Two of the hottest travel destinations for Albertans are Arizona and Mexico. Yes before you buy in either venue, check out the advice of the gurus. Because like many good deals, the devil can be in the details.
Good news both places have attractions galore. If your looking for heat and sunshine-they are your best bets.
Due to the recent recession, sale opportunities are up and interest rates are down. But you need to know why you are buying. If you plan to become a snowbird and live in Arizona for extended wintertime periods, buying might be a good idea. Property values are favorable and are expected to drop further over the short term.
But If you're planning to flip for a profit, you are in dangerous territory. It could take years before the market recovers. Remember to build in additional property expenses into your budget. (Furniture, management cost, condo and extermination fees, property and civic taxes. Many people underestimate the cost of maintaining a property from a distance.
Check with your Alberta accountant and desert-based attorney about inheritance and death taxes. The U.S. has very different sets of rules than here in Canada.
Can you afford to buy the property in cash? Otherwise, you will need to qualify for a mortgage in the jurisdiction. Lenders may be cautious to lend to you especially if you have no credit history in the state.
Take a baby-step approach to this decision. Take your time and do your due diligene regarding property purchases. Make your decision based on logic, and you'll do well.
Heat and Sun............ doesn't that sound nice.
Terri Stephens ~ 403-827-4663
* Your local Airdrie/Calgary Realtor - ask for a referral to an expert down south. ONLY locals will know the ins and outs - of your destination of choice.
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