If you live in another country but enjoy traveling in the United States, you may be considering a home purchase here, but is that a possibility? We do suggest that you contact us when it comes to your search for the perfect home, and we would like to offer some insight into the process of buying a house in the United States if you are a citizen of another country.
🤔 Can I Buy a Home in the United States?
Foreign investors are not prevented from owning real estate in the United States. However, some differences exist between a foreign buyer and a buyer who is a United States citizen.
🏘️ United States Real Estate Market
If you intend to purchase a home in the United States, either as an investor or as someone who plans to use the home yourself, there are some things you’ll want to know before you begin your home search. Keep in mind that this is not a full list, and you will want to seek the advice of a professional real estate agent with specifics to your situation. (Call us at 605-212-8431!)
📌 In many parts of the world, the real estate industry is a fragmented business. In the United States, real estate agents have access to real estate market report statistics and a multiple listing service that helps them share information on homes for sale.
📌 In the United States, the home’s seller pays the commission to their real estate agent and the agent that represents the home buyer. In some other countries, it’s common for home buyers to pay their real estate agent.
📌 In places like Mexico, Costa Rica, El Salvador, and Belize, real estate agent are not required to have a license to sell homes. In the United States, a real estate agent must complete training and pass a license process before they can help with the sale or purchase of real estate.
➡️ Additional Considerations
Other issues that foreign investors need to consider are currency exchange rates, household goods, international wire transfers, import/export restrictions regarding currency, banking systems, accounting issues, and multi-national taxation.