Purchasing property is very much like purchasing any product or service, and for Canadians who are planning to buy in the United States, you need to be knowledgeable of U.S. real estate or have a U.S. Realtor help you. Remember, just because a property is cheaper, doesn’t mean it’s going to be worth it, just like when buying something only because it’s on sale and yet it is of no use to you.
There are many advantages for Canadians in buying property in the U.S., particularly in Arizona. With the Canadian dollar currently being quite strong and the economy stable, it makes a lot of sense to buy now. Not to mention, house costs in the U.S. are a lot lower now than before. As suggested earlier however, avoid focusing only on the low costs. They are only one of the many other considerations to take.
First of all, will you simply invest in the prospective property or is it for your particular lifestyle? Ensure you obtain tax planning recommendations since you may be subject to taxation in both countries if you haven’t established everything properly for an investment property. Next, consider where you wish to hold the property (as well as how) and think about convenience of access from your Canadian residence. How will financing be handled? Ask your Realtor if you can be eligible for financing programs that are available to Canadians in the U.S.
There are many options for those who wish to buy in the Phoenix Metropolitan area. If you’re planning to retire in the U.S., look into the west side of Phoenix. You can expect to enjoy housing, restaurants and shopping near hiking destinations. For those who simply want a place to rent for seasonal visits, Scottsdale would be worth the money, with properties ranging from $170,000 to $270,000, already complete with furnishings. For investors wanting to purchase 1 to 8 or more properties for the long run, there is an expected rise in value for unfurnished rentals in Phoenix and Ahwatukee where you get steady cash flow.
Once you’ve finally decided on all those, you need to know how to make your offer. Most of resale homes in Arizona utilize the Residential Resale Purchase Contract made by the Arizona Association of Realtors, or AAR. You will let your Realtor know how you would like to prepare your offer for the home. Unlike other States, in Arizona you don’t have to have a lawyer for residential real estate processes. Generally, in Arizona your Realtor will negotiate and draft the agreement under your instructions without the additional costs of a lawyer.
There are some essential points to remember when it comes to the offer. These include the offer price, down payment, earnest money, closing date, loan status report, home warranty, Escrow company, personal property included, seller contributions to buyer’s expense, offer expiration, counter offers and extra terms.
Your Realtor will be able to help you through all these processes step-by-step. A Canadian who is a realtor in Arizona can explain the differences as well. The essence of a smooth and fast purchase of property in Arizona is finding a well-versed, experienced and trustworthy Realtor. This is especially true if you are planning to borrow money to purchase your new home.