Canadians Have Clout in Today’s Market
Canadians now comprise the largest percentage of foreign nationals buying property in the U.S. The figures are especially true in the Palm Springs Region where Realtors report record numbers of inquiries from Canadians wishing to buy in the region.
Experts suggest this is a result of the strength of the Canadian currency along with diminishment of the price structure of property in the U.S. While prices have ceased slipping in Palm Springs, they remain well below the peak reached several years back.
The housing crisis has led to a glut of homes now on the market with plenty of bargains to be had. Several Realtors in the Palm Springs area specialize in foreclosures and short sales where homes can be purchased for a fraction of their former worth. Care must be taken to determine the home’s condition in these cases as owners may have neglected repairs and maintenance once foreclosure proceedings began.
Palm Springs and adjacent communities have been expanding for decades, and there is plenty of room in the Coachella Valley for expansion. With the downturn in housing, there are now substantial listings of properties for sale. These range from condos in town and along golf courses, and single family homes in both settings. In addition, there are many homes scattered throughout the desert that offer solitary splendor.
Buying property in Palm Springs is a pretty straight forward procedure for Canadian citizens. Property taxes and fees are the same for all buyers regardless of place of origin. The implications such purchases have on the income taxes Canadians pay can very so it is important to consult an expert in this area before filing tax returns. It can be confusing what sorts of expenses are deductible and how loans should be structured to gain the best possible advantage.
Different tax standards can apply depending on whether a Canadian comes to live in Palm Springs permanently year round or just winters in the region occasionally. There are also variations depending on whether one has retired or is still working. If still working, there are differences if the work is done in Canada or the U.S.or if work is done in both places. These days with so much work done on line, it can be difficult to determine exactly what is done where.
Renting Out Property Can Provide Income
Since many Canadians only live in Palm Springs for part of the year, it is possible for them to rent their places out for the rest of the year. Such a strategy can allow a property to pay for itself. Several agencies provide services devoted to this, and area realtors will be able to suggest firms to use.
Many Canadians are buying property around Palm Springs to rent out year round. Homes and condos in the Coachella Valley offer excellent investment opportunities with long term prospects for appreciation in value virtually certain. This is due to the region’s popularity as a resort destination with acclaimed winter weather, numerous golf courses, and chic shopping districts.