Easier access to mortgages, expansion plans for Orlando Airport and a surge in new condo-style developments – things are looking sunny for Florida in 2015, where buying opportunities include long-term buy-to-lets as well as traditional lifestyle homes. Let’s take a closer look…
Article written by The Overseas Guides Company
Buying your own slice of American winter sun with theme parks, beaches and golf all on your doorstep could be on the cards for many in 2015, as US banks make mortgages more available to non-residents and developers focus on new complexes geared towards foreign owners.
As 2014 comes to a close, realtors in Florida, including Orlando and Sarasota on the west coast, have reported a rise in new communities aimed specifically at foreign owners looking for a ‘lock-up-and-leave’ second home that rents out easily to holidaymakers. This has been fuelled by banks making mortgages more available for foreigners not purchasing in cash.
“For the year to March 2014, the total value of mortgages allocated to foreign buyers in the States increased by 46 per cent year-on-year,” said Carole Wirszyla, an expat in the US and author of the USABuyingGuide.com. “This was worth $35billion. Banks here typically ask for 30 per cent or more as a down payment from foreigners, while others have a minimum required deposit, for example $15,000. Given the tightening up of mortgage accessibility in the UK, in some cases, it may now be just as easy for a British person to get a mortgage in the States as in the UK.”
An example of a property in Osceola, Florida, that is part of a community geared towards foreign owners and holiday lets is this three-bedroom townhouse (above). With access to extensive facilities and close to theme parks, it’s on the market for $265,000.
Meanwhile, the population of the Sunshine State is forecast to surpass New York in 2016, making it the third most populated US State, according to data from the University of Florida Bureau of Economic and Business Research. To keep up with demand for accommodation and transport, a series of infrastructure upgrades and new residential projects are taking shape. These include new roads, such as the opening in mid-2015 of the new Poinciana Parkway toll road, the launch of a new station for the Sun Rail Light Railway train, and most significantly plans for a $1.1billion expansion of Orlando International Airport.
Demand for accommodation makes for a buoyant buy-to-let market. In Sarasota, a city on Florida’s Gulf Coast with established residential areas, a lively cultural scene and stunning beaches, one rental investment opportunity in the area could be this three-bedroom house (above), which comes with a 10-year rental history and is on the market for $239,900.
For more information on buying property successfully in the USA, download the Overseas Guides Company’s free USA Buying Guide – and start receiving free news updates by email. And to see property for sale in Florida, visit Rightmove’s Florida listings.
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