Purchasing A Property in the USA

Dated: July 16 2020

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Purchasing A Property in the USA

 

While purchasing a property in the USA is quite common, it also comes with a lot more red tape than renting. In addition, the language barrier may make it even harder for expats to understand  the paperwork. Here are some pointers on how to navigate the process of purchasing your dream home.

Purchasing a property in the USA is way more common than renting. This is also why many real estate agents focus on houses and condos which are for sale and clients who are interested in buying as opposed to renting. If you are moving to the US for a longer period of time or even plan to settle down there for good, buying a home will definitely make a lot of sense. Still, the entire process of buying a house or an apartment is extremely complex and there is a lot you have to keep in mind when buying property in the USA.

 

The Basics: What You Need to Make a Purchase

Purchasing a  property in the USA is not a problem for foreigners. You do not need a green card, a particular type of visa, or even US citizenship to be eligible to do so. However, before you can purchase your dream home in the United States, you need to secure an Individual Taxpayer Identification Number

https://www.irs.gov/individuals/individual-taxpayer-identification-number

This number is issued to foreigners who are not eligible to obtain a Social Security Number. You will need to get in touch with  the Internal Revenue Service to apply for this number.

Unless you have a large amount of money in your back pocket to pay for your new home cash, you need a mortgage to finance your purchase. This is very common in the USA, when purchasing a property and there are many affordable options available to prospective homeowners. To qualify for a mortgage, you will first need to earn a good credit. Open a US bank account and get a credit card and make sure to report all of your income on your tax returns. 

https://www.internations.org/guide/usa/29457-economy-finance/banks-in-the-us-16278

Tax returns will be used by lenders to decide how much you can afford to purchase. When you are ready to apply for a mortgage, choose a financial institution which has some experience when it comes to dealing with foreign buyers. That way, they will know how to judge your credit history. Make sure you get a good faith estimate which details all costs of getting a mortgage.

Work with a Realtor 

Finally, to find the right kind of property, the one that is your dream and doesn’t come with a set of unpleasant surprises, you should work with a Realtor you can trust. One that can  explain to you how buying property in the USA works and assist you when it comes to the paperwork, closing costs, and other details.

Furthermore, a Realtor knows your new area very well. They know which areas are perfect for young, single people, and which would make a great new home for families, as well as which neighborhoods you should avoid when buying property in the USA. At the end of the day, they can find exactly the type of property that you might be looking for and help you negotiate a good price for your new home-to-be. 

Finding Your Dream Home

Even though a reliable and professional Realtor  might save you a lot of time and nerves, you will have to be the one to decide which neighborhoods you prefer and what type of real estate you are looking for. Your realtor can, of course, give you some pointers about buying property in the USA. But at the end of the day, it is up to you to decide whether you want to live in an apartment, single or family home.

So try to gather information on the local real estate market before buying property in the USA. This should also include average housing costs, allowing you to come up with a budget for your purchase If you do this, your realtor will have a much easier time finding the right type of property for you.

Tax returns will be used by lenders to decide how much you can afford to purchase. When you are ready to apply for a mortgage, choose a financial institution which has some experience when it comes to dealing with foreign buyers. That way, they will know how to judge your credit history. Make sure you get a good faith estimate which details all costs of getting a mortgage.

Work with a Realtor 

Finally, to find the right kind of property, the one that is your dream and doesn’t come with a set of unpleasant surprises, you should work with a Realtor you can trust. One that can  explain to you how buying property in the USA works and assist you when it comes to the paperwork, closing costs, and other details.

Furthermore, a Realtor knows your new area very well. They know which areas are perfect for young, single people, and which would make a great new home for families, as well as which neighborhoods you should avoid when buying property in the USA. At the end of the day, they can find exactly the type of property that you might be looking for and help you negotiate a good price for your new home-to-be. 

Finding Your Dream Home

Even though a reliable and professional Realtor  might save you a lot of time and nerves, you will have to be the one to decide which neighborhoods you prefer and what type of real estate you are looking for. Your realtor can, of course, give you some pointers about buying property in the USA. But at the end of the day, it is up to you to decide whether you want to live in an apartment, single or family home.

So try to gather information on the local real estate market before buying property in the USA. This should also include average housing costs, allowing you to come up with a budget for your purchase If you do this, your realtor will have a much easier time finding the right type of property for you.

 https://myre.io/0r0fqxiWCvyUS

 

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Catherine Deschamps-Potter

Originally from France, I moved to the United States in 1988 and lived in Wisconsin for many years. My love for the outdoors made the move to Denver, Colorado a no brainer! My true expertise is in cli....

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