Financial Needs
One of the most important considerations prior to buying is that of financing. Presently, mortgage financing in the US for Canadians (and all citizens of other countries) is somewhat limited, and the availability of such loans and rates changes frequently.
Dick can recommend a number of brokers who will provide financing to Canadian buyers. Unless you are paying cash, it is mandatory that you get prequalified with a lender in the US, prior to looking for property. This will help you understand the lender requirements, acquire an estimate of your payments, and thus determine what you can afford or wish to spend.
Property Tax Information for California
At present, property taxes are based upon the purchase price, and are to be paid annually in two installments to the County of Riverside. The tax ranges from 1.25% to 1.30% of the purchase price, depending on locale.
Fee Land and Lease Land
Before purchasing a home in Palm Springs, it is important to know that there are two types of land ownership here – Fee Land (you own it) and Lease Land (you lease the land upon which your house sits and you make a monthly lease payment directly to the owner of the land, or to the management company representing the owner). Go to Fee Land and Lease Land to learn more.
Condo HOA Fees (Strata Fees)
Homeowner Association fees (HOA in the US, Strata in Canada) will vary per property; they range from less than $200 up to $600 or higher. The size, services, and amenities of the complex will dictate the amount of monthly fees. Go to Condominiums – Ordinary Homeowner Expenses.
Property for Sale in Palm Springs, Rancho Mirage, Palm Desert, Indian Wells, and La Quinta
We have a good but diminishing inventory of properties for sale throughout the valley. Our inventory of listings has been reduced by over 50% since it peaked in 2008. We still have great values in bank or investor owned homes, properties being offered as short sales, and regular listings offered for sale at prices not seen for many years.
In the current environment, there is much news coverage of markets that include both short sales and foreclosed lender or investor owned properties, called REO’s (real-estate owned). So let’s take a look at these different considerations prior to buying, what each one may offer and the opportunity each may present.
