View Full Version : Retirement
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
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!!
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.
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.
bellaepovera
16-11-2006, 07:13
I dont think Spain is the place to go in the winter time as its cold there brrr. And unless you buy a home in Spain that all the tourists go to, might be hard to rent there also.
No Shoes
17-11-2006, 22:42
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?
No Shoes
17-11-2006, 23:58
?? Why is there no 'subscribe to this topic' on this topic??
What am I doing wrong?
chrizzy100
18-11-2006, 00:47
You could just rent a condo in FL....let someone else have all the worry of its upkeep...storms etc....
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
<blockquote id="quote" class="ffs">quote:Originally posted by No Shoes
?? Why is there no 'subscribe to this topic' on this topic??
What am I doing wrong?
[/quote]
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.
No Shoes
18-11-2006, 15:03
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.
Robert5988
18-11-2006, 17:05
<blockquote id="quote" class="ffs">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!
[/quote]
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.
chrizzy100
18-11-2006, 17:13
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...
flyrr100
21-11-2006, 05:30
It's going to be in the 30s (f) here in Florida this week. Don't come here for warm winters!
florida4sun
21-11-2006, 12:34
Still warmer than the uk and th cold fronts dont last long, plus it is still sunny[msnsmile]
<blockquote id="quote" class="ffs">quote:Originally posted by flyrr100
It's going to be in the 30s (f) here in Florida this week. Don't come here for warm winters!
[/quote]
No Shoes
21-11-2006, 14:15
Yes - but the ten day forecast shows it getting warmer again at the weekend!
Just in time for us to arrive next week.....[msncool]
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.
luckylady
21-11-2006, 15:10
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.
tezz7628
21-11-2006, 15:15
what's the pros and cons of going into this with another like minded person to share the bills
No Shoes
22-11-2006, 13:50
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?
tezz7628
22-11-2006, 15:02
<blockquote id="quote" class="ffs">quote:Originally posted by No Shoes
?? Why is there no 'subscribe to this topic' on this topic??
What am I doing wrong?
[/quote]
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
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.
chrizzy100
22-11-2006, 18:55
For retirement...I can't see what wrong with a small condo...friends of ours have a lovely place in Vero beach...$120k...it has everything you need there or a walk away...a lot of the homes are locked up over the summer....with low running costs no need to rent out....
No Shoes
23-11-2006, 01:38
Chrizzy
Do you know how long ago they bought?
I have also been looking at similar options to this - if you get away from the STR developments there are a few that are between 120k and 200k. It would be interesting to know whether they get any break-in issues with these type of properties.
We are in Florida for 3 weeks from next wednesday. Whilst we will not have much time to look around on this visit (we are with friends and also meeting other friends) I am planning to collect all the information I can for review on my return.
Have a happy Thanksgiving and many thanks for all your comments!
chrizzy100
23-11-2006, 02:31
They got the place a few years ago...the $120k is what its worth now...they got it cheaper than that....no breakins that I know off...everyone knows everyone else...and the area is gated...nice places....2 bedrooms.. dinning room...sitting room... Florida room...2 baths...the dinning room is small so is the kitchen...but the rest of their place is a good size...
tezz7628
24-11-2006, 15:02
house sharing has been mentioned on the forum before they called it co-ops which if i remember right was made to sound a bit iffy
have just seen this on wikepedia i always thought a condo was the building and not the house share
http://en.wikipedia.org/wiki/Condo=minium
(take out the = sign)
it gives info on condos, co-ops
it says at top of page condos can consist of single family dwellings
Tezz, the forum doesn't like the long format of the word condo.
A condo is
An apartment house, office building, or other multiple-unit complex, the units of which are individually owned, each owner receiving a recordable deed to the individual unit purchased, including the right to sell, mortgage, etc., that unit and sharing in joint ownership of any common grounds, passageways, etc.
according to an online dictionary resource.
So, in order to be called a condo, the house share would have to have the criteria above.
No Shoes
24-11-2006, 16:16
Tezz
If I understand it correctly in the US a condo is what we call a 'flat' which is owned by an individual. An apartment is normally a rental. A co-op is something completely different, where the owners all have a stake, but normally of the whole building/development rather than of a single unit.
Sharing an individual unit/property would be (dare I say it) timeshare - which I think the americans sometimes call 'period ownership'.
Any comments?
A co-op is whereby a group of people form to own or control the housing or community where they live. The actual group owns the real estate as a whole, and maintenance and running expenses are divided equally to each owner. Each owner has the right to vote in the affairs of the co-operation. You don't actually own real estate, you own shares in the co-operation which owns the real estate. When you come to get a mortgage, you get a loan based upon this. You can with your 'ownership' live in your unit or rent it out. It's not condo ownership nor timeshare.
Robert5988
24-11-2006, 21:11
<blockquote id="quote" class="ffs">quote:Tezz
If I understand it correctly in the US a condo is what we call a 'flat' which is owned by an individual. An apartment is normally a rental. A co-op is something completely different, where the owners all have a stake, but normally of the whole building/development rather than of a single unit.
Sharing an individual unit/property would be (dare I say it) timeshare - which I think the americans sometimes call 'period ownership'.
Any comments?[/quote]
The difference between flats/apartments and condos, is that the former are on a lease and condos are not. (you can own or rent an apartment)
A block of Condos is owned outright and jointly by the owners and includes the land on which they are built. There are very strict laws laid down on how they are to be managed and to achieve this there is an elected Board of Directors that determine rules, costs, etc.
