There’s no law that forbids a foreign national to purchase a home in the United States. So long as the requirements are met, foreign nationals can legally buy a property.
International home buyers are pouring billions of dollars into the US housing market as they take advantage of lower house prices and a weaker dollar.
Buying a home is not like buying a dollar, it is a very emotional process, and if you, as the buyer, allow these emotions to get the best of you, you can fall victim to a number of common mistakes when purchasing a home, especially in the United States.
When buying a home in the USA what are the considerations?
The first thing you need to determine is what your long-term goals are and then how the house’s property fits into those plans.
You may be simply looking to turn your money into dollars by buying a home to receive rent payments and make mortgage payments and still have something tangible.
Perhaps you see homeownership in the USA as a sign of your financial independence and appreciate the idea of having a property abroad.
Or who knows, you are moving to North America for Work and want to take root in North American lands. If this is your case, understand the 6 procedures to do before living abroad.
Below are 8 questions to ask yourself when deciding to buy a home in the USA:
What location in the United States do you plan to buy the house from?
What type of home is best to meet your needs?
What specific features of the house is right for you?
How much will you be able to pay for the house or a townhouse?
What kind of payment will you make when buying the house?
What type of mortgage do you really qualify for?
Who will help you find a home and guide you through the purchase?
Do you have all the necessary documentation for the purchase?
Find the right people to help with your home purchase
You cannot buy a home in the USA without the professional guidance of a specialized person who knows the real estate market in the region or state well.
At first, finding the right professionals to guide you throughout the negotiation, documentation, and completion of the purchase process, for this the idea is to include in your team a real estate agent and a lawyer with experience working with foreign buyers.
The easiest way to find a good agent is through referrals. The National Association of Realtors has a list of agents who specialize in working with foreign buyers on its website. Or you can just visit https://www.thehouseguysdc.com/.
These agents are generally certified as “international property specialists” and often travel abroad to promote their services and offer properties from their portfolios.
But in most cases, you will reach a good realtor and lawyer through word of mouth, or referrals on Google through Youtube for example. There are excellent brokers who maintain channels on Youtube publicizing their work.
A specialist consultant who wants to buy a house in the USA has a guide who, besides knowing the state laws and bureaucracies, speaks the local language and also knows how to identify a good deal and how to negotiate prices.
In general, when you know a real estate agent in America, they represent banks and institutions that streamline financing for foreign buyers, they know lawyers, credit agents, and accountants to help you through the process from start to finish.