The United States of America is easily the #1 country on the planet by far, a global melting pot and known as the Land of Opportunity. Men and women from all over the world have immigrated to the United States in droves over the last 200 years, with hundreds of millions more waiting in the queue, waiting for their chance to be a part of the most prosperous society on the planet.
The climate in the United States is mostly pleasant and moderate, but then America is a massive country, what you get in Texas would be completely different from your experience in Alaska. The United States is a very urban nation, with busy, bustling, prosperous cities such as New York, San Francisco and Boston. It is the country you go to in search of a business opportunity or high quality employment. In the United States, everyone can make a good living.
There is something for everyone in the United States. If you would like to have more open spaces than perhaps California, Florida and Colorado are where you should be heading for. Or if you’re looking for excitement in your life, perhaps you should head to the state of Nevada, that has Las Vegas, the world’s gambling and entertainment hotspot.
But not everyone can live there; living in the United States is one of the biggest privileges in the world today. The American Dream is accessible only to the most fortunate among us. We are assuming that you have already made your way to the United States and looking to buy property there. In that case, you will find excellent advice on buying property in the United States here.
Are You Eligible To Buy Property in the United States?
The United States is a very business friendly country and imposes on restrictions on foreigners looking to house residential or commercial property there. But the procedures for the same vary from state to state, so it is best to consult the local real estate specialists on this. Also, there are strict visa requirements that need to be looked into, as the US Immigration department doesn’t take kindly to any violation of the mandated rules and regulations.
Cost of Buying Property in the United States
The expenses incurred on buying property in the United States vary from state to state, and depend on factors such as the type of loan taken to finance the purchase and the purchase agreement. But generally, be prepared to reserve 3 to 6% of the cost of the property for the additional costs that may include bank charges in case a loan has been made, inspection fee, title insurance, mortgage insurance, stamp duty, survey fee and so on. Fortunately, you wouldn’t have to pay the real estate agent or realtor’s commission as they are taken care of by the seller.
Buying Property in the United States – The Details
The first thing to be kept in mind while looking to buy property in the US is to look for a mortgage company to finance the purchase. Most mortgage companies ask for a 20% down payment on the property for foreigners and you will be asked to provide proof of income and personal and financial details.
Next, you should have got the visa and residency permits. If you are looking to move to the United States permanently, you need to get the Green Card, which would give you the status of a permanent resident.
It is very important to hire a professional real estate lawyer in the United States to help you with the transaction and ensure that your visa requirements are up to date.
On selecting a property that you want to buy, it is important to get a house inspection by a qualified expert carried out, to identify faults, if any, in the property. If any defects are found, you should ask for concessions from the home owner.
There will be a 30-day gap between the signing of the first contract and the finalizing of the sale. It is important to get title insurance even as you sign the first contract for the sale, which protects you against any financial loss incurred by you if the home owner sells his property to another buyer just before finalizing the contract with you or if you find a serious defect in the house that was hidden by the home owner which would make it impossible for you to purchase the house.