As a Canadian am I allowed to purchase property in US?
Yes, for the most part Canadians can purchase property in the US.
What are my financing options as a Canadian?
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. As a Canadian banks in Canada will not finance US properties, you have to go to a US bank, who our company can help connect you with.
How much are closing costs?
Closing costs including your lawyer fees, land transfer taxes, title insurance, etc. are approximately 2.5-3% of the sales price. Closing costs depend on if you are getting a mortgage or not, if you aren’t 2-3%, if you are it is 5-6%.
What if I am unable to attend your Florida seminar, can I get the info still?
Yes, we can set up a virtual meeting or 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.
Are we able to go and see the properties in Florida?
Yes, you are able to see the property, we encourage you to see it before you buy. We have the best team in Florida to help you! 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 in. There are also vacant model condos available that you can see.
Do you offer travel reimbursement if we buy?
Yes, we have a fly-and-buy program where we offer up to $1000 travel credit if you buy any of our Florida Builder properties. Even if don’t visit the place physically, we will provide you with the credit for future use!
*This does not apply to resale properties
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.
**legal disclaimer always confirm tax information with your local accountant
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 professional as everyone’s tax situation is different on a case-to-case basis.
What is the difference between short-term vs long-term rental?
Long-term leases are typical one-year leases (minimum 6 months) done by local residents who bring their own furniture etc and renew on a yearly basis as needed. Short-term vacation homes are rented to tourists on a weekly or monthly basis, and furniture is included. In Florida, communities are designated either short-term or long-term by their condo corporation.