Can you buy NYC real estate from another country?

On Behalf of | Sep 22, 2022 | Real Estate Transactions

New York is one of the most popular destinations in the world. People travel from countries all across the globe to go there for leisure or for business.

You may live in another country, but you could find yourself in a situation where you want to own property in New York. You don’t want to keep renting every time you have to go there. Maybe you want to own a second home or a vacation house. What you’re wondering is if it’s possible for you to buy real estate in New York City even though you are not a U.S. citizen.

You are not restricted from purchasing

You’ll be glad to know that you won’t be restricted from purchasing property in the United States. It typically doesn’t matter where you’re from. You still have the same right to put an offer on a property as someone who is a U.S. citizen.

One of the biggest issues that people will face is that mortgage lenders may be a bit more wary about working with them or it may be more complicated to get a loan. So this process could be difficult if you’re taking out a mortgage. But many foreign buyers are simply buying in cash, so this wouldn’t create any additional problems.

Another important thing to consider is what you want to do with the building when you’re not living in it. Some choose to rent the space out to make extra income. Others just have a staff that can take care of the house and handle any problems that may arise when they’re not there. You simply have to decide what works best in your situation.

And finally, you may have a certain status in America, such as being a green card holder, a temporary nonresident or something of this nature. You should know that you have the same ability to purchase property as a native-born citizen, and you may even be able to access the same FHA loans and other financing options.

Making your purchase

Buying property like this is possible, but it can get complicated and it’s a major investment. Make sure you know what steps you’ll need to take.