There are a lot of reasons a person might be thinking about buying property out of the state or province, the country, or even the continent. You may have received a work transfer with an international company and are relishing the move from your piece of Toronto real estate to a place where taxes are not so high.
On the other hand, you may have no intention of quitting your Porcelain Veneers Toronto job and putting your house for sale in Scarborough or anywhere else. You might just be thinking about buying a second home for vacation or retirement in Mexico, Tofino, or any number of different warm locations.
You can't take the purchase of real estate in other locations for granted. Property laws and lending laws both change from one country to another, and even from one location to another. Those laws which govern purchases of real estate in Paris, Ontario real estate regulations, and those in the United States will all have some differences, the only question is to what degree. It can help to have an idea of what types of mortgages are open to you, how to contact lenders, and the type of certification required by a real estate agent. We'll help get you started with some tips here.
Start with your Current Bank
Now, if you have ever paid off a mortgage with a bank before, you know that it's not exactly the friendliest process. Bankers are trained to look at you as if you are a deep disappointment when you pay that big sum down, and they may even try to talk you into another one. Mortgages, after all, are the bread and butter of the financial industry.
On the other hand, if you mention you are closing out because you want to move from Vancouver to a piece of Midland Ontario real estate, you may find your banker back on your side. What you need to do is get all the information you can from the rep about real property laws in the new province, and how they may affect lending rates.
Don't write your current institution off just because they are a national bank, either. Banks are expanding today, in large part thanks to the Internet, and you never know if you can still work a familiar mortgage and payment plan within the laws of your home country when buying abroad. It's definitely worth looking into!
Check the Tax Information
One of the biggest differences from one country to another, and this certainly holds true on our own continent, is the tax rate assessed to properties. Toronto blogs are often centred around the high taxes we have to pay in Canada in order to support our social programs. Property taxes, taxes on the sale of our property, and the different local taxes all apply here.
Believe it or not, some locations tax their citizens significantly higher than we do. European countries, for example, may offer vast plots of land for good prices, but the property taxes are guaranteed to kill the owners financially. Tax schemes are certainly worth taking a look at locally before you buy any kind of property abroad.