Tips to Purchasing Florida Property from Canada: Many Canadians want to buy property in Florida whether it is a vacation home, an investment property or a second residence. Florida offers a variety of lifestyles from beachfront property, to life on the Intracoastal. However, Canadians often have the same questions when inquiring about Florida real estate:
– How much do I have to pay in taxes?
– Will I get taxed on any gains after selling the property?
– Will I get taxed in Canada?
Let us begin with choosing the right property in Florida which meets your needs. Due to the U.S. economy, many Canadians are looking to buy property in the U.S. since housing rates have plummeted. In deciding on the property, always look at the community you are buying into. The economy has affected both good and bad communities. As a Canadian, you will want to invest in a community which will regain value once the economy improves. If you are looking for good deals, short sales are always a good option. A property in short sale is one that has not been completely repossessed by the lender. One thing to remember with a short sale is that they can take up to six months to finalize. Any offer the seller receives from a buyer is subject to the bank’s approval.
Secondly, some Canadians are not aware of the cost of condo fees or homeowner association fees when deciding on property. You may be able to find a condo unit on the beach for $80,000 due to foreclosures or short sales. However you may also find a condominium with several unoccupied units and other unit owners on the verge of bankruptcy. The owners of the units who have not declared bankruptcy and are still able to make payments will suffer the cost of increased condo fees. This includes Canadians acquiring property. Condo fees are based on the costs of maintaining the building. The fees are dispersed evenly among the unit owners (depending on the size and location of the unit there will be fee difference). If a building is losing owners, the condo fees will be dispersed to those owners who remain. Although the $80,000 condo seemed like the deal of the century, the extra $500 in condo fees are not.
If you are interested in purchasing property in Florida, please contact Boyer Law Firm, as we will be happy to help you in your needs.