How to wisely search for a new home without overlooking any details in the process?

 

Acquiring a home in the U.S.

   Embarking on the journey of finding a new home in the U.S. as an international buyer involves more than just looking at online property listings. While exploring potential homes is a great starting point, it's crucial to delve into various aspects before making a purchase. Pay attention to subtle yet significant nuances, conduct thorough research on neighborhoods and schools, review safety statistics, and pose critical questions to yourself. Ensure you're well-prepared and confident by considering the following steps in your home-buying process.

Step 1: Commence by establishing your budget.

When deciding where to buy, pinpointing the exact neighborhood or street isn't necessary initially. Identify cities in the U.S. that pique your interest and look up the median home values in those areas. Assess whether your budget aligns with the particular city's housing market. Many U.S. homes are priced per square foot, offering a useful metric to determine the size of living space within your financial reach. Additionally, factor in your down payment or deposit, as putting down less than 20% may incur a fee called PMI (private mortgage insurance).

Step 2: Dive into neighborhood research.

Once you've selected a general area or city for your home purchase, conduct a more in-depth analysis. Explore key statistics about different neighborhoods, considering factors such as dog-friendliness, necessity of a car, walkability to restaurants, well-kept yards, presence of sidewalks, peace and quiet, ease of parking, proximity to grocery stores, neighbor friendliness, well-lit streets, community events, and outdoor activities for kids. Investigate local amenities, including restaurants, cafes, arts, entertainment, fitness options, and grocery stores. Utilize resources like Neighborhood Scout to answer detailed questions and enhance your search.

Another essential aspect is understanding the local weather, as different U.S. regions experience varying climates, from snowy winters to hot, dry summers. Some buyers base their real estate decisions solely on weather conditions.

Joining a Facebook Group specific to the prospective city can provide valuable insights from locals. These groups share insider information about the best neighborhoods, experiences of living in the area, and details about the home-buying process. Engaging with others in the group can boost your confidence in choosing the right neighborhood.

Consider that a smaller down payment results in a higher monthly PMI fee. Foreign buyers may encounter lenders requiring a 30% deposit or more, potentially affecting this additional cost. Awareness of such financial aspects will contribute to a more informed and confident home-buying experience.

Looking to make a real estate investment in the United States as a foreign investor? No worries, as anyone, regardless of residency or citizenship status, can purchase a home in the U.S. In fact, foreign investments in U.S. properties reached a total of $78 billion in 2019.

However, it's essential to note that even non-residents who own property in the United States are subject to the same laws and taxes as American citizens. The Internal Revenue Service (IRS) mandates that all homeowners in the U.S., including non-residents, must fulfill their obligations regarding property taxes.

This article delves into property taxes and other common expenses that individuals can anticipate when acquiring a home in the U.S. Let's explore these aspects further, shall we?

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Buying property in New York City if you are a foreigner:

Welcome to the vibrant world of New York City!

Discovering your slice of the real estate market in the Big Apple is an exciting venture. Here are some key statistics for the New York City market as of February 2020:

Population: New York City stands as the largest city in the U.S., boasting a population exceeding 8.6 million residents.

Cost of Living: The average monthly rent for a 2-bedroom flat in Manhattan hovers just below $4000. Notably, the cost of living in New York City ranks among the highest in the country.

Housing Price per Square Meter in the City Center (Median): The median price is $14,777.80, though it's essential to note that the median price across the entire city is $1,103, indicating significant variation based on the chosen neighborhood.

Rental Price for a 1-bedroom Apartment in the City Center (Median): The median rental price for a 1-bedroom apartment in the city center is $3,229.31.

These statistics offer a glimpse into the dynamic real estate landscape of New York City, where diverse neighborhoods cater to various preferences and budgets.