Various reports have confirmed that foreign investors are very much interested in U.S. real estate. So, National Realty Investment Advisors, LLC came up with the idea of creating a quick beginners guide to introduce foreign real estate investors with the technical aspects and ground realties.
Read on to learn about investment critical points to consider while planning real estate in the United States.
Check how U.S. real estate market is performing and what are the hottest destinations for real estate investment. If you are looking for residential home, then, study the state and region of your choice carefully for property prices, amenities, and other details.
There are various countries that regulate foreign property ownership and transactions with unique rules. Check for such rules in your country before starting the process of real estate purchase in U.S.
Various U.S. states have some re-defined real estate laws that regulate property purchase and sale by foreign nationals. Look into local rules to work as per guidelines set by local authorities.
Discuss your property requirements with an agent with past experience in assisting foreign nationals with property purchase. You also need to get in touch with an attorney, loan officer, and accountant to handle paper work and other details.
Cash or Loan
Foreign investors usually prefer to handle real estate investment in cash. However, low interest rates are motivating them to consider financing, shares National Realty Investment Advisors LLC. So, set your preferences before commencing property search.
Bank account & ITIN
If you want to buy your home through a loan, then, you will need a bank account and Individual Taxpayer Identification Number. For more information about the latter, visit http://www.irs.gov/Individuals/ITIN-Guidance-for-Foreign-Property-Buyers-Sellers
Buying home in any foreign nation also involves technicalities related to currency exchange rates, wiring costs, import/export restrictions, and taxes. Think about them as well.
It works best to go with referrals when it comes to foreign real estate purchase. Consult friends that already own home in U.S. In case you have an extended family in your chosen region, ask them to arrange a telephone conversation with local real estate agent specializing in international property purchase.
National Realty Investment Advisors LLC has been active in the real estate investment business since 2006 and thus understands technicalities involved with property purchase.
While above points will give a basic idea of challenges associated with buying a home in U.S., don’t forget to undertake additional research & consult an expert.