A customer of mine bought a house in Florida too and she had to pay 50% down. The reasoning is that it is "cottage" residence and that you are a foreigner. If someone come to Canada from another country and wants to buy a property their down payment is higher. Also they have to pay like 50% of their rental income.
Florida
I have an older friend who was looking for a retirement home in Florida and the banks down there were asking for a minimum of 40% downpayment.
That was interesting to me since I didn't know that (and awesome if it eventually happens in Canada).
PS: Just listened to a video from Yahoo! Finance that mentioned that some state banks are asking for 50% down. Wow that would be such a different world...
That was interesting to me since I didn't know that (and awesome if it eventually happens in Canada).
PS: Just listened to a video from Yahoo! Finance that mentioned that some state banks are asking for 50% down. Wow that would be such a different world...
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Reply:
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Buying property in Florida is becoming an ever-riskier investment for many reasons. In South Florida, much of the land is barely 30 centimeters above sea level. Regardless of whether you believe in global warming, the sea is unequivocally rising due to the warming ocean and the melting of glaciers. There's a good chance that if you're buying near the coast, your property may be underwater sometime in the next few decades. Furthermore, the warming temperatures are expected to increase the severity (though not necessarily the frequency) of tropical storms. Superimpose bigger storm surges on higher sea levels and you start to get a picture of coastal Florida's future.
If I were buying in Florida, I'd buy well inland and drive to the coast when I want to go to the beach. Inland properties are cheaper now but could rise in value as people start to evacuate the coast in the decades to come.
If I were buying in Florida, I'd buy well inland and drive to the coast when I want to go to the beach. Inland properties are cheaper now but could rise in value as people start to evacuate the coast in the decades to come.
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