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Florida was one of the worst hit states of the USA after the recession, and as a result, is an appealing area that real estate investors are looking at again.
Land historically goes up and down in value, at a relatively more significant rate. Therefore, some of the best bargains to be found are from buying the land itself, and holding onto it until property prices go up - rendering the land significantly more valuable, as there will be a much greater demand for new housing.
Buying land does not have to be purely an investment. Many people like the idea of building their own unique home in Florida, and this is particularly appealing from a UK perspective, as the costs are comparatively lower, and planning permission is easily obtained in Florida compared to in the UK.
Before investing in any land in Florida, it is important to do plenty of research into the broker/seller, the area where you are wanting to buy, and what services are included with the land.
Steps
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Decide what are the reasons for buying land in Florida. Will it be for building your dream home? Or do you just want to invest?
If you are looking to live in Florida, which areas are you considering? There are several main regions, which have different cultures, attractions and weather.Advertisement
Do your research on the seller/broker. It is recommended to do some thorough research into the plot itself, and the area in which you are buying.
Ensure that you have researched the local area for amenities, attractions and schools, as this will have an impact on the value of your land or property should you build on it.
Buy a plot of land in Florida. From a UK perspective, it is important to understand the differences buying property/land in the US compared to the UK. It is advisable that you seek out legal advice in the UK and Florida before committing to any purchase. It is possible to complete a purchase of land without acting through a solicitor/lawyer, but many people feel more comfortable acting through a lawyer to complete the process. You should at least seek legal advice to go through the contractual paperwork if you are unsure. A seller/broker of land plots should be able to advise you on how to build, and where to find a good contractor for the type of build you require.
Always use a Title company to purchase, especially their escrow account. This means any money you pay is secure in a third party account.
In order to complete the purchase, you will need to sign a contract that is then countersigned by the seller. Once this is completed, it will be passed to a Title Agent, who will start the process of transferring the title deed. This can take several weeks to process.
Once the title deed has been transferred, the purchase is complete. The Title Agent should send the final title deed to the buyer, and then, providing the balance has been paid, the buyer becomes the legal owner of the land.
If you want to hold onto the land as an investment, there are little maintenance expenses. You will have to pay a relatively small land tax each year, as well as paying to maintain the plot; such as keeping grass cut, etc.
If you decide to build on the plot, as well as the cost of the building project itself, you may incur other costs such as impact fees; a fee that goes towards the local community, funding services such as local schools and fire service.
Building a property in Florida can be different from building in the UK, as many homes are made using timber frame. Also, it is becoming popular in Florida to build modular homes. However, there are still many homes constructed in Florida using more traditional on-site construction methods. Either method will cost around the same; anything from $80,000 - $150,000 all in for a 3/4 bed house, depending on your individual specifications. Although, this cost can be higher for more luxury specifications.
Community Q&A
- QuestionWhat if there is no electric on the land?
Community AnswerContact the service provider and ask for a survey to install electric service to your site. They will draft an estimate to bring service to your site. This should include poles, wire, transformer for 240/120 volt power. The estimate should include wiring to your meter base. - QuestionHow much does a septic tank usually cost?
Upnorth HereTop AnswererThere is no "usual cost" of a septic tank because there are too many variables. The location, type and size would be some of the primary factors. You can usually get a ballpark figure from a local engineering or installation company if you tell them the size of the house, how many occupants it needs to support and the general location. - QuestionDon't the buyer and seller have to go to a registrar's office to affix signature?Upnorth HereTop AnswererNot always. A buyer and seller (or their attorneys under POA) may sign anywhere there is a notary.
Tips
- Look for areas that are nearby to built up areas, as Florida (like many US states) is spread out significantly compared to the UK, otherwise you could find that there are no supermarkets, etc. for miles. An example would be Orlando - Orlando has many suburb towns and cities that are within driving distance to Disney Land, and many other attractions, so it is an economic centre that ensures nearby areas are desirable.Thanks
- Do your research into the area, and the seller - why are they selling?Thanks
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