We love the Sunshine State, so we bought a home there
TIM and Debra Elvins, both 50, took the plunge two years ago and bought a three-bedroom house on Florida’s south west coast. Recently, they were thrilled to be told by a local estate agent that the property had already risen in value by $50,000 – nearly £33,000.
Tim, who lives with Debra in Abersoch, North West Wales where the couple run a holiday home lettings business, says: ‘We chose Florida after numerous holidays there and liked the laid-back, friendly atmosphere.
‘We didn’t know how to go about buying but we got some fantastic tips from the Overseas Guides Company. We did intend renting the property out, but once we’d had it furnished it became our US home from home. Last year we stayed for 12 weeks over three visits.’
He adds: ‘What we like about Florida is there is no hidden tax. You pay an annual property tax but that’s all. And purchase tax – like VAT – is only 6 to 7 per cent, depending on the county.’
Since they bought their home, which backs on to a canal, prices in the Sunshine State have risen steadily – shaking off the worst of the property crash that set the financial crisis rolling eight years ago.
Currency fluctuations are a key consideration for foreign buyers, however – and with the dollar strengthening it can add considerably to costs.
When the Elvins bought their home, the dollar was beginning to strengthen. Tim says: ‘We transferred £198,000 for our purchase, but as exchange rates moved, we were losing £3,900 with every falling cent.
‘We used foreign exchange specialist Smart Currency Exchange and our personal trader David acted quickly to lock in the rate. This saved us £23,000, which we could have lost without his fast thinking.’