Jul

16

Wanting to Buy a Tropical Home?

Filed Under Buying, Recreational Properties, Special Reports | 1 Comment

If you are looking at purchasing a home south of the boarder, there are 6 things that you should really look at and seriously consider before purchasing.  There is a link to a document from REIN at the end of this article that outlines everything that you need to know about purchasing down south!

Rule One

Go There Twice, not just once… Don’t sign the dotted line until you fly!

You will want to view the home and area in different seasons.  Don’t just take a local’s word for it, do your due diligence.

Rule Two

Always check out the Competition on Both Fronts

It is important to look at the competition not only locally, but also in other countries.  Get to know the area and what is being offered.  Don’t just buy the first property that you come accross because it looks like a great deal!

The other competition is to look at the competition that your potential renters will be looking at.  If you are not planning on living there full time, you will most likely want to have some revenue on the property.

Rule Three

Know the Local Property Laws

This is very critical… if you don’t know the local laws, you are truly playing with fire…  You will want to find out what restrictions there are to foreign owners.. as there may be many!

Rule Four

Have Your Own Legal Rep in the Country

This individual must have nothing to do with the development or property that you are purchasing, and should review absolutely everything before you sign it… Do it right the first time, or it could cost you!

Rule Five

Dig into the Tax Implications - How will Profits be Treated?

How will the taxes be handled with owning outside of Canada?  Is there a tax treaty between the coutnries?

Rule Six

Know Exactly What You Are Buying

Do you know what you are truly buying?  Is it a true real estate investment, or is it an investment into a company?  Can you hold the title in a company name or personal name as a Canadian citizen?

Make sure you do all the due diligence that you can, as you don’t want to have to potentially pay for the property twice, cause you didn’t do your homework…

You can download the 6 Rules To Tropical Real Estate here which originated from REIN.

REIN - Real Estate Investment Network www.albertarein.com

Jul

14

Looking for a Recreational Property? see RedKey.ca

Filed Under Recreational Properties | Leave a Comment

If you are looking for a great resource for new developments in the BC area, you have got to check out this web page.  It is well done, and has great info on it!  They currently have just under 250 new developments to search through.  You can search everywhere from Okanagan, Kelowna, Vernon and Shuswaps to find condo’s, townhomes and even land…  If you can’t find what you are looking for here… good luck!

Remember RedKey.ca