In Orlando we continue to see foreign buyers coming to our city to buy properties. Many of them are investors, or individuals and families who purchase a vacation home to enjoy all that our city has to offer while they are vacationing here. All of them enjoy the benefits of the smooth process of buying a property here, even if they do not live in the United States or are not U.S. citizens.
Is important that you know that foreign buyers can purchase a property here without special requirements, in the same way U.S. citizens or permanent residents are able to. The only difference that you will notice is if you buy with financing. Let me explain the options.
If you are a cash buyer, the process will be faster and with less closing costs, plus you can negotiate benefits, as a lower price, or receive some incentives from sellers, such as part of the closing costs. This varies depending on the property. If you need a loan to purchase, the process will be longer and more expensive, but this is the way that many buyers do it. If financing is required, you must qualify with the parameters that the lender request. You must be sure that the lender offers mortgages for foreign nationals. As important note, if you buy with financing, you will be required to have between 30%-40% down payment, in addition to the closing costs. This percentage can be higher depending on your financial situation and the type of loan that you qualify for.
All other property expenses, such monthly utility bills and maintenance fees are the same for everyone, regardless of where the owner lives or come from. Regardless of the way of purchase, you will enjoy all the perks of owning a wonderful property here, including having an excellent return of investment.
Keep in mind that even if you don't live here, you will still need to pay property taxes, and other taxes as for example to the Internal Revenue Service (IRS), if you decided to rent your property either long-term or as a vacation home. It is important that you know your tax obligations as an owner, and we suggest you consult with an accountant or the IRS office.
It is important also, that you know that buying a property does not guarantee a change of status in your visa for the United States. We are a Real Estate company, specialized in the purchase and sale of vacation and residential homes, and we do not offer any kind of advice on immigration issues. If you have a question on this topic, we suggest you consult an attorney specializing in immigration matters.
Call or email today, we are experienced in working with international and out of town clients and will guide you during the buying transaction from the beginning until you receive the keys of your property.