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: 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: 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: 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: 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: 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. View our CARETAKER BROCHURE (PDF)

Call us today for more information.
1-866-252-2741

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