We all know that buying real estate involves money and depending on the type of property you are purchasing, and if you are thinking about buying U.S. real estate, it could mean lots of serious money!
However, it is possible to purchase affordable U.S. real estate in areas such as Arizona, Texas, and Florida that would actually give you a return on your investment as the prices in these areas are at their lowest points in years.
Buying an U.S. Real estate investment property is a very big decision.
But Canadians have increasingly taken the step in owning their home away from home, somewhere in the southern part of the United States, where the weather is warm and cozy and the sun is smiling all the time—homes that have become their escape from the harsh Canadian winters.
So, for those of you who are considering taking the same step of buying your very own sunny escape, here are a few tips:
1. Deal with an experienced and reputable real estate agency. They are the bridge between you and your potential home in the US. Find someone you can trust to recommend you with the properties that are appropriate for you, and not the other way around. Note down recommendations from people you know, read about several real estate agencies you have in mind, and then make your choice.
2. Decide the location you prefer. Whether it is in Florida, Arizona, or any other southern location, you have to decide where you want to invest. This will help you narrow down your choices and enable you to focus on really good real estate deals. Just remember that each US state and city has varying tax laws and real estate regulations, thus, it is important to do a little bit of research on the area you are considering. It is always good to know the tax implications of owning a foreign property. You may ask for the assistance of your real estate agents, consult with accountants or tax lawyers to know whether any non-resident taxes exist.
3. Choose a nice and suitable neighborhood. Know that your neighborhood is the immediate environment you and your family will be in. So do a research as well. Visit the area, observe the people or even talk to some of them. Look into some facts and figures regarding crime rates, rental rates, employment condition, and any other indicators that you consider imperative.
4. Grab a good find if you are presented with one! A few U.S. real estate sites actually offer foreclosed condos for as low as US$15,000. Who could resist that? Indeed, the dejected U.S. real estate condition has been welcomed by many potential Canadian snowbirds. Imagine if prices are such, they could afford to pay one-time in cash. But of course, it is best to be cautious. You don’t buy something just because it’s cheap. Assess the property well, and if you really think you’re getting a fair deal, then go ahead with your U.S. real estate investment!