Winter break in the Florida sunshine: In the right zone

Those wintering in Florida and wish to let their homes out during the summer must make sure they are aware of zoning restrictions that exist in their area. “There is not really an issue with long-term lets”, explains Suzanne Morrill of World of Florida. “Even if you buy on a short-term development or in an area where short-term lets are permitted, you can stay for as long as you wish.” Morrill adds that if the property owners find that people are going to use their property for a long period, then they purchase on a residential development rather than on a vacation development. “In fact, if the owner wishes to let the home out long-term then it would be more beneficial for them to buy on a residential development.” Morrill goes on to say that the only thing that the property owners have to be sure about “ is that they will never wish to use it or let it on a short-term basis, as this would not be allowed.”

There is a great sense of community in the state’s coastal resorts, particularly in the area of the Gulf Coast which stretches from Tampa to Naples. This area promotes itself heavily to snowbirds, or winter vacationers. Because of this, there tends to be fewer areas which are zoned for short-term lets there than in tourist-friendly Orlando. Orlando is more geared towards short stays of one or two weeks.

There are several things an owner can do to ensure that the property can be used as both a summer money maker and a winter hideout. “Always deal with a qualified real estate broker as he/she has had to pass state exams for competency and work to a strict code of ethics”, advises Gordon Robinson of Florida Gold International Real Estate. “These people will make sure the property you wish to buy is in the right zone for short-term rentals should you wish to rent your property out.” If an owner wants maximum flexibility, Robinson recommends buying a single family home in an area allowing short-term rentals over a condo development purchase for example where restrictive covenants can hinder the investment potential. “After all, if you can invest in a holiday home, cover your expenses and, say, look at capital/currency appreciation of 7-to-10 per cent per annum over the long term then this has to be considered.”

No matter where in the state the buyer decides to purchase a home, the investor can be sure that he will get more for his money in Florida than in the UK. According to Robinson, in the Sarasota-Brandeton region, a home can cost around “£500,000 in the UK to set you back just £200,000″. The Florida Association of Realtors claims that this region boasts the fourth-highest average house prices of 20 different Florida regions.

For £200,000, the owner can enjoy a private pool and a living area of over 2,000 square feet. “Now is a great time to buy property in Florida with a view to wintering in the state as prices in may areas are moving downwards”, reports Peter Stanhope, a Brit who bought a property in Florida. There are many builders offering great incentives to buy and some attractive resale bargains are available. “The current favorable exchange rate [$1.87 to a pound at the time of writing] means that Brits can buy at almost half-price compared with Americans who only have their weaker dollars to buy with.”

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Winter break in the Florida sunshine: In the right zone

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