Canadian Buyers Investing in Southern US Real Estate
Since the Canadian dollar is worth so much more now then ever before, Canadians are finding that it's a great time to invest in US real estate particularly in Ruidoso, New Mexico!
Ruidoso has become home to many residents who have retired, bought second homes, or relocated to work in the area around Lincoln County. This ideal climate makes this a perfect place to vacation and/or live permanently. Summers are pleasant, characterized by warm days, cool nights, and plenty of sunshine.
Some key points to keep in mind though when considering purchasing Ruidoso, NM real estate or any US real estate from Canada:
- You must keep in mind the Canadian dollar. If you bought at a $1.10 you have already lost 10% of the value so this is something you will want to hang onto for a while before considering selling.
You may not be able to do any of the renovations yourself without a VISA. This may even be for simple projects like painting, collection rents or major landscape work. Check the local laws!
- It may be tougher to get financing as investment mortgages can be difficult. Speak to one of our agents to get in touch with a lender that can help you. If it is your permanent residence you may be able to get better financing.
When looking, you will want to choose a home within a community with low vacancy rates and higher employment rates. Our agents are professionals in all areas around the Ruidoso area and can help map out a good area for your investment.
- One major point is you will want to see the home before you buy. Don't rely on pictures alone but visit the area and get a feel for the home and the neighborhood first.