Buying/Investing in Property or Retiring to Florida
Florida is becoming increasingly popular as a place to retire to, as a
place in which to buy a holiday home often with a view to renting/letting it out or
as a place to invest in a timeshare or
vacation club.
With fantastic year round weather and low property prices,
Florida is a perfect location for a holiday or retirement home
Note that at present non-US citizens cannot retire and live in Florida all year
round; currently
you can only stay up to 6 months in any one year on a visitors visa.
Different rules
apply if you are working in Florida or running your own business.
Typical Rental Florida Villa in a beautiful community setting
If you are thinking of investing in property in Florida, then there are several different
options open to you:
- Buying a holiday villa outright to live in yourself, either permanently or as a
second holiday home - costs are typically from $250,000 upwards
- Buying a holiday villa outright with a view to letting it out to vacationers,
either all year round or simply when you do not need it yourself. Note that the buying
and renting of property is different in Florida compared to Europe.
For example some parts of the Greater Orlando area are zoned and not all
zones are eligible for either long term or short terms rents
- Buying a condominium hotel property where you own a whole unit but with the ability to
rent it out when not needed - costs from $250,000 to $1,000,000
- Investing in a timeshare property or a
vacation club such as the
Disney Vacation Club or the
Marriot Vacation Club International,
typically for one week per year - costs for one week per year are usually
in the $10-15,000 range.
There are a number of pros and cons to timeshare
vacation ownership
- Investing in fractional ownership (often called Residence Clubs) where you may buy
anything from one to three months per year - can cost anything from $50,000 to $1,000,000
depending on length of stay
- Joining a Destination Club which gives you unlimited access to private luxury
residences - costs can be anything from $150,000 to $1,000,000
- Joining a Private Membership Club like Global Resorts Network where you pay a one-off
membership fee and then a reduced amount for each vacation that you take - costs around $2,000
to $4,000 to join
With any financial commitment like this, you really need to read up and research the
subject as much as possible before committing yourself to such a venture.
Several books have been written specially about buying a property in Florida which
you can find in our Florida book directory (see top right panel).
If you don't want to make the financial commitment then as well as staying in
hotels, motels or a
private villa, there are also straight forward house swap programs
where you can simply swap houses with another family, anywhere in the world.