| Author |  Topic  |
KateUK
 United Kingdom
42 Posts
Joined: 16 Mar 2006
Status: offline |  Posted - 14 Nov 2006 : 18:46:33  
| When we retire, we will hopefully buy a villa to live in during the Winter months. We would then come back to the UK for the Summer months. Would we earn enough on villa rentals between say March and October to pay the villa mortgage and the management company? As we would also want to buy a house in the UK we would not be able to buy the villa without a mortgage.
Anyone got any thoughts?
Thanks |
Kate | | Report this post to a moderator |
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KateUK
United Kingdom
42 Posts
Joined: 16 Mar 2006
Status: offline | Posted - 14 Nov 2006 : 20:38:07
| Thanks for the reply Martin.
It was only an idle thought.
It probably wouldn't be possible anyway as I am not healthy, so probably would struggle with getting insurance, but need the sun for my illness!! Back to plan A of living in the UK and spending the worst of the winter in Spain or Malta!! |
Kate | | Report this post to a moderator | goto top of page |
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Osceola
27 Posts
Joined: 23 Oct 2006
Status: offline | Posted - 15 Nov 2006 : 19:14:14
| | Yes, Kate, there are in fact quite a few UK residents who do this on a yearly basis. As for covering your running costs, well, it all depends on how you go about buying a property. If you get carried away on an expensive villa, you won't be able to cover the mortgage. However, 2007 will prove to be a boon for buyers looking at Florida property. You could pick up a villa with a pool in a nice estate for $260,000 USD on a resale - even better deals could be afoot. | | Report this post to a moderator | goto top of page |
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esprit
 USA
6888 Posts
Joined: 11 Feb 2002
Status: offline | Posted - 15 Nov 2006 : 23:24:15
| Where is Martins reply as I cant see it?
Covering mortgage, management company, property tax and insurance in six months bookings, not easy, bookings are difficult to come by and by limiting yourself to only certain months, you have only half the possibilities everyone else has. You are ruling out October half term, Thanksgiving, Xmas/New Year, Feb half term, even Easter if it is early. Perhaps look at a condo with lower outgoings??
Also think of car hire ( expensive for six months) or if you buy one what are you going to do with it in the summer, car insurance is also expensive. Then there is health insurance. most UK policies wont cover you for six months. Plan B sounds good to me. |
Julie | | Report this post to a moderator | goto top of page |
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bellaepovera
 Italy
1966 Posts
Joined: 25 Jul 2002
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No Shoes
 United Kingdom
57 Posts
Joined: 21 May 2006
Status: offline | Posted - 17 Nov 2006 : 18:42:14
| Kate - you are going through similar thought processes to the ones we have been round and round many times. The only difference is we are already retired (we were both 50 this year).
We have a home in southern France (very close the the spanish border) and take it from me it is nowhere near warm enough for the winter months. We tried the south of Spain for a few months last winter and whilst that was a lot better, it was still t-shirt and fleece type weather most of the time, good for some but still a little restricting. Also not that much to do in most areas and very expensive and not our style in others. The coast line was too spoilt for us to feel comfortable. So after traveling there once or twice a year for twenty years we keep coming back to Florida (more me than him I might add).
Whilst the jury is still out on a definite verdict - we are coming around to the following:
We will sell in France when we have finished our renovations and split the money. With some of the money we will purchase a small buy to let in the IOW (where we live now) and with the remainder we will buy either a small villa or a condo in Florida to escape to for some of the winter. The rent from the buy to let will hopefully cover the outgoings on the place in Florida. Still early days yet and the plan may change but it never did any harm to explore all the options.
Am I missing something with this plan?
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No Shoes
United Kingdom
57 Posts
Joined: 21 May 2006
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chrizzy100
 USA
7204 Posts
Joined: 26 May 2003
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Kazzie
 United Kingdom
4409 Posts
Joined: 26 Feb 2005
Status: offline | Posted - 17 Nov 2006 : 23:06:40
| You can subscribe to this thread, just scroll up and there is the option just on the right hand side at the top before any of the posts. Although that is just to subscribe to this particular thread, not the "General moving to Florida" topic.
Karen
quote:
Originally posted by No Shoes
?? Why is there no 'subscribe to this topic' on this topic??
What am I doing wrong?
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Karen
http://www.orlandovillas.com/florida-vacation-rental-2185.aspx |
Edited by - Kazzie on 17 Nov 2006 23:08:39 | | Report this post to a moderator | goto top of page |
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esprit
USA
6888 Posts
Joined: 11 Feb 2002
Status: offline | Posted - 18 Nov 2006 : 02:54:50
| Make certain you have your B2 visa in the bag before you embark on this plan. Factor in the cost of healthcare here and car insurance, both of which are expensive, and of car parking during the summer as you wont have a garage with a condo. Or of car hire otherwise. If the figures work for you, then go for it. Though be aware that there are cold spells in the middle of winter too in Central Florida and the nights can be chilly, I wear my fleeces every winter! And plans like this work best when both partners are 100 percent for it, not "more me than him", I have known people go to all the time and expense of buying a business here and then go home within seven months, because only one party really really wanted to do it and the other couldnt settle.
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Julie | | Report this post to a moderator | goto top of page |
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No Shoes
United Kingdom
57 Posts
Joined: 21 May 2006
Status: offline | Posted - 18 Nov 2006 : 11:03:21
| Esprit/Chrizzy - thanks for the sensible advice - this is just the sort of reminders we need.
