Below is a question raised by a prospective buyer, owner or seller of Florida property and the advice we were able to give:
I am thinking of buying a house in the kissimee area, I would be looking to pay around $170k and have seen lots of properties advertised in this price range, my questions are what is the long term letting market like in this area, is there much demand for properties and how much could you expect to receive for a 3/4 bed house. I have a good deposit 30 %, what sort of interest rates are currently available for buyers with this sort of deposit…?
On the finance part of the question, I’d echo Steve’s point below – sort out your finances first, above all else. We’ve seen finance brokers quote around 6% to 7% recently and last week one even quoted 4.5% for foreign currency loans – but we’ve also had other brokers announce that they can provide 75% of the purchase price and reduce it to 60% at the last minute, due to the rapid changes in loan company offerings. Changes happen at the last minute and can ruin a deal.
As far as rentals are concerned, the letting market is highly competitive. Buying in a short-term rental community will give you access to both markets if need be. Factor in the risk of carrying an empty property, whether you’re going for short or long term rental property. And make sure you’re advised about ALL of the ownership costs before you buy.
This is only one of many questions we’ve answered about Florida property. For free help and guidance tailored to your own individual plans relating to Florida real estate, please visit our Florida property website.