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Points to Remember Before Buying Property in Florida from Canada

Points to Remember Before Buying Property in Florida from Canada

Everyone gets tired of the cold and dreams of staying in a warm and sunny area during the winter. That dream can be turned into a reality. Due to recent economic crisis in the US, more and more properties are being foreclosed although the numbers are dwindling.  With Canada being so close to the US, more and more Canadians are now investing in properties in the US as an investment or retirement, especially in Florida. Are you interested? Here are just a few things to keep in mind before you buy a US property:

  • It will take time. There will be a lot of processes to go through to acquire a property in Florida. Apart from that, finding an ideal property that works well for your retirements will also take some time.
  • Tax laws will be different. A different set of taxes will apply to you when you buy a property in the US. Your tax obligations will depend on what you will use the property is for (like if you will be renting it out).
  • It will be expensive. It’s pretty much the same anywhere in North America. The property itself plus other expenses will add up. If the property requires renovations, you have to budget for that, too.
  • US financing may be difficult to acquire. The US is still recovering from a mortgage crisis, so it might be hard for a Canadian to take out a loan. But, of course, there is a way–to get help from a bank from Canada.
  • Enlist professional help. You will need a realtor in Florida. Aside from that, you might also want to get a good lawyer who can handle property regulations, as well as tax laws. It also helps to have an accountant or a financial consultant so you can make the most of currency conversions.