By Remitbee - Apr 20, 2021
Numbers, they’re a part of everything these days.
They’re inside the codes of the websites we read articles on and the planes that fly hundreds of miles over our heads. We can’t avoid them, no matter what many of us tried to claim after stepping out of our last math class in high school.
One way numbers majorly contribute to all of our lives is through money. Currency values are constantly changing, which makes big purchase decisions — like buying a house using a foreign currency — that much more of a numbers issue.
For example, if you’re a Canadian looking to buy a house in the United States, you’ll most likely have to make your purchase in USD. With property investments already being big financial commitments, foreign real estate purchases add another degree of planning to the mix. You’ll have to budget more effectively because timing is a significant factor when it comes to currency values. The right strategy could save you thousands of dollars, but the wrong one could equally hurt you.
This is why it’s important to understand currency advantages. When you transfer large sums abroad, a solid and competitive currency exchange rate will make a substantial difference in how much foreign currency you receive in turn. Additionally, the market volatility of your initial and converted currency will impact the cost of your exchange.
So let’s get started.
The first step in finding a place to call your own abroad, whether that’s permanently or for a short seasonal interlude, is to decide what kind of place you’re looking for. If you’re part of the large demographic of Canadian snowbirds who travel seasonally to the U.S., you may be interested in a warmer escape property that you can potentially rent or buy and rent out when you’re not there. Or maybe you’re looking for a cheaper place to live, in which case you may be looking to downsize from a house to a small apartment to rent. You could even be looking simply to purchase a home abroad as a means of foreign investment, which is a whole other area to consider.
Think about your motive. The areas you search in, and the types of real estate you’ll consider, will depend on it.
Once you figure out what kind of property you’re looking for, it’s time to research locations. You’ll need to consider local laws of areas, which may or may not limit or inhibit the purchase of real estate to foreign parties, and local advantages, such as accelerated or instant citizenship with the purchase of property within the country (generally above a certain price threshold).
Another thing to consider would be property costs. According to WalletHub, as of 2021 New York has a property tax rate of 1.72%, Florida’s is 0.89%, California’s is 0.76%, and Hawaii’s is the lowest of all the states at 0.28%. These kinds of numbers are extremely valuable as you house-hunt, so keep them in mind.
At this step, you’ll have narrowed down your property prospects in different or maybe just one location. Now go over your list with a fine-toothed comb and analyze everything about each listing. Keep in mind your motive for buying foreign property, and the fact that in purchasing real estate abroad the process is often more difficult with fewer guarantees. It’s up to you to find the best deal for yourself! If possible, take the time to visit the property areas or the properties themselves, if you haven’t been to the area(s) before.
Remember that every measure you take now, and every detail you iron out, will be worth it for the future home you’re looking to settle down or invest in.
Realtors exist around the globe, and their job is to provide expert advice and assistance in the facilitation of real estate sales. This means local ones will likely know everything there is to know to help you with both the big and little things concerning your chosen potential homes.
Like realtors, currency exchanges exist everywhere. Most banks provide the service, and there are thousands upon thousands of currency converter counters, tellers, shops, booths, etc., in every town in Canada. And don’t forget about the online ones too!
It’s up to you to weed through all the options and find the one that provides you with the best deal. That means a currency exchange that provides great rates, low to no fees, speed, and convenience.
And that means you’ll want to check out Remitbee’s online currency exchange service, which provides exchange rates that are better than banks and many other competitor services, has absolutely no fees for exchanges greater than ten dollars, has top-of-the-line security, and provides immediate processing! We know for a fact that we’ve got the best Canadian dollar to U.S. dollar exchange rates around!
Get the best currency exchange deals so you can get on to purchasing and enjoying your new home abroad.