Buying a Miami Home as an International Buyer
Buying a house or apartments in Miami is difficult enough as a domestic buyer. International investors should not have to face additional concerns. Foreign buyers are looking for real estate companies who understand their special needs when buying a home. Using a professional realtor who specializes in selling to the international market will help foreign buyers feel more informed and more comfortable during their search. Here are some hurdles that a knowledgeable and experienced Real Estate Firm will know how to avoid when international investors are deciding what to buy in Miami.
Negligible Loan Opportunities
The most noteworthy obstacle to purchasing a home in Florida as a foreigner is the unavailability of bank financing to international buyers. In order to get loans that do exist for those who live outside the country, a significant percentage of the principal must be put down beforehand. Credit ratings often do not transfer between countries, which can make it more difficult to buy a home when compared with domestic procedures. Banks tend to view foreign buyers as absentee owners who will be difficult to confront if any legal issues arise. Using a realtor who specializes in the international market, grants access to resources and banks that are more comfortable with lending to foreign buyers.
Many foreign investors are not aware of the fees that are usually accompanied with buying a Florida home. Some condos in Miami may have particularly high association fees, for example. Maintenance fees and property taxes are also costs that foreign buyers may not have factored into their decision if it differs from their home country. It is best to find a knowledgeable real estate firm who specializes in international buyers. This way, the buyer receives a comprehensive understanding of American real estate practices, and can budget in subsequent taxes and fees.
Guest post is provided by PlanB International, providing solutions to problems specific to foreign investors when purchasing apartments in Miami. Visit the website at PlanBinternational.com for more details.