How to buy a property in Miami as a foreigner
- By Miguel E. Hernandez
- Aug 21, 2022
Investing in real estate in Florida is one of the safest ways to not only protect, but also grow your capital and assets.
As one of the busiest markets in the United States, construction companies and financial entities provide great incentives to local and foreign investors, making the state of Florida one of the main focuses for investors.
In this blog we will teach you some basic aspects that you should follow. take into account if you want to start a purchasing process in Florida.
1.- Seek advice from a professional
A Realtor is the professional who will be in charge of the sale. to guide you throughout the entire process. Depending on the work team, it could even help you obtain financing if necessary. The Realtor's experience is vital so that your investment is safe and returns the greatest possible satisfaction.
2.- Buy in preconstruction
Preconstruction could provide many advantages to the foreign buyer, such as completely new homes, paying in installments, purchases with a low initial payment (Down payment), and if necessary they could apply for financing of up to 30 years. ;os.
3.- Duration of the process
Please note that the home buying process in the United States can take at least 45 days. It all depends on the availability that must be provided. have as a foreign buyer (Passport, Visa, Police Reports, Bank Reports...) The Realtor you choose must inform you in advance of all the documentation that must be provided. collect before starting the process. Learn about some of the requirements requested in our post What ; Do I need to buy a house in Florida as a foreigner?.
4.- Closing costs
Apart from the price of the property, the buyer must pay closing costs, which generally include recording the title of the property, title insurance, stamps and extra fees. Closing costs are generally around 3% of the cost of the property.
These are just some of the most important considerations. The conditions may be different for each buyer depending on the type of property, the location and even if it is a purchase as an investment or for family purposes. It is best to seek advice from a real estate agent to determine the opportunities you have.
At Negociosmiami we have more than 10 years of experience helping foreign buyers and investors make their real estate goals a reality. Contact us today and get completely free virtual advice.