Florida deals still hard to beat
Analysts point to signs of a gradual improvement in the American housing market but there’s no denying that overall it remains depressed, with the glut of foreclosed properties being one of its biggest problems.
Foreclosures have pushed down prices of new and existing homes, while high unemployment and stricter lending standards continue to limit sales. For canny investors though this represents opportunities. British buyers looking for bargains tend to head to Florida, a state familiar to the UK through holidays and the theme parks in Orlando.
One staggering example of how far your money goes in Florida at the moment is this one-bedroom condo. Located just minutes from Orlando’s most exclusive shopping mall and Universal Studios, it’s on the market for just $29,900! The 642-square-foot property has been upgraded with tiled flooring in the living room and carpet in the bedroom, while the large patio vastly increases the living space. The price includes views of a fantastic pond and wooded land. This resort community it is on boasts four tennis courts, a clubhouse and swimming pool.
IRIS International, a local brokerage listing the property, confirmed that with estimated repair and closing costs, the property could be bought for $31,400. On this basis, working off monthly rental income of $550-$600 and monthly running costs of $296 (taxes, condo association fees, insurance and management fees), the property should generate a 9.7-11.6 per cent return on investment.
For details of property for sale in America, visit the USA listings on Rightmove Overseas. One way to save money when buying in the USA is to use a currency specialist when transferring your pounds into dollars to complete the purchase of your property. For more information on this, contact Smart Currency Exchange.