FAQ's
For Canadians purchasing residential property in Arizona
Q: What is the process for Canadians buying in Arizona?
A: The same process for local residents purchasing applies to Canadian
residents, except that you will be asked to provide a copy of your passport or
visa. All transactions are professionally handled by a title and escrow company.
Q: Is financing for Canadians readily available?
A: Yes. We have researched the very best loan programs, and have found the
best rates and terms. Typically, down payment requirements are 20-30%, and fixed
rates are approximately 6.5%. No US credit report or tax payer ID is required.
Ask for a referral to one of our lenders.
Q: What are the tax implications for owning in the US?
A: Tax issues can only be answered by your accountant or CPA. Please consult
them prior to making a residential purchase. This link, provided by Cam
McIntosh, a Calgary-based accountant and tax advisor, may also be helpful:
http://www.expatriate.com
Q: May I lease out my residence when not in use?
A: Yes. Typically, if you own a fully furnished residence, it is likely that
you will be able to lease it out on a monthly basis, or as allowed by the CCR’s
of the community in which the residence is located. The peak rental season is
usually from November through April.
Q: Do The Condo Pros provide property management services?
A: No, but we have a referral arrangement with a local property manager that
can assist you with all aspects of managing your rental.
Q: What amount of rent may I expect?
A: Generally, a good estimate is to expect from $2-3 per sq. ft. rent, based
on a nicely furnished rental, in season. This means that a 1200 sq. ft., 2
bedroom condominium is likely to rent for $2400 – 3600 per month from November
to April. The owner is expected to maintain utilities, local phone and cable and
cleaning services, which can be arranged through the property management
company. Rates vary based on location, quality of the furnishings and other
factors.
Q: Can my unit go into a “rental pool”?
A: We do not run rental pools (the common sharing of rents on all
participating rental owners); this is more common in mega-developments in resort
areas that can command year-round rents. We suggest that a professional property
manager can assist you with leasing your specific residence when it is
available, and this will increase your financial return versus a rental pool.
Q: What is the best way to decide where to buy?
A: We suggest that you first consider what activities interest you, such as
golfing, fine dining, shopping, hiking, tennis, arts or other entertainment
venues. Then, concentrate your search near where those activities are located.
For example, if golf is of the first priority, then North Scottsdale, Chandler
or Mesa may be your first choice. If art venues are your preference, then Old
Town Scottsdale or Central Phoenix may be preferred. Our sales associates can
assist you in locating the right residence for your tastes and price range.
Q: Are HOA budgets and reserves readily available for my review?
A: Yes. In all communities represented by The Condo Pros, the reserve -
needs analysis, the HOA budget and complete financial statements are always made
available to prospective purchasers.
Q: Can you assist us in locating a residence other than those communities
represented by The Condo Pros?
A: Yes. Our professional sales staff can find a residence in any community,
price or features that you desire.
Q: Are any residences available fully furnished?
A: We have made arrangements with our interior decorator to handle the
furnishings and accessories upon request. The fee depends on the size of the
home and the furnishings style, but the cost usually run from $10-25,000 (USD).
Q: Who will check on my home when we’re not there?
A: We offer a unique
CareTaker service
through The Condo Pros. If your residence is vacant, one of our staff members
will check it twice a month. We’ll make sure the doors are locked, repairs are
noted and coordinated, and all the trash is discarded. This service is free for
the first year, and then costs $50 per month thereafter.
Call us today for more information.
International: 1-866-252-2741
Local: (480) 766-0458
Visit
www.TheCondoProsAZ.com
Today!
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