Tue. Oct 3rd, 2023

Canadians who want to escape the winters in Canada often purchase property in the United States’ Sunbelt, which they use as a winter getaway. Perhaps you’re retired or semi-retired and want to try out the snowbird lifestyle of living in Florida for part of the year. Or maybe you simply desire a peaceful retreat for family weekends and a vacation.

Whatever your reasons, if you’re considering buying property in Florida as a Canadian, there are some key things you need to know. The process is different from purchasing property in Canada, and there are certain rules and regulations that you must be aware of. This guide will give you all the information you need to make sure your purchase goes smoothly.

When you’re ready to start looking for your piece of Florida paradise, the first step is to find a real estate agent who is familiar with both the Canadian and American systems. They will be able to help you navigate the process and ensure that everything goes smoothly.

The next step is to get pre-approved for a mortgage. In the United States, the mortgage process is different from in Canada, so it’s important to speak to a lender who is familiar with both systems. They will be able to advise you on the best options for financing your purchase.

Once you have your financing in place, you can start looking for properties. When you find one that you’re interested in, your real estate agent will help you make an offer and negotiate the price.

Once your offer is accepted, the next step is to get a home inspection. This is essential, as it will identify any potential problems with the property that you may not be aware of.

After the home inspection, it’s time to finalize your financing and get insurance for your new property. Your real estate agent will be able to help you with both of these things.

Why buy property in Florida

There are a number of reasons why buying property in Florida as a Canadian can be a sound investment. Some key benefits include the following:

  1. The sunny, tropical climate is perfect for those who love spending time outdoors.
  2. There are a wide variety of properties available to choose from, including beachfront homes, condos, and golf course communities.
  3. The cost of living in Florida is relatively low when compared to other parts of the United States.
  4. Property values in Florida continue to rise, making it a sound investment opportunity.
  5. Canadians are welcomed with open arms by Floridians, making it easy to settle into your new home.

What are the costs of buying property in Florida?

There are various costs that are associated with the purchase of property in Florida. You will need to consider not only the down payment when purchasing property in Florida, but also the real estate commission, legal fees and closing costs. The closing costs are typically around 2% of the home’s original cost.

Make sure you conduct research on the area in order to know your investment will be safe and secure. You should also contact your mortgage company to ask about their options for financing.

By admin