The number of international home buyers, from different parts in the world who buy properties in the USA, has been increasing in the recent years. One of the biggest investors in the US real estate market are the Australians, along with the Canadian and British citizens. There are many reasons why foreigners decide to invest in USA property for sale. The main factor more and more Australians buy properties in the USA, is the significant stagnation of the US housing market.
Dramatic fall of the prices of the US real estate was noted between 2009 and 2013. This was a result of the successive economic crisis. During this period, Australians accounted for 11% of the total number of foreign investor, and the number is rising. If you too would like to become an American property owner, here are the few things to keep in mind.
Step 1: Determine the type of property you plan to purchase
Before even doing the research on available USA property for sale, determine the purpose or simply said, what you plan to use the property for. Will you use it as a vacation home or will it be your long term residence or will it only be used by your children who plan to study in the USA? Or maybe, you want to lease the property in order to receive additional income.
Step 2: Get to know the US real estate market
When talking about the overall US real estate market, it is important to know, that each USA state has own housing laws and regulations. This means that many segments can differ for state to state, such as: the type of purchase contract, the titles and duties of people who are assigned to conduct the selling process and the method of closing the sale. Thus, get to know the US market you plan to invest in.
Step 3: Consult with real estate professionals
The process of purchasing USA property for sale can be a daunting one. Since you will be investing larger amount of financial assets in a real estate market you are not familiar enough with, seek professional help from experienced real estate agents. Hire an experienced and licensed real estate agent, inspector and attorney. They will represent your legal rights and will protect your investment strategy.
Step 4: Get financing
As a foreigner buyer of the USA property for sale, you may come across many requirements, especially when it comes to the banks. Usually, most banks ask foreign investors to provide a specific amount of financial deposit and to set certain limits to the loan. Some banks require at least $100,000 deposit, while others may require higher number. The US loan market offers affordable and safe loans for foreign home buyers who have good credit scores. It is up to you to decide which kind of financing you will choose.
