Jason Gelios Michigan REALTOR®
  • HOME
  • The AskJasonGelios Show
  • SEMINARS
  • FOR SELLERS
    • DIVORCE
    • SELLING TIPS
    • SELLING BY OWNER
  • FOR BUYERS
    • HOME BUYING TIPS
    • GET APPROVED
  • PRESS
  • JASON'S BLOG
  • Jason's Real Estate Book
  • Connect With Jason Gelios
  • TESTIMONIALS
  • PODCAST: AskJasonGelios Show
  • HAPPY LIVING DIGEST
  • SENIORS

5 Steps for Foreigners Buying Property in the USA

1/5/2022

0 Comments

 
Guest Writer: Sally Norton
Picture
​The process of purchasing real estate is never easy, but it is even less so if you are a foreigner looking to buy in a country you do not call home. Fortunately, the USA doesn't aim to make it needlessly complicated for non-residents to acquire property. Nevertheless, the entire ordeal might seem a bit daunting if you do not know what you are getting yourself into. Sufficient research, planning, and preparation, although always imperative, are indispensable in this case. But what are the basics around which you need to plan your real estate experience? Take a look at these 5 steps for foreigners buying property in the USA to find out.

Narrow down your options

The USA is a huge country that got its nickname "the land of opportunity" for a very good reason. Still, it is not irrelevant where you choose to put down roots, even when possibilities are lurking behind every corner. You should consider different parts of the country, depending on whether you want to invest, buy a vacation home, or relocate your entire life to the US. What is it that presents itself as your biggest priority? Is it pristine beaches and tourist hotspots? The proximity to essential amenities and conveniences? Or maybe high-quality education and a family-friendly setting? Finding answers to these questions should be your primary focus since dividing your attention to several different real estate markets would only further complicate the process.
​
Moreover, once you narrow down your choices, you should think about the type of property you want to purchase. For instance, buying a condo is somewhat different from buying a house, which is something you need to prepare for and inform yourself about.
Picture
Thoroughly research the real estate market in your desired location.
​Working with professionals is essential for foreigners buying property in the USAAlthough it is possible to execute the entire purchase with minimal assistance, this is a risky game not even seasoned real estate investors dare to play. Along the way, you will likely come across an endless array of question marks and confusion, which are nearly impossible to figure out alone. Luckily, there are many professionals in the real estate industry whose expertise you can and should take advantage of, especially as a foreign buyer.
  • A realtor who has experience in foreign real estate transactions will be your biggest ally. Aside from looking out for your best interest, they will be able to answer all of your questions related to the house hunting and buying process.
  • A lender who works for a global operation will help you acquire a loan and deal with the financial side of things.
  • The tax system in America is unique compared to other countries, which is why working with a tax advisor is recommendable.
  • The moving experts from fourwinds-ksa.com point out the importance of hiring an experienced moving company when the time comes to relocate to your property. Transferring your belongings, let alone your entire life, to a new country is a complex process that is best left in the hands of skilled professionals.

Figure out the financial aspect of your real estate adventure

One thing all real estate transactions have in common is money. There is not much to talk about without it, especially since American properties are not exactly what you would consider affordable. If you are like most foreigners buying property in the USA, you will likely need to take out a loan. To be able to do this and get a favorable amount and interest rate, you will need to establish and earn a good credit score. Since this step requires a few months, make sure to prioritize it and start on time.
​
During this stage, enlisting the help of a financial advisor is vital, as the US system is probably significantly different from what you are used to in your home country.
Picture
Sort out your finances before you take out a loan.
​Familiarize yourself with tax requirements

While we are still on the topic of advisors, make sure to look into one for taxes as well! The type and amount of taxes you will be required to pay once you become a property owner in the US differ depending on several factors, which are easy to overlook without enough knowledge and experience. The good news is, you won't need to pay any additional taxes as a non-resident buyer, aside from property taxes! However, income tax might be a thing you will need to look into if you intend to use your property as a source of income.

Visit the property at least once before closing the deal

The fact that we are still powering through the pandemic certainly complicates the buying process for foreigners, but it does not make it impossible. You might not be able to be physically present during the entire process, but you should still do your best to visit the property at least once before actually signing on the dotted line. This will allow you to see whether you are indeed making the right decision, which is imperative if you want to relocate to the US with your furry friend and family. How else could you prepare your kids and pets for a challenge as big as an international relocation?
​
Fortunately, when it comes to touring properties, attending viewings, inspections, and other events, your realtor should be able to provide you with detailed video materials and even bring you along on video calls so that you don't miss anything important.
Picture
It’s wise to visit the property before closing the deal.
​Final words

These 5 steps for foreigners buying property in the USA should help you lay a stable foundation for your real estate transaction. As a key takeaway, try not to be stingy when it comes to enlisting the help of professionals since this will likely be one of the biggest investments of your life. Mistakes along the way can be incredibly costly, but they can also be avoided with the right planning and clear goals in mind!

Picture
Sally Norton is a freelance copywriter based out of Miami, with a flare for writing optimized articles. Her experience is focused on moving, travel, real estate and overall guides to help people with some challenging projects and endeavors. In her spare time, Sally enjoys yoga and walks with her dogs - Mane & Rex.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.


    Picture

    Author

    Jason Gelios is a  Husband and Father. After that, a Top Producing REALTOR®, Author of the books 'Think like a REALTOR®' and 'Beating The Force Of Average', Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country.

    Jason is dedicated to providing real estate advice and education to home owners, buyers and sellers with content that is practical and based on real world situations.

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    July 2020
    May 2020
    April 2020
    March 2020
    February 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    April 2015

    Categories

    All

    RSS Feed

About Jason Gelios
For Buyers
For Sellers
Think Like a REALTOR® Real Estate book
Valuable Resources
AskJasonGelios Real Estate Show
Jason Gelios' Real Estate Blog​

In the press

Contact Jason Gelios
Copyright    All Rights Reserved    Reach Jason Gelios Direct at 586-419-2231    jasongelios@itsallabouttherealestate.com
Photos used under Creative Commons from wuestenigel, MarkMoz12, Spencer Means, Mrs Airwolfhound, r.nial.bradshaw, MarkMoz12
  • HOME
  • The AskJasonGelios Show
  • SEMINARS
  • FOR SELLERS
    • DIVORCE
    • SELLING TIPS
    • SELLING BY OWNER
  • FOR BUYERS
    • HOME BUYING TIPS
    • GET APPROVED
  • PRESS
  • JASON'S BLOG
  • Jason's Real Estate Book
  • Connect With Jason Gelios
  • TESTIMONIALS
  • PODCAST: AskJasonGelios Show
  • HAPPY LIVING DIGEST
  • SENIORS