Inspect the area as well as structure

When Shannon Moore crosses the threshold of each of the 70 Florida homes she inspects weekly between Tampa and Naples on behalf of foreign buyers, a property needs to pass her unique smell test.

“I literally start by taking a good whiff,” Ms. Moore says. A distinctive burnt-firecracker odour tells Ms. Moore, owner of Green Lion Realty in Port Charlotte, that a home for sale was likely among the 100,000 or so built or renovated from 2004 to 2007 in the southern U.S. using sulphurous “Chinese drywall,” a toxic, corrosive substance that turns a bargain listing into a worthless white elephant.

It’s a reminder never to make a decision based on low price alone. Veteran realtors like Ms. Moore advise a detailed, step-by-step approach to evaluating deals. “Air conditioning, electrical and plumbing systems will be toast. You can have trouble breathing, and MLS may not tell you about any of that,” says Ms. Moore.

Buyers should take at least two trips to an area of interest to be able to spot troubled homes and get a feel for neighbourhood schools, beaches, marinas and golf clubs, advises Phil Soper, chief executive of Royal LePage.

Mr. Soper says termites are a bigger risk than Chinese drywall in the Sun Belt, where in certain states homeowners are advised to have termite insurance and regular inspections. Both concerns are reason enough to “play tourist, and be an unabashed question asker” — and prepare to go home without putting in an offer, he says.

Always ask about the fine print (which may not actually be in the fine print). As rent is taxable income in the U.S., check municipal and state rules about the length of time a property can be rented and when a tax kicks in. In Palm Springs, Calif., for example, on a rental of less than 28 consecutive days, the city requires owners to get a Transient Occupancy Permit ($25), collect a “bed tax” from guests and submit it to the city treasurer.

There may be other factors that offset such taxes. In California, there’s no sales tax on the purchase of real estate so the fees on the sale will amount to 1% or less of the transaction.

Some properties in the U.S. are on leased land. The selling price is usually lower than for freehold, with leases varying in length and price. Transferring leases can be complex, and banks will only grant a mortgage for a term five years less than the lease — not a problem for cash buyers, but something to consider for resale.

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