Real estate is now a global marketplace, and the U.S. is no exception to this. The U.S. real estate market is fast becoming a lucrative investment option, with international real estate investors as well as beginners who would like to buy their first or second property, expressing great demand to enter the market. So much so, that of all property sales in the United States, more than 6 percent of this is accounted by foreign buyers, calculated by sales amount.
However, purchasing your first home in the United States as a foreign national can be daunting. This blog will provide a brief overview into how to purchase a home and what complications you are likely to come across.
How will the property be used?
Before finding a property that you would like to buy, it is important to consider how the property will be used. Are you looking to buy a holiday home, a property to use while working, a property for your child or a piece of real estate used purely for investment? It is important to consider this and to remember that by purchasing a property, you are not automatically entitled to residence in the United States.
Work with local real estate professionals
Although foreign buyers might be conducting their search outside of the United States, it is even more important for them to work with local advisors such as real estate professionals and attorneys. This will ensure that you will be in the best place possible to make a wise purchase.
Source: Zillow, “Foreign buyers guide,” accessed Sep. 04, 2017