How much American real estate are Canadians buying do you ask? An article by the Financial Post by Mark Kennedy says that that number is $19.8 billion, according to a recent study by the National Association of Realtors. Canadians account for almost a quarter of the international sales that surpass even China and Mexico combined.
Most Canadians usually purchase property south of the border for investment, retirement and vacation purposes. A guest post from Farhaneh Haque, TD Canada Trust’s Director of Mortgage Advice outlines the essentials to making this purchase a reality. Read below for a snippit.
The dream of owning a vacation property can be vivid at this time of year, as Canadians look south of the border to warmer climates and cooler real estate markets that seem so much more affordable than in years past.
If you’re serious about finding a landing pad in a sunny setting one day, start by weighing these basic financial and lifestyle considerations in owning real estate in the U.S.
Know what you’re looking for
There’s more than one way to own a slice of the good life, so do your homework and consider all the alternatives:
- A timeshare or vacation club purchase, for example, gives you the right to use a property (or properties) for a certain period of time but may not include equity ownership.
- A condo in a resort community may be yours in full, but be aware of any restrictions set by the condo corporation if you plan to rent it out.
- Owning a freehold home may give you the most freedom, but it comes with the expense of time and money for long-distance maintenance.
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