If you’re a Canadian buyer looking to purchase real estate in CA, you are not alone. Whether you’re looking to move away from the cold winters, you want a vacation home, or you’re coming to California for other reasons, it’s important to gain knowledge about buying real estate in CA before you make your purchase.
Being comfortable with how real estate purchases are completed in CA can help your transaction go more smoothly, and protect you from any unwanted surprises regarding taxes, costs, fees, or other issues. Here are some things to consider, so you’ll be ready to purchase in CA with confidence.
1). Real estate prices in Palm Springs and the surrounding area are historically low.
Palm Springs – and the area around it – is a buyer’s market. There have been a number of foreclosures and short sales that have driven down prices, so you can buy more house for less money. Eventually that will change, so now is a good time to get into the market and buy a great home at an excellent price.
2). There is a large inventory of high-end homes to choose from.
Many elegant, high-end homes are available in the Palm Springs area. These range from hundreds of thousands of dollars up into the millions, and can provide you with options when choosing a CA property that meets your needs and fits your style.
3). There are loan programs specifically for buyers from Canada.
Unless you’re planning to pay cash, you’ll need to get a loan for your new CA home. You can do that more easily when you seek out loan programs that are specifically for Canadian buyers. That takes a lot of the guesswork out of your purchase, and avoids any last minute financing problems you could run into if your loan officer isn’t familiar with options for Canadian purchasers.
4). The rental market is very good, if you’re planning on leasing out the home you purchase.
Many buyers from Canada only use their California homes in the wintertime, or they have them as investment properties that they may move into later, when they retire. If you’re planning on buying a California home for these purposes, you may want to rent your house out while you’re not using it. This can give you extra income, or pay the mortgage on that home. With a strong rental market in the Palm Springs area, you should have no trouble renting or leasing your newly purchased home for a fair market price.
5). You can get advice with taxes and other legal matters related to your purchase.
It is always best to seek out a CPA, an attorney, and other professionals who can properly advise you before you make your real estate purchase. Choose professionals who are familiar with Canadian buyers, and who work with them often. Doing so will help ensure any questions you have are answered correctly.
6). It’s beautiful here!
The Palm Springs area of California is a gorgeous place to live, work, or raise a family. No matter what stage of life you are in, there’s something here for you to enjoy. Buying a home can make you feel connected to the community, and help you transition from Canada to CA more easily.