It is no secret that hundreds and thousands of snowbirds from the north migrate to warmer climates during winter.
In fact, 1 out of 5 Canadians are interested to acquire U.S. Real Estate properties, according to the survey sponsored by the Bank of Montreal. It is not at all surprising since escaping the harsh cold season and enjoying the sun is irresistible indeed. With a total of 23%, the National Association of Realtors considers Canadians as the largest faction of foreign buyers for the last 3 years.
Apart from a winter escape, many Canadians find it irresistible to invest on U.S. Real Estate properties because of the fall of housing prices by a staggering 30 percent.
As of today, many property developers and investment groups are eyeing on Canadian buyers as the primary target markets. Here are the important points to consider before finalizing any U.S. Real Estate property acquisition:
Strategic and Good Location
Nevada and Florida are great snowbird destinations because of their special attractions. But apart from looking into the state, it is best to know the exact area of the property. Are there quality medical facilities nearby? Can you enjoy shopping and good restaurants when you want to indulge on a sumptuous feast? Scenic areas, national parks, golf courses, white sand beaches, and lakes to explore, these attractions can truly make an investment all worth it.
Do not underestimate this factor as many snowbird destinations have a bit tricky public transportation. If driving is not really your thing, better not overlook how to get around the location using public transportation. Renting a car can be pricey and unreasonable, and hiring your own driver can be expensive just the same. Well all right, you are driving? What if you‘d faced car engine trouble in the future? You do not want to complain about this issue and regret your decision after paying for the property, right?
Safety and Security
Who wants to live in an unsafe neighbourhood? Do not rely on photos and digital tour of the house. Make time to check the actual property and explore the neighbourhood. Now, if you do not intend to use the property as a permanent abode, get a reliable property manager to take care of your vacation home. Do proper actions to prevent vandalism and burglary.
Buying a property can be easy especially if you have all the resources necessary, but easy purchase can be dangerous. It’s true that many U.S. real estate properties are great bargains— of course, they are tempting! However, knowledge is effective armour against deceit and bad decisions. Do some legwork and do not rely merely on what everybody says.