The mortgage market in the US is quite a complicated affair. Just like at home there are fixed rates, variable rates and combinations of the two. To get the full picture we would advise you to speak to an independent Mortgage Broker or Mortgage Banker, who will be able to give you direct comparisons of cost and advise on the most suitable arrangement for you. Please contact us and we will put you in contact with our Associate Mortgage Broker.
The Real Estate Business in Florida is regulated under Florida Statute & overseen by the Florida Real Estate Commission. The overwhelming majority of transactions are handled by Real Estate Brokers & Title Agents both of which have to be trained & Licensed by the State to operate. The procedure is highly regulated & although there are pitfalls (as in any walk of life) dealing through licensed practitioners should protect everyone's interest. So the short answer is no but you can use one if you want to.
Counties in Florida have the rights , under 'Police Powers' to restrict or determine the use to which Private property can be put. They can zone areas to restrict or deny short-term renting & can enforce the restrictions through the courts. This is important because if you buy a property that is not specifically zoned for short-term rental activity you may not be able to subsidize your costs from renting. The situation is further complicated in that not all Counties have addressed the short-term rental issue, & even though there are no restrictions in place at present they may introduce restrictions, retrospectively denying the activity, subsequently causing the owner to cease renting.
Deal through a licensed professional. Ask if the property is Zoned for Short-term rental. Ask to see the Deed Restrictions. Check with the County. Do not merely ask 'can I rent short-term' as, if there are no Ordinances in place the answer would be Yes. This would not avoid subsequent restrictive Ordinances being enacted denying the activity.
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