Published on November 25th, 2014 | by Home and Family0
Financing Second Homes For Canadian Snowbirds
Buying a home is one of the most important and consuming financial decisions you will make in your entire life. And if you are lucky enough to be able to consider financing second homes, finding the best mortgage lenders is essential to the process. Many people who have a second home or are looking for financing for second homes are interested in a change in the climate from where they usually live year round. “Snowbirds” as they are sometimes referred to are people who live in the Northern colder parts of the United States and even Canada who seek out warmer weather in the cold winter months and “flock” to southern areas including Florida, North and South Carolina, California, and even Mexico or the Caribbean islands. Finding the best mortgage lenders is vital to financing a second home because there are many stipulations that come with purchasing a home in another country, particularly as a Canadian looking for a warmer second home in the United States.
- The Internal Revenue Service allows Canadians to stay in the United States for 182 of the calendar year, but Homeland Security, Immigration, and the Naturalization Act only allow for six months
- United States estate tax is a major tax concern for the home buyer and needs to be taken into consideration when making a property purchase
- International buyers purchased over $60 billion in United States real estate in 2012 and is expected to grow in the coming years
- Converting Canadian dollars into United States dollars will make the buying process smoother when buying realty in the United States
Purchasing a second home in a warmer climate is a highly desirable commodity for people who love their current residence but need somewhere to vacation to in the cooler months. After finding he best investment property financing options for you, you’ll be on your way to your own personal oasis. Get more here.