Q:A work colleague of mine has returned from florida and tells me of the drastic state of the housing market in USA. Despite gloomy predictions I think now could be the time to buy – a 4/5 bedroom villa with pool in a prime location can be bought for a pittance ($225K) compared to 4 or 5 years ago. There are a glut of bank repossessions available at $40-50K cheaper than houses next door or down the street! Condos in gated communities with full acess to amenities are also available for about $120K.
I think it could drop a little bit further but if UK buyers have the spare cash, are looking a holiday home and enjoy USA holidays then its a no brainer imo. We are talking about one of the best holiday destinations in the world not a dodgy developing country.
What ya's think?
Offshore Swiss Bank AccountA:Also, New Yorkers are ruthless when negotiating how much rent they are going to pay you – they will have you down by %50 in no time.
An anecdotal.
Two rental properties that I know, one in Fort Lauderdale, one on the Spanish Costas. Brits rent the Spanish property and pay the asking price, the USA property gets let to USA folks and they spend weeks haggling over the price.
Work at Home OpportunitiesA:Hedger i say go for it. Property may fall further, but i will wager GBP/USD wont be anywhere near $2 in 6-9 months. So it will cost you more if you wait.
Why do you think that sterling will drop in value against the USD$? I would expect GBP to fall against the Euro however, given the outlook for interest rates.
How To Bank $4k In 4 HoursA:Also, New Yorkers are ruthless when negotiating how much rent they are going to pay you – they will have you down by %50 in no time.
When Banks Go Bad (AustraliaA:I have a property in Orlando – a few pointers
1. Look at resales and not new developments
2. Check out Realtor.com for most US houses for sale
3. I would recommend long term rental
4. Watch out how you pay taxes and insurances
5. Get a local agent-use the well known companies- they will check out renters far better than you can
6. Get a local accountant to ensure your taxes are paid in time
7. Remember flight prices are rising due to oil prices and it may possible to get cheap flights.
8. Drive round areas you like and see if anyone is OWNER selling you may get a few thousand off the price
9. Costs for short term rentals can be high and will include Cleaning, Pool Cleaning, garden maintenance, general maintenance, all your services etc. etc. Many people get caught being offered massive rental predictions -just be careful.
10 Open a local bank account so your rental can be paid in, and all your bills can be paid directly.
It is an easy process to buy but there are a lot of pitfalls so be ultra careful and take advice from local experts.
Good Luck
Ken
Workout Without Working Out — Subliminal Health & Fitness VideosA:Be careful as you may find that other property's near where you buy will be empty and will deteriorate very quickly without any maintenence. Lots of owners are walking away and handing the keys back to the banks.
The weather conditions in Florida are not kind to property and they look very bad very quickly.
How to fight bank fees Free Video Exposes banksA:I'm sure they will. Equally I'm sure if I wait they'll be even more desperate in a year. I only know one person on the US boards I go on who is buying at the moment, everyone else is talking about waiting.
It is difficult to judge Bob. Probably will fall further but will the dollar strengthen during that time? Im not sure either way. I just know theres some great offers at the minute
Retire Early – Offshore Investments, Banking & MoneyA:Im sure you can but this is Kissimmee and approx 10 mins from all the resorts/attractions. If you go to Florida with a fist full of dollars they will bite ur hand off at the minute……
I'm sure they will. Equally I'm sure if I wait they'll be even more desperate in a year. I only know one person on the US boards I go on who is buying at the moment, everyone else is talking about waiting.
Huge Profits Cleaning Foreclosures for the Banks!A:Er, I can find property in the US for about $500-$1000. Whether you'd want to live there is another matter (it ain't Florida that's for sure).
Im sure you can but this is Kissimmee and approx 10 mins from all the resorts/attractions. If you go to Florida with a fist full of dollars they will bite ur hand off at the minute……
Work At Home RevealedA:If it drops to 112K then the world economy will be in turmoil and we'll all be throwing ourselves in the tide.
My point is if there is a even a further 10% drop you are still quids in because if you buy a bank repossession you are already have saved up to $40K – its always difficult to time these things. I think its a tremendous opportunity as long as you dont stretch yourself and can afford it
Er, I can find property in the US for about $500-$1000. Whether you'd want to live there is another matter (it ain't Florida that's for sure).
Ultimate Guide to Finding the Perfect Work at Home JobA:Hedger i say go for it. Property may fall further, but i will wager GBP/USD wont be anywhere near $2 in 6-9 months. So it will cost you more if you wait.
Would you buy in cash or need a mortgage?
I would be buying in cash maybe along with a relative
Ruggedtoast – now is in fact a great time to buy property in USA if you go in for the long term and can afford it. Sell at the peak and buy in a trough and all that and this is def a trough…..
A:Yes now is an excellent time to invest in property!
A:Hedger i say go for it. Property may fall further, but i will wager GBP/USD wont be anywhere near $2 in 6-9 months. So it will cost you more if you wait.
Would you buy in cash or need a mortgage?
A:Two thoughts,
The market is dropping, you buy now at 225k, whats to say you couldn't get the same property for 112k next year?
Some housing is zoned not for short term rental – so you may not be able to rent it out.
If it drops to 112K then the world economy will be in turmoil and we'll all be throwing ourselves in the tide.
My point is if there is a even a further 10% drop you are still quids in because if you buy a bank repossession you are already have saved up to $40K – its always difficult to time these things. I think its a tremendous opportunity as long as you dont stretch yourself and can afford it
A:Yes, Im looking into this at the mo. Being careful about the rent yields though as many properties give a poor rental return.
I think it will fall further as the full extent of sub prime losses has still to emmerge, although going in now is a reasonable endeavour as you can never time with certainty.
Im wondering if a city based property with 12 m rent potential is better than a touristic property which often have high ongoing fees.
I have bought in emmerging nations also. Morocco.
A:I agree it's going to keep dropping there. So it would be silly to buy now.
A:Two thoughts,
The market is dropping, you buy now at 225k, whats to say you couldn't get the same property for 112k next year?
Some housing is zoned not for short term rental – so you may not be able to rent it out.
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