Bag a Property Bargain in Sunny Florida

By: Paul McIndoe

Many factors have combined to make it a perfect time to buy that holiday home that you have always dreamed of owning. The strength of the UK currency across world markets at the moment makes it a pleasure to spend your cash abroad while enjoying the newfound power of the pound. This is especially the case in America where shopping has always drawn people from all over the world to browse the boutiques and famous department stores but now is the time to really go all out and buy some property across the pond.

Florida has topped the list of best vacation places ever since Disney opened its doors on the peninsula but the southern most state of the contiguous 48 has much more than Mickey Mouse to offer. In fact, the strength of the pound against the dollar goes a long way when purchasing property in Florida. Its not only the exchange rate that makes it such a great time to buy that dream villa, recently the property market in the US has experienced a downturn.

Depending on who is doing the talking, some say that the property market has crashed, though others are more delicate, preferring the term 'softened'. This comes as no surprise to economists who have watched property prices increase by 25 percent a year in Florida since 2003. They knew that prices could not continue to increase by this high rate for long, but this is what is getting British property seekers excited about the Florida housing market.

Increases were due to speculators who caused an oversupply of housing in the region. The result? A huge plunge in property prices making buying now that much sweeter.

After taking a look at the drop in property prices in the past 18 months, some people might not see the investment opportunity in Florida. Rental prices however have remained steady and if a house is purchased in an area popular with tourists, South Beach in Miami for example, buyers can still turn a profit by renting.

Also, the US market is considered a safer and easier place to buy than other places abroad due to having similar laws and a common language with the UK. Buying abroad is never without risk however and buyers should be aware that no investment is entirely safe and should take all the necessary precautions to protect themselves and their investment.

If buying in Florida, good home insurance is crucial as the area is prone to hurricanes, so when taking out insurance make sure that the property and contents are fully covered.

Property has a long history of big returns on investments if they are kept for long periods of time. Some who choose Florida to purchase a flat, villa or house also have the option to move there when they retire as Florida has always been popular with pensioners and provides a great environment for retirees.

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