The U.S. Retirement Property Can Cost More Than Anticipated.
Purchasing real estate in the U.S. is not the same as purchasing real estate in Canada. There are a number of additional expenses including taxes and certain insurance (the cost of which varies between states). Also, if a mortgage is required, you will need to provide more documentation than what is required in Canada. Additionally, U.S. mortgages are compounded monthly rather than semi-annually as is typical in Canada.
The Lesson: Talk to your professional advisors about all the costs involved before you decide to purchase so that there are no unpleasant surprises.
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