Are you looking to buy an apartment in NYC even though you are not from here? Individuals or corporations can hold properties with foreign nationality. A New York limited liability company (LLC) or, more intricately, a foreign corporation (FC) that owns a New York LLC that owns the New York properties might serve as the entity of record for the property’s ownership. We had to start with a challenging talk. It is not the same when residents buy the property and when non-residents buy it. But it’s not too difficult to buy an apartment in NYC. The tricky part is the money. As you already know the prices are extremely high right now. But we will talk more about that later in the text. We will also show you who can help you out once you buy that apartment. Keep reading.
The process of buying an apartment explained
Buying a home in New York from abroad follows the same steps as buying a home from a New York resident. People from all around the world are buying real estate here. Even Australians love NYC. Hire a real estate lawyer and a mortgage company to assist you with the transaction. The following are the stages of a typical real estate purchase in the Big Apple:
- Finding an agent that will help you
- Researching websites like Zillow.com on your own as well
- Hiring a home inspector once you find a place you like
- Making an offer
- Coop or Condo board approval
- Moving to your new New York apartment
Sounds simple enough right? Well, it’s not so easy as the demand for apartments is extremely high. There are some pros and cons obviously. How about you start by finding a borough and a neighborhood you like? There are five boroughs and countless neighborhoods in NYC so start with this one. When deciding where to purchase a home, permanent foreign residents should take into account their commute, the style of the neighborhood, the quality of the schools (if they have children), the convenience of neighboring services, and other factors.
You will need a realtor
Your next step in buying a house abroad should be to choose a local realtor with experience in dealing with foreign and international national transactions. Since there are a number of obstacles and risks that buyers could make if the agent does not have experience working with international investors interested in purchasing property in New York, or with global US residents wishing to buy a home in NYC on an H1B, L1, or F1 visa, it is important to find a realtor who has interacted with these types of transactions in the past.
Possessing a certification from an organization like CIPS is indicative of being a competent real estate agent (Certified International Property Specialist). Using HomeAbroad, you may connect with a top-rated CIPS real estate professional in New York who specializes in foreign buyers and sellers. Start your talk with a realtor by telling them what neighborhood you like and you can figure out the rest later.
When you find a home that you like (making an offer)
Your next step should be to make a purchase offer on a property that you’ve found appealing after touring it. This kind of offer is not required by law, and it allows you to shop around for the cheapest price. Using this data, your realtor can recommend a fair offer price to present to the seller. Although most estate list prices are negotiable, you should rely on your expert agent’s negotiating skills. That’s why we hire them after all. The seller then has a few options depending on what they think of your offer. They can take the offer as-is, reject it, or respond with a new price. When a deal is struck, the seller often forwards the contract and any applicable building bylaws to the buyer’s attorney for evaluation.
But before you do that you should check the place out with the home inspector
That’s the last and most crucial thing to do before you commit to buying a house. Although it is possible to buy a house without first having it inspected, doing so is highly recommended. A home inspector can save you a lot of money just by telling you if this apartment is worth the money or not. The inspector’s job is to check for any defects or damage in the building’s construction and to ensure that all elements are operating as intended. They can even spot hidden problems like masked mildew or mold. Your real estate agent will be able to recommend qualified home inspectors in your area and even set up an inspection for you. To buy an apartment in NYC you will need a piece of advice from a home inspector. Then you can call nycministorage.com to help you with your moving or storage needs.
The final step
After the examination of the home, you and the owner will sign a purchase agreement. The sales contract legally binds you to the deal. The sales contract will include the agreed-upon price and any other stipulations your realtor negotiated on your behalf. Earnest money deposits are typically between five and ten percent of the purchase price and are due at the time the contract is signed. This sum will be held in escrow (trust) until the purchase of the home is finalized. The purchase agreement will include a clause allowing you to back out if either your immigration or finance status changes.
Moving after you buy an apartment in NYC
This is the best part. But before you start making moving preparation think – will you be needing any additional storage space? Think about the most convenient option for your excess stuff and the transport for it.
Now that you have everything sorted you can call movers and start packing your bags. Soon enough you will be having the time of your life in your new NYC home. Good luck and hopefully this text helped you a little bit.