Buying a property in US

SwoLy-D · Mar 2, 2011

nigerian????

I will gladly send $250,000 for the burial of your ancestor.

rn_xw · Mar 2, 2011

Space Ghost said: ↑

??? What kind of advice is that? If he's buying outright, he won't be underwater. If he was like most people and invested at the peak of the bubble, that might be true.

I personally wouldn't buy on the beach, as JayZ has pointed out. Insurance is VERY expensive, that is if they will cover you in the first place. Many insurance companies have pulled out of the coast areas of FL. Hurricanes are a huge factor, especially if you plan on going for the long term. The Eastern seaboard around the jacksonville area is not a bad risk compared if you were thinking about tampa.

I would however consider doing a condo if the conditions are right. Commercial real estate is not a bad idea either, but it will take quite a bit of research.

Just make sure you distinguish between buying for a vacation home or for an investment.
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Thanks for the advice. I'm looking for an investment opportunity. Of course I'll be needing a mortgage but I plan to pay more than 60% downpayment.

rn_xw · Mar 2, 2011

JayZ750 said: ↑

i'm surprised nobody has mentioned the hurricane risk yet. it's not as if you are at great risk of losing your house, but every year there will be 5-10 systems that you keep an eye on, once in a blue moon one of those systems will develop into a hurricane and one or two of those will impact your house, and if strong enough, it can be bad. at a minimum, it is added insurance and mental hassle.

if you are just looking for a nice summer place, that isn't too expensive, that should also appreciate over time, in a warm climate, Florida certainly isn't the worst place you could buy. It does seem awfully far away from Vancouver, though. i think a flight to hawaii is plus/minus the same duration. can't get quite the house you could for $400k, but you could probably find something decent, and would be in Hawaii instead of Florida. The Oregon coast is probably decently priced (compared to California, Vancouver), but not as warm as a Florida.

I just think if part of your goal is to actually have a spot you can vacation at regularly, don't discount the time it will take to get there. Considering Florida is also 3 hours ahead of Vancouver, you're looking at a whole day of travel just to get there. I'd try and find some closer or easier to get to, but that's just me.
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Thanks, I am actually in Toronto. Vancouver is brought up because of the ridiculous housing price.

pippendagimp · Mar 2, 2011

Space Ghost said: ↑

If he was like most people and invested at the peak of the bubble, that might be true.
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imo we're still closer to the peak than the nadir

mc mark · Mar 2, 2011

You should look at the Carolina coasts. Especially South Carolina. There's some beautiful places and the buzz isn't so high.

Space Ghost · Mar 2, 2011

mc mark said: ↑

You should look at the Carolina coasts. Especially South Carolina. There's some beautiful places and the buzz isn't so high.
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I agree with you. Especially the Hilton Head/ Beauford area. I know this area was a huge boom, but im not sure how big the bust has been, say compared to Fl.

Im not a fan of Charleston or Myrtle Beach.

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Buying a property in US

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