SOUTH FLORIDA REAL ESTATE GUIDE
Many and varied! There are income tax implications if the property is to be rented, capital gains tax considerations when the home is sold, and possible estate tax issues. It is important to consider these BEFORE you purchase a property, and to take the appropriate professional advice on how the property should be titled – your name, a limited company, cross-border trust, etc. The approach will vary, depending upon your citizenship and personal circumstances. Your sales associate will be happy to refer you to a professional who specializes in international taxation.
In your home country, you may be accustomed to working with several real estate agents to be sure you see all properties that are available in the market. Here in Florida, you have the benefit of a computerized Multiple Listing System (MLS), which contains details of almost all properties available in a specific market and can be accessed by licensed Realtors®. This allows you to choose a Realtor® you feel comfortable with and who has knowledge of the local market, as well as the issues you must be aware of as a foreign buyer. Some services your Realtor® will provide include negotiating the best possible terms for your purchase, protecting your interests in the contract, and introducing you to and coordinating with other professionals who will be needed for a successful transaction. A real estate agent who represents a buyer is usually compensated by the agent who lists the property, so these services are normally offered to buyers at no charge.
This is a common misconception. Remember, the listing agent works for the seller of the property. The seller pays the listing agent a commission, which is shared with the agent who brings the buyer. The seller pays the same commission, whether there is one agent involved or two. Having your own Realtor® representing you in the negotiations will ensure you are provided with impartial advice and objective analysis of the property and its price, condition, location, etc.
When working with a salesperson in a new construction environment, be aware that they are employed by the builder to sell homes. It is not their job to educate consumers objectively on the area or the pros and cons of their particular development. The idea that a buyer will get a better price from the builder if the builder does not pay a Realtor® commission is a myth. Many builders pay Realtor® commissions from a separate marketing budget, so they are not factors in discounting a property. Realtors® know how much each property sold for in a particular development and would not bring buyers to a builder if two-tier pricing was in place. A typical builder makes more than 80% of their sales from Realtor® introductions, and they will not jeopardize such a significant source of business.
No. Property taxes are influenced by whether the home you buy is your primary residence or not. A second homeowner from New Jersey or Ohio pays the same taxes as one from Canada, the U.K. or any other part of the world. The cost of homeowners’ insurance is based upon the risk associated with the location, occupancy and condition of the subject property. It bears no relation to the nationality of its owner.
There are a number of ways you can accomplish this, and your sales associate will be happy to introduce you to a specialist in the foreign exchange market. They can offer you better exchange rates than most commercial banks, and a number of tools that will allow you to time your exchange to maximum benefit. They will also allow you to fix an exchange rate now and into the future to help pay running costs, condo fees, etc.
There are varying opinions on which purchase is better, as the value lies within the buyer’s objectives. Here are a few of the more common considerations:
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Your Coldwell Banker’s® sales associate can provide detailed information on any property currently listed for sale, whether it’s listed by Coldwell Banker or another real estate company and arrange an appointment to show you the property at your convenience.
If you see a property online, a for sale sign or an ad in the newspaper that directly interests you, contact your Coldwell Banker sales associate for all the details. Once your sales associate becomes familiar with your housing and financial needs, there’s no reason to go through the process again with anyone else. You will receive a full-service, one-stop real estate experience that won’t cost you a penny more! Your sales associate will help you determine your buying power, assist with your property search, help you find the perfect home within your budget and desired location, and coordinate the details from selection to negotiation through to the successful purchase of your home.
Begin your home search with ColdwellBankerHomes.com. It gives buyers the opportunity to search hundreds of thousands of real estate listings throughout the Multiple Listings Service areas with Coldwell Banker offices in Florida, in multiple languages.
Juliana prides herself in providing personalized solutions that bring her clients closer to their dream properties and enhance their long-term wealth.