Just be careful where you buy; some areas have restrictions on short term rentals (less than 13 weeks). You will have to pay for an agent to look after your place when you are away. Day to day running costs; electricity (not cheap) water, state & local sales tax (7%+), propert taxes ($4,000.00/year give or take a bit) and cleaners. Take this lot into account and margins can be quite small...or non existant. I think 25% deposits are the norm at the moment for a mortgage taken out in the States and, not being a resident, could well come into the sub prime category that will add a percentage or two to the mortgage rate. Having said all this if you can buy outright at the right price in the right area it could be a reasonable time to invest but don't expect to make a fortune.

We are thinking of buying a villa on the Gulf Coast of Florida. We will use for holidays and then in a couple of years time when we retire for longer periods . So we are thinking of renting it for holiday lets until then. What areas of Gulf Coast would be most suitable. We want somewhere we can enjoy and also somewhere if would rent for holidays. All info appreciated.

I used to work for a Florida villa rental company a few years ago and my parents own a villa in Poinciana, so IMHO.....

Don't buy anywhere north of Clearwater. Anywhere between Clearwater and St Petes beach is very popular especially with the brits.

Going south, a little bit of a gamble for you is the area known as Bradenton beach up to Anna Maria is very popular with the american tourists.

Moving on further south, try to keep to the main towns, Sarasota, Venice, Fort Myers, Naples and finally Marco Island. All these are magnets for tourists and have plenty going on in the surrounding areas.

You could look at the area around Captiva and Sanibel Islands but you mind find the price will be quite a bit higher.

Again IMHO....the company that sold my parents their villa promised at least 70% occupancy rates. In reality it was less than 40%!!! That's why I would seriously exploit the american market rather than rely on the brits. The americans will travel to Florida all year round where as the majority of brits tend to stick to the summer months.

Hope this helps you in a small way.....if I can be of any further help...just ask.

Iain

One of the most popular areas for US visitors is Destin on the Emerald Coast. (on the Gulf of Mexico)

Of course you're quite right emdia43! The area from Panama City right round to Pensacola is fantastic. The sand on the beaches in that area is amongst the whitest in the world. It's so white it actually looks like snow!!

I was refering to the area north of Clearwater up to Crystal River. The further north you go up to Crystal River the less beaches there are. However do visit the Homosassa Springs if you are ever up north and see the Manatees. Wonderfull!!

Also watch out for areas that restrict short term rentals; rentals of less than 13 weeks. From experience there is not a lot to be mae from short term rentals especially if you have to buy using a mortgage. Also not easy to find a reliable managment company; they all promise the earth but the reality is often the opposite.

We are going out soon to take a look at properties. I have joined a US forum site and it is quite interesting to see what the American peoples views are. I have been told that it is best to engage a 'buyers agent'. They will find the kind of property you are interested in, give adivce on areas etc. They are not restricted to using any particular estate agent, so do all the donkey work for you. When you have found a property you are interested in they will negotiate the price. ALL THIS FOR FREE. It is a service paid by the seller. As you say it seems a good time to buy. The americans are saying always offer no more than 15% below asking price and try for lower as a first bid. I have also spoken to an estate agent regarding prices of the properties he is advertising. Even he says start your bids 15% below asking price. Not sure about US mortgages, as this is when you have lots of 'closing' fees. If you buy 'cash' ie UK mortgage on yur own property there are very little legal charges.

Similar topics merged.

Pippy

I can recommend a Property Agency in the UK that will take you over there, put you up in one of their own villas and then take you around the various homes for sale, they will also offer advice regarding mortgages, american bank accounts and renting.

Hope this helps:-
http://www.floridapropertyagency.co.uk/