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Buying real estate in Florida: we discover the key points

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Florida has long been ranked first among the most popular regions for foreigners to buy a home. And today, when the country gradually lifted the restrictions during the pandemic, the demand for housing among foreign buyers is growing again. Both investors and individuals planning to move to permanent residence want to buy real estate, such as houses for sale in Boynton Beach in Florida, in 2023. It is worth noting that the southern state is a very popular place for Russian-speaking residents of Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, etc. 

Buying a home in Florida: highlights

The process of buying real estate in the United States has certain features that should be considered in advance. For the sale and purchase transaction to be successful, use the following tips:

  • contact a professional real estate agent already at the stage of selecting a housing;
  • determine in advance the method of payment: pay the entire amount at once, installments in installments, or on credit;
  • in the process of processing the transaction, it is desirable to inspect the object. The specialist will be able to identify the shortcomings of the object you have chosen, and if they are critical, you can refuse to buy or negotiate with the seller to receive a discount;
  • find out in advance if you need additional expenses when purchasing a home. This is a fee for legal support of the transaction, the cost of verifying the legality of the seller’s property rights, etc;
  • contact a tax consultant to calculate the amount of taxes when buying a property;
  • select a credit institution in advance if you plan to apply for a loan.

Important criteria for making a deal

When buying real estate in the states, you may encounter some nuances when making transactions. For example, if you are buying a home in coastal Florida cities near the sea, you will need to take out flood and hurricane insurance.

If you want to buy an apartment or villa on credit, keep in mind that you will have to pay additional tax fees.

You can register real estate for an individual and a private company. If you can purchase a limited liability company (LLC), you can avoid additional taxes on the gift or inheritance of the purchased object.

Purchase on credit

Foreigners can use borrowed funds to purchase housing in Florida. If you plan to use the bank’s credit services, you should first obtain official confirmation of the terms of the loan and only after that search for a suitable object.

What is the property tax rate, and when is it paid?

On average, the real estate tax is 1.5-2.5% per year. The basis of this tax is the so-called assessed value – an exceptional estimated value established by a professional appraiser on behalf of the local administration. This value may be lower than the real market value of the property. This evaluation needs to be more frequent. The tax is paid once a year (until April 1 of the following year), and the amount of the tax becomes known on November 1 of each year.

How to make it easier to find real estate in Florida

To decide in advance on the purchase, it is worth studying all the offers on the market. To do this, go to the site Florida.Realestate, which presents a fairly wide selection of real estate in various cities of Florida. You can easily choose an object suitable for the cost and location; study the detailed characteristics of residential complexes and layouts of apartments and houses.

Choosing the best option

The website contains numerous offers from developers (developers) and real estate agencies, which allows you to choose the most attractive objects for purchase today so that during your trip to the USA, you will already be well versed in current market offers.

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