The USA doesn’t place any restrictions on immigrants purchasing and owning real estate. Immigrants actually make up a large portion of the market. In fact, from 2000 to 2010, immigrants accounted for almost 40 percent of the net growth in homeowners, and from 2012 to 2013 they purchased over $68 billion in residential real estate.
Whether you’re new to the USA or have been living there for a while, here are some simple tips for buying real estate in the USA as an immigrant.
Consider How You will use the Property
Will it be your long-term residence, is it just an investment property, are you only staying in the US while your children attend school or college, or are you only in the USA for business? Before you start looking for a property think about how you will use it and factor in the size of your family. This will aid your real estate agent in finding the right property for you.
Learn How the Buying Process Works
The process of purchasing real estate in the USA will almost definitely be carried out in a different way to your home country. Also, the rules and regulations for purchasing real estate differ in each state. So, it’s useful to learn about the buying process in your state. In all states in the USA, the seller pays a fee to the real estate agent for finding and showing you the property. This means that you the buyer don’t pay the agent to work on your behalf.
Build your Credit Rating As Soon as Possible
To get approved for a U.S. mortgage banks require you to have a good credit history. Unfortunately, as an immigrant, the credit history you have built up in your home country won’t be transferred to the U.S., meaning you’ll start out with no credit score. So, start building your credit score as soon as you can. Do this by opening a U.S. bank account and a credit card account. Also, make sure that you document your income on your tax returns.
Follow these tips and make the process of finding your dream home a little easier.
Build a new life in the U.S