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We bought a holiday /rental property  Paul Marett explains what made him decide to buy a house in Florida Wow, what a year!  At the start of 2005 we were only thinking of having a holiday home but with no idea where.  Now we own a fabulous villa on the Gulf Coast of Florida and have just enjoyed a week of glorious sunshine relaxing by our own pool, beating off those winter blues.  Sitting on our deck typing away at this article seems completely surreal – so how did it all come about?   There were many triggers for our journey – watching “A Place in the Sun” and thinking “we could do that”, reading magazine articles about warmer climes and investment articles about property value trends outside the UK.  We have always been keen on our holidays and the idea of a vacation home that would double up as a long term investment really appealed.  We were happy to consider anywhere in the world. We wanted somewhere with sunshine when it’s winter at home.  We also intended to invest some hard earned savings and wanted security as well as a probable increase in value.  As we read and searched the internet we considered aspects such as exchange rates, taxes and the local property conveyancing process.  Also, the distance to travel from home, how long it would take to get there and how much flights would cost.    Florida appealed for many reasons.  We had done the Disney experience a couple of times before, the second trip split between Orlando and Naples on the Gulf Coast where we loved the pool villa that we rented.  With over 300 days of sunshine a year the weather is near perfect (hurricanes have not been a problem and, should we ever get damage, that’s what we pay insurance premiums for).  Locals who speak English (just about!) make the whole process easier than adding the complexity of a foreign language.  Also, the process of owning and transferring title in property is well established in the US with strong consumer protection.  So, Florida it was – but exactly where?  We wanted to use our holiday home several times a year, not just rent it out permanently, so it had to be in an area with strong tourism demand for short term rentals.  Also, not all communities let alone counties allow such renting.  We went to the Place in the Sun Exhibition, spoke to lots of sales reps (never get carried away and sign up on a first meeting!) and decided to focus on the Gulf Coast.   Why not Orlando?  Well, first our children are growing up fast and we are less keen to revisit the theme parks.  Secondly, with a continuing strong pound/dollar exchange rate there has been a flood of Brits buying property near Orlando for a few years now and most are competing in the rental market.  The Gulf Coast has tons to offer tourists. The beaches (we are a 20 minute drive away) are just gorgeous, some of the best stretches of sand in the world.  Sarasota and Tampa are lovely cities to explore with great entertainment and shopping experiences wherever you look.  Busch Gardens and Adventure Island are a 40 minute car journey away when some adrenalin pumping is required.  Even Orlando is only a 2 hour drive.  As for golf there are just dozens of great courses available, attracting some visitors for this sport alone.  We feel our villa, situated in Bradenton Sarasota, is in an ideal situation.   Finding the right property was not easy; we literally looked at hundreds over the net.  It was only when we came across Andrew Bartlett (great website at www.andrewbartlettflorida.co.uk ) that we started to make real progress.  Andrew gave us a comprehensive briefing on many aspects of the process including the areas which allowed short term rentals and suddenly the choice dropped to a handful of suitable villas.  Demand continues to outstrip supply and some Brits buy ‘blind’ through their realtor.  We decided to go and have a look first.  I went out on my own for five days to check out the communities (estates) with no real expectation of finding something during such a short trip.   Andrew had introduced me to one of his associates in the area, another Brit who was incredibly helpful in explaining all the options from a British perspective. I had six properties to see and didn’t really like any of them. They were either too small, overlooked or too close to road noise.  Then a lucky break; a four year old property came on the market during my trip.  In a great location with 4 bedrooms, 3 bathrooms, plenty of living room and a large back garden with space for a big pool.  After emailing photos home and a chat on the ‘phone our written offer was in and accepted within 24 hours.  Seven weeks later and it was ours.  The contracts were handled by a local lawyer (recommended by Andrew) as was the mortgage which we had organised in advance.  The process has some similarities to the UK system but you need independent advice – lots of similar English words mean different things when it comes to property; for example, your survey is essentially the plan showing your boundaries not the house inspection that checks for structural issues.   