Buyers Guide for Realty in USA

Due to the popularity of rental properties amongst the British, the area deserves a section in its own right. Firstly, be on your guard.

You are probably already aware of the importance of zoning requirements being complied with. These cannot be stressed enough. There are other factors all too often, less clearly emphasized, which would prevent a lot of heartache and loss of time and money.

The problem in the case of rental properties is that many potential buyers have been there on holidays, fallen in love with the area, and are more than ready to be sold a house from the vast range of beautiful properties that far exceed in price and quality anything to be found in Britain, thus, fulfilling their American dream. In addition, a number of property and rental companies then guarantee rentals for a certain period of the year, and the dream becomes complete, with the bonus that your rental customers are paying for it!

There are many cases where the dream is realized and British property owners have been very happy with the income and personal pleasure from their rental villas. They have enjoyed wonderful holidays, as well as a source of income that covers most, or all of their costs.

Unfortunately, there are other cases, rarely mentioned, where the dream has become a nightmare. This can be due to many reasons, such as the wrong location having been chosen or the guaranteed income is at too low a level, or is not guaranteed after all. For example; if a large travel company cuts back on its block booking; can the company making the guarantee provide contractual and financial evidence that they can and will cover the losses to fulfill guarantee obligations; If the mortgage payments increase, can the costs be covered; or what happens if there are problems with the management company and your service bills do not get paid. In Florida a lien can then be applied against your house.

Of course, at the time of purchase these possibilities were never discussed, glossed over or were dismissed, out of hand. Unfortunately, they have all happened and continue to do so. And, when the time comes to sell, is the price of the furniture package recovered? What may have seemed a reasonable price at the time for the furniture package can turn out to be a very high price, due to the high level of profit built-in by the builder? With all those new houses being developed, will you be able to sell at a level that covers the outstanding mortgage? In certain areas of Orlando/Kissimmee, just look at the number of "for sale" boards. However, in other areas of Orlando and The Gulf Coast house prices continue to increase.

Some agents offer free inspection flights, and/or accommodation. Many clients ask are they worth taking? The saying, "there is no such thing as a free lunch" holds true. Who pays for the flight? The cost must come from somewhere. If you take an inspection flight, the company you go with can hold all the cards. They select the properties you will be shown. They determine your itinerary. Do they show you a good selection of resale properties, including those with lower rates of commission? This may not be a motivation if the commissions are higher on new properties. A good agent will spend considerable time in finding the best value properties to meet your requirements. The value to you of that time in obtaining the most suitable property at the lowest price will be far in excess of those flights.