5 things to know before buying property in the USA
So you’ve been on your dream holiday to the United States, have experienced the culture and lifestyle. Now you’re thinking about moving there. The housing market in the US is markedly different to that found in the UK and finding the right property for you and your family will be no easy task. Here are some tips to buying a property in the USA.
Research the housing market
The US is a big country and as a result property prices vary widely depending on what state you visit. Use websites such as http://www.primelocation.com/international-property/search/path/united-states/sr/r/t/houseandapartment/ to check property from all over the country. You also need to check to see what Visa you will need to be allowed to stay in the country legally. The best research you can do is to visit the area your interested in, in person. Use of local media outlets and property agents could lead you to a bargain and save a lot of confusion.
Hire a professional estate agent
The American property market suffered greatly during the global recession and the market is still in a state of disarray. To save you time and money it is a good idea to hire an agent from the area you wish to move too. They will have sound local knowledge and will know the processes necessary for a foreign national to purchase a property. This website can help you, http://www.realtor.com
Holiday at the area first
You may have done plenty of research on your chosen area but nothing can beat the experience of actually being there. It is a good idea to holiday in the area for a few weeks to get a feel of the place. Reality is often different from fiction. A holiday will allow you to explore the sights, absorb the culture and allow your family to get a feel of their possible new home.
Be prepared to buy in cash
Getting a mortgage in the US since the recession has become extremely difficult for the natives, so as an immigrant be prepared to find that it may be impossible to get financing for your dream home. Buying in cash also removes a lot of paperwork and may be your only option if financing proves impossible.
Consult a tax specialist
By hiring a tax specialist either in the UK or US will help you navigate the many complications of tax filing. A financial adviser will help you to check your numbers and will tell you whether purchasing a U.S property is viable. Ask them tough questions but most importantly ask them of yourself. A move to the United States is a big deal.