Taking the time over the decision will I hope allow us to look at all the angles. I did consider longer term rental but anything other than a holiday let seems to be unfurnished. I can find no mention of the equivialant of our '6 month assured tenancy' which would be just what we need.
I will keep up the research till the plan comes together!
Thanks for your continued input. | | Report this post to a moderator | goto top of page |
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Robert5988
United Kingdom
1494 Posts
Joined: 15 Apr 2004
Status: offline | Posted - 18 Nov 2006 : 13:05:39
| quote:
Esprit/Chrizzy - thanks for the sensible advice - this is just the sort of reminders we need.
Taking the time over the decision will I hope allow us to look at all the angles. I did consider longer term rental but anything other than a holiday let seems to be unfurnished. I can find no mention of the equivialant of our '6 month assured tenancy' which would be just what we need.
I will keep up the research till the plan comes together!
Hundreds of thousands of 'Snowbirds' migrate South to Florida in the winter to escape the frozen North, and there are a mass of furnished properties trailers/condos/houses available for 3 to 6 months lets.
You will find the majority of the better ones along either coast which are much nicer areas than inland.
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chrizzy100
USA
7204 Posts
Joined: 26 May 2003
Status: offline | Posted - 18 Nov 2006 : 13:13:02
| | You may need to look in locals papers in places like New England etc for long term snowbird rentals....I know we have a large page of ads in the fall of rentals for 3 to 6 months in FL... | | Report this post to a moderator | goto top of page |
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flyrr100
 USA
734 Posts
Joined: 06 Jun 2004
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florida4sun
 United Kingdom
6905 Posts
Joined: 16 Feb 2002
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No Shoes
United Kingdom
57 Posts
Joined: 21 May 2006
Status: offline | Posted - 21 Nov 2006 : 10:15:33
| Yes - but the ten day forecast shows it getting warmer again at the weekend!
Just in time for us to arrive next week.....
Its not just about the weather - its about having lots of options of things to do and all in your own language (well nearly). Its also about being in a place where your family and friends want to visit and having lots of things for them to do while they are there. Our close family visit us in France but only because they want to see us, they rarely stay longer than a few days and there is little for them to do outside the summer, pool season.
Retirement at 50 is great but it takes a while to find out how you want to live - I am at great believer in that you only regret what you dont try - and not trying Florida would be one of those things I would regret!
Hope that makes sense. | | Report this post to a moderator | goto top of page |
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luckylady
 United Kingdom
4373 Posts
Joined: 17 Apr 2004
Status: offline | Posted - 21 Nov 2006 : 11:10:17
| My advice would be do your homework, and make sure your finances are in good order.
I already have property in Florida I rent out,it is our intentions to do what you hope to do,with careful planning you can achieve your dream.
I would suggest buy your property as soon as you can, establish yourself get some experience renting out your property in Florida.You need to aim for the premium renting market.Guests who are willing and able to pay for luxury.
If you choose the time you visit carefuly you can still rent out most of the peak dates.
Take your 6 months from early September through to early March, can then still rent out Easter and all the summer
At Christmas, rent your home at premium rates, go on a holiday elsewhere in The States your Christmas rent will subsidized your holiday.
Calculate your outgings then you will know how many weeks you need io rent to pay all your outgoing expenses.
I not saying it's easy but can be done. |
Barbara
http://www.orlandovillas.com/Villas/1752.aspx
http://www.orlandovillas.com/Villas/2087.aspx |
Edited by - luckylady on 22 Nov 2006 09:53:42 | | Report this post to a moderator | goto top of page |
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tezz7628
 United Kingdom
1717 Posts
Joined: 20 May 2004
Status: offline | |
No Shoes
United Kingdom
57 Posts
Joined: 21 May 2006
Status: offline | Posted - 22 Nov 2006 : 09:50:29
| Tezz
I guess the issue would be how do you split the year?
For me I would want the option of the winter months as I like being on the Isle of Wight in the summer. I guess that would be the same for most retired people. I also wouldnt want to go back and forth more than twice a year so spliting the year into small portions also wouldnt work. I guess sharing with a family that would prefer Easter and the summer holidays would be an option.
What time of year would you prefer? | | Report this post to a moderator | goto top of page |
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tezz7628
United Kingdom
1717 Posts
Joined: 20 May 2004
Status: offline | Posted - 22 Nov 2006 : 11:02:19
| quote:
Originally posted by No Shoes
?? Why is there no 'subscribe to this topic' on this topic??
What am I doing wrong?
i've noticed that if your not logged in the subscibe link isn't there and obviously when you're logged in you can also post a reply |
tezz 7628 | | Report this post to a moderator | goto top of page |
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blott
 United Kingdom
21990 Posts
Joined: 22 Feb 2002
Status: offline | Posted - 22 Nov 2006 : 11:52:39
| For some people, sharing a home is very successful but for the majority, it's not. In the end there are either massive arguments, one half ends up buying out the other half or the home ends up being sold altogether.
If you're thinking of doing something like this, be prepared to lose the 'friendship' of the other person(s), get a solicitor to draw up an agreement of how the sharing of the home and expenses will be set up and also what will happen if the other person wants out of the agreement.
I don't think you could do a sharing deal with another party who also wanted to winter in Florida (because that means that you'd be stuck with their company for up to six months a year) and you'd need to find someone whose uses of the home were the opposite to yours. |
Blott
www.orlandovillas.com/villas/150.aspx
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