One of the most visited places in the United States is New York. There is no comparison to the cultural opportunities for residents and visitors alike. Some travel to the city in the summer to enjoy the parks and festivals, and others love the winter for the holiday lights and shopping. Of course, at this time of year, with the leaves changing color, there are few places more beautiful. In fact, many who visit decide to stay.
No matter the season, New York is a lovely and exciting place to live. Not only does the city attract transplants from all over the country, but people from overseas are a major part of the real estate trends. If you are looking to purchase a residential property in New York from your home overseas, you may have many questions.
Common expectations and wish lists
It may help you to know that you are not alone in focusing on this city as a place to purchase in the United States, especially if your plans for the property are to use it as a second home, a home for a child studying in the U.S. or even an investment. Some studies show that foreign purchasers make up about 15 percent of real estate transactions in New York, and their tastes are not so different from native home buyers. Some of the elements you are looking for in a new home may include:
- A view of the city or its idyllic surroundings
- Rooms with plentiful natural light
- Easy access to transportation
- Close proximity to the city's amenities
- A good return on your investment
You may not be interested in purchasing a unit in one of the many historic buildings, such as the popular brownstones built at the beginning of the 20th century. Instead, like many foreign real estate buyers, you are likely interested in condos or modern construction. These are often easier to resell profitably. Besides, as a foreign investor, the fact that you don't have a social security number or a stateside bank account may make it difficult for you to qualify for acceptance in a co-op building.
Dealing with challenges
If you are ready to begin the process of purchasing residential real estate in New York, you will certainly want to be prepared for any challenges that could delay or prevent the completion of your transaction. The essential issues may involve practical things like understanding real estate and legal jargon as well as overcoming a language barrier.
However, you may also have questions about using an LLC to reduce future tax burdens. You may be able to approach your purchase with more confidence if you have the assistance of an attorney with experience handling foreign real estate transactions.