Why Do People Purchase A Home In Florida?
By Patricia Tan
Buyer Motivation
What motivates someone to buy a property in Florida? As a real estate agent working with buyers, many of whom come from other countries, I am always eager to learn why they want to buy a property, as well as what they want to buy. Understanding a buyer’s motivation can shorten the sales cycle and result in a very happy customer.
So why do people buy in Florida? Retirement, I hear you say! Yes, Florida is known as a retirement destination, but here on the Gulf Coast we enjoy much more diversity in our population. According to the 2010 census, the median age of residents in Sarasota and Manatee counties was 37.2 years. Recent times have seen an increase in what I would call pre-retirement purchases. Buyers see the great values available in the market today and decide to purchase a property prior to their retirement, and use it for vacation, or as a rental investment until they are ready to retire. Key factors to consider when purchasing a retirement home may be proximity to shopping and entertainment, access to medical services and ongoing costs associated with the home.
Generally speaking, foreigners cannot live here in USA as retirees without pursuing some kind of immigration plan, so many overseas buyers purchase a home to use as a vacation getaway for several weeks or months a year only. For these buyers, a primary consideration may be something that needs little supervision and management on a day-to-day basis. A condominium or home in a maintenance-free community may be the best fit and allow them to “lock and leave” the property, knowing it will be safe and secure until their return.
Lower prices of homes in Florida and the high demand for rental properties has led to an increase in the number of people buying homes to rent out for profit. Buying an investment property is less about the buyer’s personal preferences, and more about the financial opportunity it represents for cash flow and capital appreciation when it sells. Buyers need advice and local expertise in order to make an informed decision. They need to understand rental restrictions which may apply in particular areas or subdivisions and how this can dictate the sort of rentals that are possible, and the desirability of the area to prospective tenants.
For those foreigners who wish to settle in our beautiful state and live here full time, buying a home is not enough to give them the right to reside here. They need to consult with an immigration attorney who will work with them to establish the most effective immigration strategy, which may or may not include the purchase of real estate. A visitor’s motivation to live here full time may be driven by many factors –family ties, job and business opportunities, lifestyle options or to provide an American education for their children. Our schools and colleges are great draws for foreign nationals – if they can establish legal residency here, their children may benefit by paying local fees at our colleges.
So what motivates someone to buy a home here? That depends ……
[1]Patricia Tan was born in England, and her career in international sales and marketing led her to live and work in many countries around the world before moving to Sarasota in 1997. Patricia is a Certified International Property Specialist (CIPS), Graduate Realtor Institute (GRI), and Transnational Referral Certified (TRC). She is involved in global activities of the Sarasota, Florida and National Association of Realtors, and currently serves as NAR President’s Liaison to U.K. Her real estate business operates from Coldwell Banker on St Armands Key, where her focus is to bring international buyers to the local market. She regularly makes marketing trips to Canada, Asia and Europe, to promote Florida’s Gulf Coast and the Sarasota area in particular. Patricia may be reached at 941-504-9232 or Pat@PatriciaTan.com [2].
Copyright © 2012 REAL Magazine
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