Buying Options

There are two main ways to buy a property in Florida; off-plan (a brand new yet to be built house), or through re-sales. These two methods each have their own advantages and drawbacks.

New sub-divisions, which are under construction, will wait for a plot to be sold before the villa is built. This is because the buyer can decide which plot of land they want to buy along with which villa they want constructed. It also allows the villa to be customised precisely to suit the buyer's needs. This can range from the number of bedrooms and bathrooms, or the size and shape of the pool, to the colour and specification of the fixtures and furnishings.

Off-plan also has its own investment advantages. This is because the mortgage repayments only start once the property is complete. This could take six to ten months. In this time the property value may well increase, thereby making you money in equity before you make a single mortgage repayment. Also, this construction time allows you to organise the marketing of the villa to start renting it out as soon as it's complete and so helping to fund the property's overheads and running costs.

With re-sales you lack the same ability to customise the property as it is already built and furnished. This is offset though by having the advantage of not having to finance the cost of furniture as many sellers will include the villas furniture and fittings in the price of the house to encourage a quick sale. This could save you a significant amount of expenditure, which would have been required to furnish the villa.

Also, with re-sales, you could have the keys in a very short period of time in comparison with the time taken to build a new property. In some instances this is a drawback as you have little time to plan the marketing of the villa and to start getting booking rentals. Of course, if the property is not for a rental property, or is an addition to your existing portfolio rather than being your first investment, this process may be more suited to your needs and may even become a valuable advantage.

The most important financial factor with any investment property acquisition is the value for money. A homeowner looking for a quick sale would be willing to take a lower offer. This means that by losing the ability to completely customise the property, you can gain in instant equity, i.e. buy below market value.

Neither of these ways of buying property is better than the other, but as you can see one could be more suited to your specific circumstances.

Our staff will be able to go through the pros and cons of both styles of investment with you based on how you wish to buy and what best suits your needs.