm renting in my region just a short drive west of the parks. 5 or so years back that would have been $1,200-1,500 including pool/lawn care. Plenty of new sub divisions popping up and house prices are on the increase but for how long??
Hi Floridablues

Are you a Floridian or someone who moved there?

Is the total you are quoting for a management company to look after your property or is that how much you could be charged a month to stay in someone's property?

Final question, do you know much about Magnolia at West Side? We are booked to come over next year, summer 2022, so will scope it out then but would always be interested to hear any early knowledge. We have stayed twice in Haines City on the gated communtiy of Southern Dunes, which we liked, close promximity to shops and food outlets. That's a candidate for our potential business as it stands. Also, if we went the condo direction, Cane Island on the Bronson highway we've stayed at twice and been happy. That would interest us too.

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Old Mar 4th 2021, 5:50 pm
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Default Re: Does anyone here from the UK have a Florida home ?

Having a property in a jurisdiction where you have no right to live ? Or even enter ? Go for rental !
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Old Mar 4th 2021, 6:57 pm
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Default Re: Does anyone here from the UK have a Florida home ?

You are 47 getting a B2 is not likely to be available to you and family for another 10 to 15 years........ so much could happen in that timeframe, that any advice you get now could be totally out of date.
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Old Mar 4th 2021, 7:02 pm
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Default Re: Does anyone here from the UK have a Florida home ?

Originally Posted by davidtoft View Post
Wow there are some fantastic and very informative replies on here, I think I have struck very lucky for finding this.

We are naturally attracted by the weather, if you were from the UK you'd understand. The winter means you are basically locked to your house with little chance of doing much, the weather pretty much ruining anything you want to do.

A.
Must admit that while the winters can be cold and damp, never was locked in the house with little chance of doing much while Iived there for 50 odd years.
Now, Florida with its humidity and bugs for several months in the summer, that could keep me indoors.......
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Old Mar 4th 2021, 7:21 pm
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Default Re: Does anyone here from the UK have a Florida home ?

My home is on US 27 not far from Westside and I know it very well. So many new sub divisions being built it's hard to keep up! I helped a fellow Brit repair the club house ceiling in Southern Dunes a couple of years ago but now I've 'retired' myself. The figures i quoted is for a rental property around the US 27/!4 corridor. Would be harder to find a furnished one on longer term rental but not impossible. So many property management companies here ranging from the mom & pop type to the large executive style ones and hard to gauge what any would charge which depends on the owners. Yes, I'm originally from Suffolk, decided I wanted to live and retire in Florida. !8 years later, still here but the wife decided it wasn't for her within the first couple of years! Honeymoon stage was over and I guess the same issues/ lifes problems still creep in no matter where you live! Happy to help some more if needed.
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Old Mar 4th 2021, 8:23 pm
  #29  
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Default Re: Does anyone here from the UK have a Florida home ?

Taking Florida out of the equation I can talk more generally about owning rental properties in the US. I have a full-time in NYC that is cash flow positive, it is a condo so similar to an HOA, it makes ownership really easy, no dealing with clearing sidewalks for snow (this would be like the grounds work in Florida), as others have mentioned you can get bigger assessments if work that is not budgeted for is required... just like a single family home owners who may have to replace a boiler or roof would. As an owner you vote on the board who then looks out for the owners interests, I believe HOA’s are similar.

I also brought a vacation rental in CT last year, due to delays getting furniture etc I only rented it for 6.5 weeks but was able to cover nearly 50% of my monthly costs for the year (not setup). Based on the rates I got in 2020 I can cover all my annual costs if I rent for 12 weeks a year, less if I charge a premium on the main holiday weekday like 4th July etc (and the season is longer than that, and there is winter potential with ski rentals).

What I will say to the OP is that I am 1h away from the property and went between every rental to check the cleaners work and leave a welcome note and basket. Having all 5* reviews is the only way to get top$.

The above 2 work well for me because of the way the US tax system works with schedule E, essentially once you add depreciation you pay little to no income tax on them even though they are cash flow positive. Aside from your issues in getting a visa to “live” here for 6 months a year you need to consider that you will likely end up being tax resident in the US and UK and that may not be as tax efficient as it is for full time US based.

I have started to look at some property in the US VI, but for many of the reasons mentioned in this thread I am hesitant (especially seeing what happens with CV19) having the place in the same state, let alone country made it workable. I plan to stick with local property ownership and to rent when we want to go further afield.



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Old Mar 4th 2021, 8:34 pm
  #30  
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Default Re: Does anyone here from the UK have a Florida home ?

Originally Posted by davidtoft View Post

We are naturally attracted by the weather, if you were from the UK you'd understand.


.
Er, you are on British Expats!!!
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