What Are The Features Of The Real Estate Market In Florida?

Florida for foreigners from different countries

The state of Florida is characterized by a warm comfortable climate and a favorable economic environment for the development of their own business. Currently, real estate prices in Florida in the US–§ are relatively low with a steady upward trend. Buying an apartment in Florida is a bargain and a great opportunity for vacation and long-term living.

Florida is a popular region for foreigners to buy real estate including the expats from European and CIS countries. It is important to note that the cost of real estate in Florida is often lower than in other states. It is also said that here taxes are lower and business environment is better.

Main types of real estate in Florida

The main types of real estate in Florida are:

  • Cooperative;
  • Condominium;
  • Townhouse;
  • Private house.

All of the above housing options, except the private house, are part of what is known as a homeowners’ association, which has its own administration. It can be made up of one apartment building, several apartment complexes, or a townhouse community. The association has established rules that all residents of the building must follow.

When it comes to buying real estate, location is a key factor. That’s why some investments lead to high rental yields, while others lead only to financial losses. If you want to succeed, let’s figure out where it’s going to be profitable.

Principal authorities of the owners’ association

The leadership team of the owners’ association has the authority to decide the following issues:

  • The amount of regular payments for each apartment or townhouse owner;
  • The terms and conditions of renting by the homeowner;
  • The conditions for keeping pets in the apartment.

Also the association distributes the cash contributions that are used to pay for the maintenance of the common areas and property of the complex, garbage collection services, etc.

Buying an apartment in a homeowners’ association

If you plan to buy an apartment in one of Florida’s condo associations, there are some conditions that are important to meet.

Initially, you should submit an application and pay a fee for its consideration. The administration of the association will check your application and decide whether to accept or refuse to buy the apartment.

The association’s rules are usually included in the advertisement for the property. Before the contract is signed, the buyer sends the contract to the association and it can change or reject it.

If the contract is already signed by both parties, the seller must provide the buyer full information about the association, and if the latter is something unsatisfactory, the buyer can, within three days, terminate the contract without penalty.

Buying an apartment in a cooperative

A cooperative is also considered an association, but it has some differences. In this case, the land on which the apartment building is located does not belong to the apartment owners, but is leased to them for a period of 100 years. At the end of that period, the association can buy the land or extend the lease for another 100 years. Cooperatives are usually located in resort areas where land is very expensive.

Apartments in such facilities are somewhat cheaper than in condos, but keep in mind that banks do not give credit for the purchase of this type of property. Also in the monthly fee for such an apartment includes payment of land rent.

Choosing the right property option

To choose a real estate option that will meet all your wishes, go to Florida.Realestate. Here you can find different types of housing, including condominiums, private villas, apartments in apartment buildings. With a convenient search system, you can compare the current prices for different objects. You can also find the best offers from developers and real estate agencies. Explore the most interesting offers investigating the pictures of high-quality and detailed descriptions of each housing option.

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