I must admit, the idea of owning a property in Florida sounds kinda nice… and who wouldn’t want to buy real estate at rock bottom prices…? We did some investigating to see if the opportunities are as good as we hear.
Here’s what we found out based on our inquiries and research:
- Property values are down between 50% and 70%…wow!
- But there are some challenges to buying and financing these properties…
- Most lenders don’t want to entertain offering a mortgage to foreign buyers…
- There is one Lender that will lend in Florida and a few other States to Canadians… up to 50% of the Purchase price with a minimum mortgage of $200,000CAD.
- you can also look at taking equity out from your Canadian property or paying cash.
- There is also a big concern with the Homeowner’s Association and condos..click here for 7 Questions to ask before buying a condo in the U.S.
Bottom line… house values have dropped significantly… they could drop even further but there is more potential for an increase vs a decrease over the next 7 years….. add in record low interest rates and a healthy demand for rentals and it’s probably a good time to buy in the Florida and other parts of the U.S.
Keep in mind that any real estate investment should come with a plan to hold for at least 7 years…(click here to read why)