Rates Make This a Good Time for Canadians to Buy in Palm Springs
The Canadian dollar is currently enjoying the most favorable exchange rate versus the U.S. dollar in decades. Add to that the fact thatU.S.real estate prices have fallen from 30 to 50% over the last several years, and the result is that there has likely never been a better time to buy in Palm Springs then right now.
The Palm Springs area is acknowledged as one of the most attractive regions in theU.S.in which to make a purchase. The locale is internationally renowned as a resort destination. The dramatic setting beneath the majestic San Jacinto Mountains appears picture perfect, especially in winter when the snow capped peaks provide a striking contrast to the golf course studded desert flatlands. There are Indian Casinos inside the city, and Las Vegasis an easy drive away.
Surveys show that a fifth of all Canadians are considering purchasing property in the U.S. They already comprise about a quarter of the international buyers of U.S.real estate. Such transactions have become so common that most major financial institutions are familiar with the process and able to offer assistance.
Process Less Complicated and Time Consuming
Experts now view the procedures for Canadians buying in Palm Springs as no more difficult than it would be in their home provinces. When problems do arise, they tend to involve differences in the income tax codes between the two countries rather than anything about the purchase of the property itself. For this reason, it is suggested that buyers consult with Canadian financial advisors regarding income taxes before making a purchase. They will be able to walk clients through the legal fine points that U.S.advisors may be unaware of.
Tax planning should be part of the purchase strategy. Often times, buyers make a purchase without considering the tax implications until it is time to file their returns. It is also important to keep abreast of changes in the tax codes from year to year.
Many Selections Available Now
Because of the so called housing crises, there are many choice properties to select from in the Palm Springs area. These extend into neighboring locales such asPalm Desert, La Quinta, and Cathedral City. Each community has its enthusiasts, but all enjoy the same spectacular scenery and warm winter weather. These are just two of the region’s positive attributes. Others that add to the enjoyment would be: vibrant night life, an acclaimed community of artists, attractive shopping districts, and numerous golf courses.
Realtors can provide listings of properties in foreclosure or available for short sales. There are often terrific bargains to be had in such distressed properties. Local Palm Springsrealtors will also be knowledgeable about property taxes and options for financing.
Many Canadians buy property in Palm Springs for investment purposes or as second homes. The many attractions to be found here help add to value and protect from downturns. They also make it easy to rent out places bought.