Buying Coastal Property In Another Country
There are wonderful opportunities to buy coastal property in other countries like Canada and Europe. In fact, some of the best coastal property in North America is categorized as Sault Ste Marie real estate on the shores of the Great Lakes in Canada.
photo credit: TheMarque
This coastal area is very picturesque, and in many locations is still virtually untouched wilderness.This may not be your cup of tea, but if it is then you can find property that’s even nicer than some of the best beaches in California. Of course, you only have 3 months of summer to enjoy it, but that’s another discussion.
The property prices in this area of the world are dramatically lower than many places in the United States, yet property laws and cultures are very similar. For example, a piece of beachfront property worth $2 or $3 million dollars in California only costs approximately $300,000 in the Great Lakes region of North America.
Most property in Canada and other countries is handled by real estate agents much like the United States. There is a multiple listing service in Canada, and you can also deal directly with the owner if they choose to sell direct.
Mortgage financing is provided by one of 5 or 6 national banks. There tends to be a little less competition for rates and features, but the stability of the national banks in Canada is renowned. They are backed by the Bank of Canada, and their terms and facilities are very similar to most US banks.
If you want to a mortgage renewal in Canada the process is usually very similar to the United States. Five and ten year balloons are common, as are 15 and 25 year amortization periods. What isn’t very common are the highly speculative mortgage instruments. In general, you will need a 25% downpayment, especially if you’re a foreign investor.
If you’re adventurous and like to explore new places, then with a little work and help from experienced professionals you can own a valuable piece of coastal real estate in a foreign country.