New York City has always provided valuable and in-demand real estate to foreign buyers. This is true for a number of reasons, not the least of which is its prime location as one of the world’s centers for culture, arts, and commerce. However, many international buyers may have certain questions regarding a number of areas. From how New York real estate works, to the NYC condo purchase process, to a whole array of other things. The following article is a guide for anyone in this situation.
It is for all of you who are considering purchasing real estate in New York despite being a citizen and resident of another country. Think of it as the much-needed help. Just like something that you would consider when setting up a home office. So, without further ado, let’s begin!
The first thing we need to talk about – expenses
One thing important to understand is that no matter what option for New York property ownership you select, there are additional expenses associated with it. Luckily, an owner can deduct many of these expenses from his or her taxable income. Some of the things, such as real estate taxes, carrying charges, and the interest that a co-op shareholder pays from the mortgage are tax-deductible. However, renting out storage units that you can use to keep everything in one place is not something that is tax-deductible. In spite of that, it’s good to have a unit to put items you don’t use very often.
Real estate taxes, depending on the specific property, can amount to hundreds or thousands of dollars. Whether you’re an owner or an investor, you should consult with an accountant about how to decrease your taxes. Co-op owners are charged maintenance fees each month.
Condo owners are charged common charges as part of their monthly expenses. These charges can range from hundreds to thousands a month. The better amenities a building has, the higher the fee is. This is very important to understand since it’s an addition to the most common challenges expats in NYC face is figuring out the taxes.
Why NYC CONDO purchase process?
Another important thing to realize is that the real estate market in the U.S. is extremely friendly to foreign buyers. The most popular purchases at the moment are townhouses and condos in New York City. And the moving process is easier with the help of U. Santini Moving and Storage. So, go over to their website and arrange a move.
Manhattan condominiums offer wonderful, comfortable homes for families and individuals. The basic concept of a condo is that the buyer owns the apartment. But, he shares the common areas with the other building residents. Over the past number of years, tons of new condos have been constructed in New York City, along with older buildings been renovated into condos, with all of the most modern conveniences. For the first 10 to 25 years, often buyers can find themselves receiving rather sizable savings, in the form of tax relief. Over ¼ of New York’s current real estate are condos. We hope this guide was helpful and that you will use it, just like tools for disassembling furniture. Prepare fully for the NYC condo purchase process and on time!