what's the approx. properrty tax for canadian for a house in 100-150k range? (Orlando: insurance)

[bluecherry]

I am looked at buying a second property/investment property in Florida. Being a that I am Canadian I would like to know if anybody has any advice for information on this topic.

What are the average closing costs for house in the 100k -150k range?

• Being a non-resident what are the approx. property taxes?
• Any other issues that I should be aware of?
• how about insurance?

thanks

[champa]

Taxes the depend on the area (how much have other properties sold for and whether or not the house you are buying had homestead before you bought it). Figure a cool ~2% for orange county, probably less in seminole. Once you pick a property go to the country appraisal website and you can get the actual number as well as a running tally on how much it might be next year. Since you will be buying investment your taxes will increase faster than for the rest of the live-in property owners who can file homestead.

As for closing it depends on how you are buying (financing or cash?). I can be as low as a couple of hundred dollars if paying cash. If you are financing; good luck getting financing for foreigners and on an investment property.

Insurance should run you ~$1k a year; if landlord insurance, then it could be even less.

Any other issues that I should be aware of?
Whatch out where you buy, a lot has changed in orlando in just a couple of years; good areas when to not so good and bad areas to "don't even want to go there".

Hope this helps...

[chopchop0]

Originally Posted by champa

Any other issues that I should be aware of?
Whatch out where you buy, a lot has changed in orlando in just a couple of years; good areas when to not so good and bad areas to "don't even want to go there".

What areas have changed in recent years?

[GregTraub]

For how to estimate property taxes for a florida home check out my blog here on this site... //www.city-data.com/blogs/blog4...your-home.html

Champa has a good estimate for Property insurance... will usually be between .5% and 1% of the value of the home, if it's not in a flood zone, then you'll need to also get flood insurance. Flood doesn't usually add TOO much extra onto the policy amount but it will be more.

As far as financing, if needed, a foreign national loan is still very much attainable, they usually just require a good chunk down (likely at least 30%), but the rates aren't too much higher than rates anyone else would get. Beware of condo's though, only a select few condo buildings are approved for financing, the rest no lenders want to touch.

For area's, yes there are some area's you won't want to purchase or live, but I'd imagine you'd come down and tour the area's yourself to see what they are like and if you'd feel safe living there. Your agent should be able to help you with that as well. for <150K you can find some nice properties in several good area's.

[bluecherry]

Originally Posted by GregTraub

For how to estimate property taxes for a florida home check out my blog here on this site... //www.city-data.com/blogs/blog4...your-home.html

Champa has a good estimate for Property insurance... will usually be between .5% and 1% of the value of the home, if it's not in a flood zone, then you'll need to also get flood insurance. Flood doesn't usually add TOO much extra onto the policy amount but it will be more.

As far as financing, if needed, a foreign national loan is still very much attainable, they usually just require a good chunk down (likely at least 30%), but the rates aren't too much higher than rates anyone else would get. Beware of condo's though, only a select few condo buildings are approved for financing, the rest no lenders want to touch.

For area's, yes there are some area's you won't want to purchase or live, but I'd imagine you'd come down and tour the area's yourself to see what they are like and if you'd feel safe living there. Your agent should be able to help you with that as well. for <150K you can find some nice properties in several good area's.

GregTraub, what are the good areas? can you please give me some example?

thanks

[GregTraub]

Area's along 535 in southern Winter Garden, and Windermere. A few townhomes in Dr. Phillips may fit. Waterford Lakes, Avalon Park, Lake Nona, College Park, Winter Springs and Oviedo, and Lake Mary.

There are a ton of good area's in the Orlando area. To help narrow down which one is best for what your looking for I'd have to know alot more about exactly what you're goals are for the purchase, the very least being whether you are going to be using the property for personal use or as a pure investment. From there what kind of amenities you want nearby to what kind of returns you are expecting if a pure investment.

[totsuka]

I don't think you can "homestead" the property..if you can't...ouch...you can be assured your taxes going up every year...investment property ..single family homes..is not such a good idea anymore...the county looks at you as a "piggy bank"...pay up...then the home insurance is "commercial"...and that eliminates a lot of companies...if you end up with the state run insurance company, Citizens, ouch ouch...you pay the highest in the state....property manager...have to shop around and then hope they do their job...it might work out for you..but that old investment idea "no out of sight" investments is a good thing to remember...