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Real Estate in the USA

Whoever dreamed to visit the USA at least once, or even to speak of settling in this amazing country! Moreover, in America it is possible to freely acquire real estate even to foreigners. Thanks to fast and effective economic development, the demand for real estate in the USA is huge.

Just a decade ago, the acquisition of real estate in America was the lot of only a select few. However, the global crisis hit the real estate market, especially overseas.

How to buy or rent property in the USA - photo on houses in San Francisco - American Butler

US Real Estate: Selection and Acquisition Features

It was from the USA that the crisis symptoms began in the global economy. The first to have problems in mortgage lending to the population. This provoked a sharp drop in real estate prices in the US, and therefore the demand for it after a certain period quickly increased. Buyers from many states have chosen to purchase housing in North America.

The USA is a big enough state. Therefore, each of the states has its own climatic, cultural, as well as gastronomic features. As a result of the federal state system, each state has its own legislative base. Therefore, all the mentioned aspects must be taken into account when choosing a region to buy a home.

How to buy real estate in the US is profitable and without any problems? What are the costs ahead? What is better to buy: a house or an apartment? Which area to stay prefer? This is not a complete list of issues that concern customers before buying a home in America . And we will try to answer them exhaustively.

The benefits of buying a home in the US?

Owning at least some real estate is already an advantage, and real estate in the USA is an excellent investment, even if you are not going to live in this country permanently. By purchasing an apartment or house in America, you get a number of advantages:

  • Tips from American Butler on the acquisition of real estate in America - a photo of a realtor with buyershome ownership in the most luxurious place on the planet;
  • the opportunity to live and relax in the resort at any time of the year;
  • earnings on rent, while housing will be free.

In addition, you need to take into account that the value of real estate is constantly growing, which means that there is always the opportunity to re-sell housing.

There is an interesting statistic indicating that more than 20% of real estate sales in the United States is accounted for by foreign buyers. And this is not surprising, since the United States is one of those states where the ownership of real estate indicates the wealth of the owner and confirms its high standard of living.

Acquisition of a cottage or apartment in the USA is rather a certain life step than the usual purchase of real estate. After all, owning apartments in the most democratic state in the world means being a successful person.

Does buying a home in America have cons?

Compared with the advantages of disadvantages in the acquisition of real estate is not so much. To buy an apartment or a house in America is expensive, the cost on them is measured in hundreds of thousands and millions of dollars. Housing maintenance is also expensive: taxes, utilities and repairs. It turns out that the purchase of real estate in the United States is available only solvent customers.

What determines the value of real estate?

For housing, for example, in Miami will have to pay a round sum, ranging from $100 thousand, to millions. It all depends on several factors:

  • development area, proximity to the ocean;
  • type of housing - house, apartment, townhouse, villa;
  • real estate age;
  • floor space.

It is clear that the larger and newer the apartment or house, the more expensive its purchase will cost you.

Photo of a private residential building in Las Vegas - US Real Estate - American Butler

How to choose a property in the United States of America?

In America, there are three types of residential real estate:

  1. A house is a private building in a certain area, most often in suburban areas. The territory with the dwelling is usually fenced, it may have internal buildings, a personal plot, a garden, a swimming pool.
  2. A townhouse is a building of two or three floors with several apartments. The entrance to each apartment is separate, there is also a small courtyard adjacent to each part of the owner, there is a garage.
  3. Condominium is a residential apartment complex. For residents of the condominium, there are laundries, recreation areas, tennis courts, sports fields, fitness facilities, a swimming pool, a sauna, and barbecue areas. These zones are common to all residents, payment for the use of services is included in the cost of utilities. In condominiums there is a staff of employees who receive a salary for the performance of their work.

Before concluding a transaction, it is necessary to conduct a full housing survey to identify any irregularities or shortcomings.

How to buy property in America?

If you buy housing at your own expense, then you need to:

  • open an account in a US bank;
  • transfer funds;
  • Get a certificate from the bank for a real estate company.

Cash when buying property in the US is used inactively. The point is to pay for the purchase of such a large amount of money, you need to provide evidence that the money is earned or received by others, but in a legal way. Therefore, most often during the transaction a deposit is made, and then the entire amount is transferred to the seller’s account.

Photo of an apartment in a residential complex in Miami - assistance in acquiring real estate in the United States from American ButlerCan I get a loan to buy a home?

Another way to buy property in America is to use mortgage lending, which is well developed in the USA. The procedure for obtaining a mortgage loan is quite simple. All you need for its design:

  • identity documents;
  • certificate from the bank about your solvency;
  • visa, if you are a foreigner.

If the bank ascertains your reliability as a customer, the mortgage loan will be issued quickly.

After you have decided on the source of finances, on the choice of housing, it is necessary to make an offer. Help in compiling it can have a realtor. A prerequisite for the design of the transaction is a deposit of 1-2%. If within five days you have not drawn up an agreement on the sale, the deposit will not be returned. At the time of signing the contract, another part of the pledge is paid 5-10%, the remaining amount is transferred to the account.

What expenses are foreseen when buying a property?

In addition to the amount that needs to be transferred to the seller’s account for an apartment or house, you also need to provide for the costs of real estate ownership - 1% of its value. This figure includes:

  • insurance;
  • government fees;
  • authentication of documents.

The remaining payments, such as payment for the services of a realtor, are made by the seller.

Residential Real Estate in America - Photo of Townhouses in Boston - American Butler

How much will the maintenance of a house or apartment cost?

Before buying a home, you should make sure that you master its content. The following expenses are foreseen monthly:

  1. Benefits and Advantages of Buying a Property in the USA - American Butlerutility payments - $500-600;
  2. taxes - from $2000 per year;
  3. insurance - from $1000 per year.

Owners associations work in townhouses or condominiums. Every month, these associations need to pay fees of $500-1000 for:

  • cleaning and landscaping;
  • lawn mowing;
  • garbage collection;
  • minor repairs;
  • use of residential complex services.

Do I need to contact a realtor?

It is recommended to look for real estate and make a deal through a real estate company. In Miami, American Butler may represent the interests of the buyer. We will find you a suitable option in the real estate market in accordance with your requirements. In addition, we will negotiate with the seller about the best price for you, and help in the design of all necessary documents.

Leave your applications, we will be happy to assist you with any real estate transaction in the United States.
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