Will I be taxed at a higher rate because I am not a US citizen?
It is often a misconception of foreign nationals interested in purchasing a home, condo, or vacant land in Cape Coral FL that they will be forced to pay a higher tax rate because of their lack of citizenship. The answer simply is NO. U.S. citizens and foreign nationals are taxed with the exact same guidelines in regards to property tax. Taxes are based on the millage rate set forth by our local government and can change from year to year. Contact your CPA for more info.
I plan to rent my investment property, what type of home will attract that type of cliental, and how much of the year will it be rented?
We find homes that are most appealing to seasonal renters are homes that encompass the Florida resort lifestyle; pool, water view with or without gulf access, upgraded and spacious with a functional floor plan. The season in Cape Coral is from October –April. Rental prices varying during those months, but you can count on much of that time being occupied.
What will it cost to maintain my property when I am not there?
Often home owners will decide to employ a property management company to take care of everything. From securing renters to making certain the home is properly maintained. The charge for an annual rental is around 8-10% of the monthly rental and seasonal rentals range from 15-25%. If you plan to manage the property yourself here is what you can expect:
Lawn maintenance / $75-$100 per month.
Pool maintenance/ $60-$80 per month
Utilities/vary- ask us about the difference in City water and Well water homes.
Alarm system or home watch company/ $50-$150 per month
House keeper /they typically work on an hourly basis/ $20 and up and are usually paid by the renter
Costs associated with marketing your property varies depending on the amount of exposure you desire. A do-it-yourself advertising campaign can become very costly. Check with a rental agent to see what is included in their fees.
What is an AS-IS purchase and sale contract?
An AS-IS purchase and sale contract is the most commonly used in the real estate profession. Often buyers associate this type of contract with short sales and foreclosures. It is in no way limited to those types of transactions. It is also not an indication that there are major issues or an abundance of repairs needed. It simply gives the buyer upfront knowledge that may save time for all parties. An AS-IS contract tells the buyer that the seller will not make any repairs; you are buying the property just as it is, with your right to inspect. If at any time the inspection reveals something you aren’t comfortable with you have the right to move on, buy the property, or reexamine the offered amount. At the end of the day everything is negotiable.
