Real Estate and Property Management

There have been at a number of property shows recently where a number of Companies are offering single family homes in the Disney area of Florida for under £40,000. Is this too good to be true but what exactly is fractional freehold?The process involves a number of buyers, who probably don't know each other clubbing together to buy the freehold.. They basically share the investment costs, and the running costs under the same management company and come to some agreement concerning rental as each owner will have full ownership rights for the period that they own.
It is a method of getting into investment property in Florida but there are a number of hazards that you should consider.
For instance what happens if one of the possessors dies or can no longer afford their contribution of the running costs or if they have taken a mortgage to purchase their share what happens if due to a change in circumstance they can no longer afford the running costs?
It can become a bit of an incubus and these are all points one should consider when looking for property.
Normally property purchasers in Orlando don’t usually use an lawyer as all Real Estate Brokers are licensed and regulated by the State, but if you decide that fractional ownership is for you then whatever you do use an attorney. Not just any attorney but one that has passed the Bar examination in Florida even if the individual is a practising solicitor in the UK. Also make sure that the individual you are working with in the UK is actually a licensed broker or sales associate.
It may in fact be a safer investment to try and buy something smaller like a condo on a resort community. Bahama Bay is one such resort where a amply furnished 3 bedroom 2 bath condo can be bought resale for around £80,000 (£1=$1.5) in today’s market place. These condominiums are not very old, mainly being no more than five years old and the resort has all the features that you need for both a relaxing holiday in the Florida sun and to keep the youngsters entertained and safe in this gated community. Better to stretch the extra cost with a mortgage or buy with a relative (but still have a legal accord drawn up in Florida) and when the market picks up - and let’s face it house prices always recuperate in the long term possibly look to use the earnings as a down payment on that villa with its own swimming pool that you have always wanted.
Whatever you do ALWAYS use a licensed real estate broker such as Florida Property Showcase (www.floridapropertiesshowcase.com) who have business offices in the UK and Florida and ALL their sales squad are licensed in the State of Florida whether employed in the UK or Florida.
For a leaflet on Bahama Bay, contact Florida Property Showcase.