Can I Buy property in New York as a foreigner? (And in the US in general?)
In the US there are no restrictions on real estate ownership for foreigners. You do not need a green card, a particular type of visa, or even US citizenship to be eligible to purchase American real estate. In fact, a significant portion of New York real estate belongs to foreign nationals and foreign corporations. Condominiums and townhouses are very popular among these buyers. The only limitations you may encounter are imposed by cooperatives, community associations or some other forms of special housing that will require buyers to present US tax returns- making this difficult for those who do not file US taxes. Fortunately, this still leaves a large part of the market available to international buyers in New York City. Let's take a look into the process of obtaining US property as a non-US citizen:
The first step for a foreign national purchasing real estate in the US is to secure a Individual Tax Identification Number (ITIN.) This replaces the need for a social security number which is not generally issued to non-citizens. This number is applied to through the Internal Revenue Service, or IRS.
A mortgage can help expand your budget and allows a stronger variety of choices in your search. In the United States, there are many affordable options for mortgages which makes them a popular route for buyers. In order to qualify for a mortgage, you must have a good credit score. Open a US bank and credit card account; this helps lenders decide what mortgage amount best meets your range. Because foreign buyers are a bigger risk to the lender, it is likely to see higher interest rates and a requirement to make larger down payments.
Get Help From an Expert
It is a wise decision to get the help of a real estate agent when buying abroad. Naturally, you are going to need a professional to explain to you how buying property in the USA works. The paperwork, closing costs, and other details that come along with a real estate transaction are serious duties that should be looked over carefully by an experienced eye. A real estate agent has knowledge of the area, the market and can greatly assist you in negotiation. You can choose to assign "Power of Attorney" to an agent allowing them to make appropriate arrangement and sign fitting documents, avoiding costly travels between negotiation, closing and all the back and forth of the transaction.
Choose Your Property
Your realtor will help you make prosperous decisions that suit your wishes, but it is entirely up to you to decide what your ideal property is. Inquire with your agent about realistic budgets, neighborhoods and any laws to advance in your real estate buying experience.