For anyone thinking of investing in the US housing market, Florida is a great option. The Sunshine State entered 2015 more valued and has good offers and values. But an acquisition like this can be a big step. So if you have plans to buy house in Orlando or Miami, consider the following this 10 steps before closing the deal.
1. Set your goals
One must keep in mind what you expect before buying property in Orlando. If the goal is to have a place to rest after retirement or a form of income when not using the property. Answering this type of question, it will be easier to find the most appropriate property and location.
2. Prioritize location
The acquisition of a property is an important decision, and the location should be considered important and done very cautiously. Do you want to be close to Disney, other parks, shopping; the city attraction, crowds or a retreat to play golf? Thus, it is necessary to think about buying a well located property, close to popular tourist spots.
If your idea is to rent property in Orlando or Miami as a vacation home, buying a house in a communities zoned for short term rentals, to provide greater flexibility to its guests it is ideal. If the neighborhoods you choose not count on this credential, your home can only be rented to long-term meaning, for more than seven months.
3. Find a good real estate
In the US, there are two types of professionals in this field: the estate agents (real estate agents) and the realtors (brokers). Both are licensed to sell real estate in Florida. However, the difference between the two is that the broker is necessarily a member of the National Association of Realtors and must adhere to the ethics code Association.
When choosing your agent or broker do some search. You may find a professional who has years of experience in selling homes in Orlando. However, if you reside outside the US, give preference on having a real estate agent that sale to foreigners. Find an agent with expertise in this area is critical, as he or she who will guide you to the best purchase and important connections, such as lawyers, mortgage consultants, etc.
4. Buyer Agent Agreement
Once you find your ideal real estate agent, he or she probably will ask for exclusivity. This practice is quite common in the United States, is made by a buyer’s agent agreement, which seeks to protect both parties. For the agent, the contract is the assurance that you are only working with him, also ensuring the details of the commission. For the buyer, the contract keeps the agent committed with fidelity, honesty and dedication to the established goals.
Signing a buyer agent contract is not mandatory, but most agents will request some sort of agreement before devoting their time to you.
5. What is MLS?
In Florida, you can find all properties for sale listed in a central database known as Multiple Listing service (MLS). This list is available to all agents and brokers in the state and can be seen in all real estate sites powered by the MLS.
In this regard, it is important to know: you do not have to drive to the agent related to listed property which you are interested. The focus of this is that the buyer can find the ideal property, and the agent is to guide you through the purchase and not having to change agent each time a home is visited.
6. Make an Offer
In the United States, it is very common for homeowners to receive proposals made upon their original values, stay tuned and not accept the first value that is offered.
If you have found the perfect home to buy, ask your agent to prepare an offer, known as “contract to purchase real estate” or contract for the purchase of real estate. This contract will appoint the price of the offer made by you, the deadline for closing of the deal, the form of payment and other conditions.
Along with the document, you need to make a deposit in good faith to the seller, which generally lies between 1% and 3% of the property value. This will ensure the seller that your offer is genuine. The return of this deposit will depend on the attention from your broker for the deadlines stipulated in the contract.
7. Inspect the property
When buying a home, it is important to check everything very closely. It is also essential to have qualified professionals to help you in this process.
That’s because only he or she has enough experience and knowledge to ensure that you are not getting a nightmare of a home.
At inspection a professional take into account: pests; soil settlement, drainage problems or erosion; noise and odor; structural integrity and foundation. In addition to providing heating and cooling systems, as well as electrical and plumbing of the house.
8. Hire an insurer
If your offer is accepted by the owner, you need to hire the services of an insurance company, which does nothing more than recognize the legitimacy of the transaction and documents and issue an insurance policy that will be effective throughout the buying process. The main responsibility of this type of company is to facilitate a closing agreement without any problems, with the protection of the house over this period.
9. Consider purchasing expenses
When calculating a value to buy home in Orlando, you should also take into account the purchase closing costs. You may also consider rates as insurance, transfer taxes, property taxes and mortgage rates – if any.
Há outros casos ainda, como compras feitas através de empréstimo, que somam entre 4% e 5% nos custos de fechamento; já com o pagamento em dinheiro, estes valores caem para 1% a 2%.
10. Mortgage or Cash Purchase?
If you are planning on paying the property in cash, do not hesitate and complete the purchase this away. There are some condominiums in Orlando, near the attractions that only accept cash payments purchases. But if you are determined to mortgage your future property, it will be required a specialized broker in mortgages.
Mas, se você está decidido a hipotecar seu futuro imóvel, isso exigirá um corretor especializado em hipotecas para estrangeiros, assim você terá claramente explicadas suas opções. Isso porque o tipo de financiamento disponível varia de acordo com o seu país de origem e o seu status de visto. Se aprovada a hipoteca no seu caso, você deverá destinar entre 35% e 45% para a entrada do imóvel, e um orçamento para de 6 a 24 meses em reserva, em uma conta bancária.