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There’s no catch at all, the only thing is that there is no financing on these condos available. So you have to get your own financing here through the 2 below options. The developers have bought these foreclosed condos in bulk from the bank and are passing you the savings. If you’ve got the money you can get an amazing deal!
What are my financing options?
The reason these condos are so cheap is that there is no financing available for many condos in the States. Thus, for Canadians if you have equity in Canada, refinance it and use the funds to pay for your investment in the States.
However, if you choose to purchase a townhouse or a home in Florida, we can help you get up to 75% financing in U.S.
How much are closing costs?
Closing costs including your lawyer fees, land transfer taxes, title insurance, etc. are approximately 2.5-3% of sales price.
What if I am unable to attend your Florida seminar, can I get the info still?
Yes, we are available at our Mississauga office Monday to Friday. Just contact us to book a meeting and we will go over all the details. The only disadvantage to this is that you don’t hear other people’s questions and sometimes when the developers come down for the presentation you will miss having the opportunity to meet them and ask questions directly.
When can we visit the place to take a look?
Please call us to arrange your private tour or join us in one of our group tours. It is advised that you select one or two units you are interested in at least 5 business days before. This way we can notify the tenants and you are ensured to view the inside of the unit you are interested. There are also vacant model condos available that you can see.
Do foreigners pay more property taxes than Florida citizens?
This is a common misconception. If your property in Florida is your “primary residence” only then will the US government give you a small tax break off their assessed property value for taxes. Everyone else including investors in Florida who do not use the property they are purchasing as a primary residence will be charged the taxes on the full assessed value of the property with no discount. Thus, overall the answer to this question is NO, foreigners do not pay more property taxes, Florida primary residents just get a small tax break.
Will I have to report and pay taxes in both the U.S and Canada?
As stated by our cross border accountants, you will have to report your income in both countries, however, you will only pay your taxes in ONE country. If you pay them in the U.S, Canada will give you a foreign tax credit. This means you are NOT paying double taxes or more tax than you would if you purchased a property in Canada.
Please note that this is general advice from our experience and we are not experts in accounting or law. Thus, it is advised that you get legal or tax advice from a profession as everyone’s tax situation is different on a case to case basis.