The Canadian real estate market is at the end of a boom cycle. Many citizens may have home equity or investment gains that they can invest in our extreme buyers market. Below are some things to consider when buying a Florida property.
- If you are not in town, ask your realtor to preview properties of interest. Ask for additional pictures.
- Contact a lender and obtain pre-approval. One lender we have used is RBC Bank, a Canadian bank local to our area. They can typically approve loans and fund them in less than a week.
- Ask your realtor for the applicable rental minimums, rent comps, occupancy rates for properties you are considering. Rental income is a great way to offset the expenses of a great beach property investment.
- Ask your realtor for property managment company contacts. Consult with the property management group to verify rental possibilities and typical maintenance costs.
- Ask about appicable foreign taxes - consult an accountant.
- Ask your realtor for detailed information about the area and any amenities.
Purchasing a second home in Florida's paradise may be a great investment in today's marketplace. Sell High......Buy Low!