In UK some owners in blocks of flats have purchased their Freehold and have, in practice, a similar situation. Although in this case the individual flats still technically have a lease and the power of the owners of the freehold is not as wide ranging as for USA condos.
tezz7628
25-11-2006, 00:43
by the way i'm pressuming a duplex is a semi-detached house :)
have added this to above reply
http://en.wikipedia.org/wiki/Condo=minium
(take out the = sign)
it gives info on condos, co-ops
it says at top of page condos can consist of single family dwellings
Robert5988
25-11-2006, 19:04
<blockquote id="quote" class="ffs">quote:by the way i'm pressuming a duplex is a semi-detached house
[/quote]
A duplex is a 2 storey apartment with an inner staircase. e.g. the living rooms on one floor and the bedrooms on another.
tezz7628
25-11-2006, 19:07
<blockquote id="quote" class="ffs">quote:Originally posted by Robert5988
<blockquote id="quote" class="ffs">quote:by the way i'm pressuming a duplex is a semi-detached house
[/quote]
A duplex is a 2 storey apartment with an inner staircase. e.g. the living rooms on one floor and the bedrooms on another.
[/quote]
what's the difference between that and a town house then?
There could be another two storey duplex apartment on the top of the first duplex apartment.
A townhouse is just one (usually terraced) home with no-one above or below.
Robert5988
25-11-2006, 20:02
<blockquote id="quote" class="ffs">quote:what's the difference between that and a town house then?[/quote]
68th St and 1st Ave
APARTMENT: Unique penthouse duplex built on the top of a six story elevator building. All new construction. Large living room with 16 foot ceilings. Formal dining room or 3rd bedroom, kitchen and second bedroom on the first level. Large terrace and open city views. Upstairs - Master bedroom with two exposures, walk-in closet, second marble bath. Sky line windows.
BUILDING: Eight story elevator building. Laundry on premises. Video intercom system. Live-in super. Renovated lobby and hallways.
PRICE: $5000.00 per month
No a duplex is actually a building which has been split to make more than one family home. You can actually have a single storey house which has been split into two separate dwellings to accommodate two families equally. Each has it's own entrance, each will be responsible for their own mortgage/rent and bills and taxes accordingly.
A duplex is not necessarily shared staircase, it's not necessarily one home on top of another. It's simply something which has been split to accommodate more than one dwelling. Sorry to correct you. Check with Realtor.Com for actual duplexes. Many are single storey, bungalow like structures, with separate entrance doors to each accommodation. The original entrance door may or may not lead to a hallway which then has separate doors to each accommodation or there may be two front doors either side of each other.
Robert5988
26-11-2006, 22:02
Arby,
We live and learn! With property I had only ever heard of the term 'duplex' in relation to two storey apartments. However looking it up it shows that,in the USA, you are correct that it can mean my definition(as shown in post above) and yours.
I don't believe there is any other recognised way in the USA of describing an Apartment spread over 2 floors(in a block of apartments)other than duplex.
The problem is that 'Duplex' is widely used in UK to describe 2 storey apartments, particularly in London and that, as far as I am aware, is the only definition - a search will produce loads of examples viz:
<blockquote id="quote" class="ffs">quote:An outstanding three bedroomed duplex penthouse apartment on the 7th and 8th floor in this superb contemporary apartment block with porterage and gym moments from Kew Bridge and the River Thames.[/quote]
tezz7628
26-11-2006, 23:30
<blockquote id="quote" class="ffs">quote:Originally posted by Arby
No a duplex is actually a building which has been split to make more than one family home. You can actually have a single storey house which has been split into two separate dwellings to accommodate two families equally. Each has it's own entrance, each will be responsible for their own mortgage/rent and bills and taxes accordingly.
It's simply something which has been split to accommodate more than one dwelling.
Many are single storey, bungalow like structures, with separate entrance doors to each accommodation. The original entrance door may or may not lead to a hallway which then has separate doors to each accommodation or there may be two front doors either side of each other.
[/quote]
??? semi-detached ??
have looked up realtor sites and they also mention triplex and fourplex
No semi detached are two separate houses which are linked in the middle together. They were built as two separate houses and intended as so. Triplex and fourplex are as said, they are from one structure which has been amended to accommodate 3 or 4 dwellings. It's the same as when you have a house in England whereby the top floor is zoned as a flat and the ground floor has been sectioned off as another flat. They have had permission applied for and have been rezoned as two separate addresses, eg. Flat A, Flat B, at 100 Happy Street, originally one address when built and now rezoned as two. Same for triplex and fourplex.
Two storey apartments today are simply known as two storey apartments.
tezz7628
27-11-2006, 00:58
my cousin in sc was looking at <span style="color:red">new duplexes</span id="red"> a few months ago
these haven't been converted
i was going to ask about your post earlier it sounded like you was talking about a house that had been converted
Robert5988
27-11-2006, 03:24
<blockquote id="quote" class="ffs">quote:Two storey apartments today are simply known as two storey apartments[/quote]
We are in real danger of confusion here. I am in USA now and have been asking all my American friends.
An apartment spread over 2 storeys(with an internal staircase) and say on the 7th and 8th floor, is known as a 'duplex' both in USA and UK. See the extracts I posted above from a USA and UK advert - and you will find that the common term.
If you said a 2 storey apartment to most people in would mean a 2 storey block of apartments with an apartment on the bottom floor and an separate apartment directly above it being the top floor.
Also duplexs/triplex/fourplex(apartments) are not always conversions. The upscale new Apartment/Condo blocks in Miami have duplex and triplex units - particularly the penthouses - with the reception rooms above th bedrooms.