With news that the real estate market is slowly rebounding, we get queries from clients if now is a good time to buy property in the U.S.A.
First and foremost, one question that needs to be addressed is are you're buying it for lifestyle or investment?
LIFESTYLE : Would you like to be one of those typical snowbirds who routinely migrate to the south to escape the winters of Canada and go the same place year after year or would you rather have the option of traveling around different travel destinations and cruises that suit your fancy?
INVESTMENT: You need to come up with a solid plan to make sure that the property meets your revenue projections, i.e. rental, property management, taxes, etc.
Other points to consider:
- Financing: Options are limited for Canadians who buy investment properties. In most cases, Canadians end up paying cash.
- Taxes: Once you invest in a U.S. rental property, you must file a U.S. tax return and pay income tax
- Property Management: You need to hire a reliable company to take care of maintaining your property for you.
Having said all of the above , we believe that there is no better time to get into the US real market than NOW. If this is something that you'd like to explore further, we will be more than willing to sit down with you and share with you our experience in the US real estate.