Welcome U.K. Buyers!
There are many attractive reasons for citizens of the United Kingdom to consider purchasing property and/or business for sale in Florida, including favorable exchange rates, excellent real estate values, and bargain international flights.
In sunny Florida, you may find your ideal second home, vacation home, retirement home, or rental property investment.
With spectacular year-round weather, beautiful beaches, incredible arts, culture and entertainment, Florida’s Gulf Coast is particularly popular with U.K. buyers.
Since a Florida real estate transaction is very different from the U.K. process, it is important to find a Florida real estate agent whom you trust. At Florida Lifestyles for Sale, Pete Harris is an expert on helping foreign nationals succeed in purchasing real estate and businesses in the Sunshine State.
Passports & Visas for U.K. Buyers
If you have the right Florida real estate agent, you may be comfortable purchasing a property sight-unseen. However, if you wish to visit Florida to view properties or businesses for sale, you will need a few things.
- With a Passport, British citizens may visit Florida for up to 90 days per year.
- With a B2 Visa, British citizens may visit Florida for up to six months per year.
- With a Florida Green Card, British citizens may live and work in Florida.
Real Estate Expenses for U.K. Buyers
We will help you outline all the costs to expect in a Florida real estate transaction, including notary fees, title insurance, transfer taxes, property taxes and mortgage fees (if applicable). For transaction fees, expect to pay approximately 5% of the purchase price. When you make a formal offer on a Florida property, you will need to make a deposit. The higher the deposit, the stronger your offer will appear.
Real Estate Process for U.K. Buyers
We will guide you through each step of the purchase process in Florida, including reviewing properties, making an offer, making a deposit, signing a purchase contract, establishing an escrow account, title insurance, scheduling a home inspection, and more. A signed purchase contract is binding in Florida. However, contingency clauses can allow either side to withdraw under specified circumstances.
Real Estate Financing for U.K. Buyers
CASH. Cash is king in Florida real estate. As a U.K. buyer, purchasing a Florida property with cash will make the process easier for you. If you plan on buying real estate with cash, you will want to consult currency exchange companies to receive the best exchange rates possible.
LOAN. If you plan on purchasing a Florida property with a loan, you will want to evaluate all of your options, such as applying for a mortgage on your Florida property via a U.K. or U.S. lender. U.K. lenders normally require 20% down while U.S. lenders normally require 30% or more down from foreign nationals. If possible, you may wish to remortgage your U.K. home in order to purchase your Florida home for cash.
Real Estate Taxes for U.K. Buyers
A Double Taxation Treaty between the United States and the United Kingdom prevents double payment of taxes. In the U.S., annual real estate taxes amount to approximately 1.5% of the property’s value. Florida rental income is subject to tax as well. We can help put you in contact with a U.S. tax accountant to go over real estate taxes with you.
If you are a U.K. citizen considering purchasing a property or business in Florida, contact us today to discuss your specific circumstances and how we can help.