Foreign Buyers "Need-to-Know" List to Buy in FL

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Real Estate

1) How Realtors® Work in the US of A

Different here. Here Realtors® co-operate. You only need, me, one realtor to show and assist you to buy any home in a given area

USA has the MLS (Multiple Listing Service) = all  realtors’ listings are in one database

I am in Brevard County = Space Coast Association of Realtors (SCAR)

I am licensed to show homes and assist buyers and sellers anywhere in Florida

I actually work in the Space Coast, BUT I can and WILL refer you to any agent in the WORLD

Realtors® are paid by the Seller here

You may ask for more exclusive representation but then you will pay  - depends on what YOU want

Get what is best for you - I am a realtor with international experience

2) Is a VISA needed to buy?

NO – IF you plan to stay less than 90 days at a time.  Get an immigration attorney as part of your team – pay now so you do NOT pay BIG time later.  Check with your home country for their laws about buying here.

3) Home Inspections

Get one – no ands, ifs or maybes

4) Taxes

Property Taxes: (YEARLY) = (+/-) 1-3% of the home's assessed value

Rental Income Tax: You rent it out you may have to pay sales tax + income tax. Get an ITIN number.

FIRPTA: When you sell you will pay FIRPTA withholding tax.

5)  The Costs to Own

Get out the calculator

+Property Taxes

+Insurance

+Maintenance

+Utilities

+Cable/Internet, HOA (see #6)

6) Homeowners' Association (HOA)

Monthly Fee +

+ Learn if the HOA has money in reserve and well run

+ Learn what the HOA pays for and does NOT pay for (does NOT pay for = what YOU pay for)

HOA can be perfect for an “absent” owner

7) What Do YOU Want and Why?

A vacation home? 

Rent it out when you are away?   = need a good property manager

Want it for other family members?

Want it to increase in value as an investment?