Florida has always been one of the major attractions for foreign home buyers flying to the US. The State boasts some of the most gorgeous beaches in the world and its signature vibrant sunny climate is actually revitalizing. Then, of course there are excellent educational and employment opportunities as well as mind-blowing entertainment destinations. Are you on plans to invest in Florida real estate? Well, here are some tips for foreign home buyers in the Sunshine State.
Understand your purpose
First, get a clear idea on the purpose of investment. Is it going to be a family property for your kids who would have their higher education in the States? In that case, you should narrow down your property search to the city that houses the dream college or university. Are you planning for beachfront vacation property in Florida? Miami surely flaunts some of the most sophisticated oceanfront properties in the State but they are too exorbitant. If you want a more affordable option, Fort Lauderdale would be a great option. It has got truly spectacular beachfront luxury properties now like Paramount Oceanfront Condos that are at least 30-40% less than the Miami ones. Do you need the home to conduct your business operations in Florida?
So, once again, understand your purpose first to get a more defined view of your investment.
Talk to an immigration lawyer
Investment in foreign realty is always a complicated affair. One of the most important things to take note here is certainly the US visa regulations. You can check them yourself or contact an immigration lawyer for expert assistance. He will help you in wading through the nitty gritty details of VISA requirements and provisions for foreign home buyers. It’s especially important to consult the lawyer when you have plans to stay in Florida longer than permitted by standard VISA.
Study the Florida market
You should get an extensive study on the Florida real estate market to get a comprehensive view of opportunities and challenges here. You have to check median home values, the neighborhood, crime rates, rental yield and other related factors that might affect your investment.
Contact a licensed Florida realtor
It’s imperative to consult with a Florida realtor when you are planning to buy a property here. There are many real estate agents in the State that cater to international home buyers. They know all about the housing regulations, taxation affairs and other related requirements to be followed by foreign home buyers. Your realtor will shoulder the entire hassle for you- right from finding the suitable properties to tackling the paperwork, to home inspection to negotiating with sellers and so on. Just make sure that he is a licensed broker and is experienced in working with home buyers from your country. Moreover, they will also help you in finding the financing options.
Finally, you must also check out the fiscal factors associated with real estate investment in the USA, like currency exchange rate, banking systems, export/import restrictions and international wire transfer.