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Canadians buying Second Homes in Arizona - Condo's Vs. Homes

By
Real Estate Agent with CLA Realty

Frequently I am out with Canadian clients showing them homes in the Scottsdale/Phoenix area and find that most of my clients are torn on which is the better property for them to buy... a condo or a single family home.  There is no wrong answer, but I usually ask them a few questions and I give them my opinion on what would be the best investment for their money now, and in the future.

Today, for instance, I was out with a couple from the Edmonton area.  They went to a seminar I held in Edmonton a couple of years ago about buying homes in Arizona.  They seem to have waited the perfect amount of time because now, their dollar is as strong as ever, and our real estate market has just about hit the bottom (might even be on the way up).  So they asked, what is a better buy?  A condo - where you have monthly fees and no yard maintenance - basically lock nd leave, or a single family detached home where the monthly fees are very low, but you have to have someone look after the yard, pool (if there is one) and possibly check on your home from time to time.

They concluded that it really comes down to the space - bang for buck - decision.  If they buy a condo in Arizona, it's easier, the maintenance or strada fees are higher, but generally take care of the upkeep of the pool, yard, and such - but for nearly the same amount of  money as a home, they get less square footage.  A home on the other hand will require the hiring of a landscaper and pool person (if there is a pool), but where they are saving on Strada fees, they pretty much wash out in this area.

Also in their case, they are about the age where the kids are close to being out of the house - but they would like to retire and start coming down to visit more and more as jobs and life permits.  In the end, they would prefer a home - although now it might be a little overkill - but buyiing a home in Arizona instead of a condo in today's economic times made great sense to them.

Comments (1)

Nor Yeretsian
Envoy Capitol Realty Inc. - Toronto, ON
Envoy Capitol Realty Inc., Brokerage Toronto

What a great idea, good discussion and comparison for the Canadian buyer looking for a warm place in the sun.

cheers

Nor

Apr 01, 2011 10:48 AM