Canadians Buying Property in Florida | Foreigners
Rumors that are NOT true
Dale Palmer & Associates would like to clear up some rumors that some Canadians and other Foreigners believe about buying property in Florida. My team focuses on the Broward County area of Florida including all cities around and in the Fort Lauderdale real estate market.
First lets clear up some rumors that are NOT true for foreigners buying property in Florida:
- Foreigners / Canadians pay 2-3 times more property taxes than United Status Citizens.
- This is NOT True, taxes are calculated and come out to about 2% of purchase price and is true for US and Non-US citizens. The only thing that foreigners are not allowed to take advantage of is our discount for Homestead. This would apply to residences of Florida only. Homestead discount does not apply either to US citizens from other states that are not full time residents of Florida. This discount is anywhere from $600 – $1100 dollars in savings per year, depending on the taxable value of the property. To read more on the Homestead discount and requirements, please see Florida Homestead Exemption.
- Foreigners / Canadians have to pay cash for property.
- This is NOT true. Canadians and all other Foreigners can buy property in Florida with 35% down. For a more completed list of requirements (documents required), please see our webpage for Non US citizens buying Real Estate.
- There are oceanfront condos in Fort Lauderdale for $50,000 – $60,000 US dollars or less.
- This is NOT true. Oceanfront and waterfront properties are the most expensive types of property in the Fort Lauderdale Broward County areas. Waterfront condos on the Intracoastal waterway can be bought for the $150’s and up and also oceanfront, but you may have to settle for a low floor with no ocean view for this price and possibly a 1 bedroom and is usually in original condition. Intracoastal views are less expensive and some 2 bedrooms do exist at this price. Northern Broward County including Pompano Beach and Lighthouse Point tend to be less expensive but your still looking over $100,000 for a 1 bedroom with no direct water view. I am referring to Intracoastal or oceanfront condos here, not canals that are further inland.
Dale Palmer & Associates will be adding more rumors that are not true as we hear them. Please feel free to call us at 954-895-8999 or contact-us and ask away.
If we don’t know the answer, we will certainly find out the answer for you.
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