An article on U.S. Real Estate written by Ken S. Coates, Robert Healy and William Morrison highlights the ‘snowbird’ U.S. Real Estate phenomenon that hits Canada these past few years.
Like millions of cranes, hawks, ducks and geese which take a long migration from northern North of America to warmer areas in the South each fall, massive numbers of Canadians also make their annual southward escape during October and November for the winter.
Why not? Rather than enduring the sub-zero temperatures, gloomy winter nights and painstaking snow shoveling during the day, Canadian snowbirds pack their swim wear, sun block and golf clubs and look forward to bright, warm weather in southern U.S. The hottest U.S. Real estate picks? The stunning states of Florida, Nevada, Arizona, Texas, and the California Dessert. There are an estimated quarter of a million Canadians residing in Florida to escape the winter, Statistics Canada noted.
Studies of snowbirds point out several common characteristics— they are financially well-off, married and sociable. Seasonal migrants do not really get involved in their winter home’s larger communities but they have high degree of sociability. They develop a bond to their subcommunity and adapt the culture. The subcommunity does not treat them as tourists but rather a next door neighbor so they can feel at home. Snowbirds hold on to this culture and typically go back to the same subcommunity the following year.
U.S. Real Estate Property
Most Canadians return to their home country after the winter season, but some would opt to become a permanent resident in the U.S. Acquiring long-term real estate property is popular these days, especially because there are tons of great houses and other U.S. real estate properties in the United States which are offered at the fraction of the price. So if you have the money and purpose, why not haggle for the best deal?
Getting the Perfect Second Home
Purchasing U.S. Real Estate, whether offered at bargain prices, must not be done impulsively. Explore your options after making a couple of visits to your chosen location and after surveying the surrounding areas. Here are some real estate options available for you:
Try things out first before joining the bandwagon. Leasing a condo is low-maintenance and there is no long-term commitment. Short term leasing often demands higher monthly rental than a 1-year contract leasing. Look for fully furnished condominium so you would not have to spend on furniture and fixture.
It is a great investment for Canadian snowbirds, especially if you find it pleasurable to spend the winter at the same location every year. Check the factors that will make a purchase a great deal. Does your chosen condo have a good management? What about the security and safety of the vicinity? Is the parking convenient? Does it have well-maintained elevators and structures?
Home Leasing or Purchasing of U.S. Real Estate
Of course, a house can truly a radiate a homey feeling. It is a potential investment specifically if the structure stands on your ideal neighborhood. Lease if your budget is insufficient or if you do not intend to stay for a long period of time. Purchase a home if you see yourself settling for good and when you are financially capable.
Many condominium and houses are offered in the U.S. Real Estate market for as low as 50% — a perfect opportunity for snowbirds!