During the buying visit I was introduced to another expatriate, whose company looks after lots of properties for absent owners (security, cleaning, furniture packages, pool maintenance etc.). They were a great help getting our villa ready, and now look after our villa on a daily basis.  Your local management company are crucial to your future success as it is the one relationship that continues long after the excitement of buying has died away.  And you need a company you can rely on and trust. Florida service levels seem great on the surface but beneath the veneer many businesses exhibit a distinctly laidback attitude.  You need to chase and even nag.  It took us nearly 6 months to get a pool, deck and cage built.  The quality is just great but it sure took time.    We started renting out in December 2005 about a month after starting to market our villa for rent.  Within 3 months we had bookings for over half of 2006, exceeding our highest expectations.  How?  Well there are lots of places to rent and you need to differentiate your offering.  We fitted out our villa to a very high standard from colour schemes and bed linen to PS2 PlayStation and full-size American pool table.  Whilst some of this can be done remotely from the UK, choosing pictures for walls and other items to turn a house into a home took time – we did it in an intensive week-long visit, allow a fortnight!    Think about where your guests will come from – Americans, Canadians (“Snowbirds” come south for weeks or months at a time to escape the cold winters up north), Europeans as well as Brits.  I built a website with lots of information including an up-to-date availability chart and prices so potential renters can get everything they need before making a booking.  We then advertised, mostly on the internet through consolidation sites that are high on search engine results; go for those that charge a fixed annual fee rather than taking a commission.  We handle all enquiries personally and promptly for whilst you may be ‘just’ renting out your holiday home you are effectively running a business and, as we all know, good service is recognizable the world over, whatever the product or service.   We have learnt so much in the last year that it is difficult to know what to pass on for the benefit of others contemplating the same journey.  It has been hard work at times but also great fun.  You need to plan.  At the start this is probably financial, working out what you can afford to buy, whether you need a mortgage and if so how large and in which currency, dollar or sterling.  The financial planning then proceeds from the one-off purchase transaction (where the British ‘complete’ the Americans ‘close’) to your ongoing costs.    There is a wide range of topics to consider including insurance, utility bills, sales and resort taxes (you have to collect and pay them), income tax, telephone, cable TV, Home Owners Association charges (community charges for central facilities and maintenance) as well as repairs and cleaning.  A simple spreadsheet can help keep track of all your income and out goings.  Set a budget and monitor progress.  Build in some contingency.  The internet makes a lot of the paperwork very easy with online banking and bill paying a Godsend.  However, we also took good advice and have a local, Florida accountant prepare our annual tax returns; taxes are complicated enough at home without learning the American system!  Plan, prepare and stay organised.    But that’s the business-like side of things.  The pleasure comes from actually using your holiday home and enjoying some of that Florida lifestyle.  We have made friends with our American neighbours and stay in touch across the Atlantic by email.  Guests have given us great feedback about their holidays, the restaurants they liked and golf courses they played.  They have referred their friends and are making plans for returning.  It has been an exciting year, from concept to actually owning a luxury holiday home.  You too can live the Florida dream.     Thinking about buying a property in Florida - click here   Thinking about selling a property in Florida - click here   Thinking about emigrating to Florida - click here   Just want to be sent details of suitable agents with excellent testimonials and a proven track record of working with British buyers – click here Andrew Bartlett an acknowledged expert on property trends and relocation in Florida, writes articles and answers readers’ questions for several British publications including Florida Magazine, Escape Magazine, Place in the Sun, Sunday Times, America, and The Red guide to buying Property in America and is regularly consulted by journalists and broadcasters. His consumer web guides have received numerous accolades.   Andrew was a Senior Government Official for 20 years before relocating to Florida several years ago where he was headhunted to set up specialist British property and relocation teams for Coldwell Banker and Remax - America’s largest estate agents. He then established a uniquely impartial and independent relocation and property briefing company working between Britain and Florida. He has written a number of watchdog style articles warning Brits planning to buy property in Florida or considering emigration about misleading and dangerous selling practices.