One of the main benefits that the United States has is that you can buy property without being a resident. That’s why the Miami real estate market is as much in demand as investment properties. Thanks to low property tax rates plus shopping facilities for foreigners, South Florida is the perfect place to invest in the United States. In that sense, in this article we will explain how to buy a house in Miami without being a resident.
Is Miami a good city to invest in real estate?
Yes, Miami is one of the best cities to invest in the US real estate market. And the best thing is that you do not need to have an investor’s visa to acquire a house or apartment. Because with the tourist visa you can acquire different types of properties such as farms, condominiums, and houses.
Property purchases in the United States are considered a passive investment and do not grant any immigration rights. But it does carry certain duties such as paying property taxes in the state where the goods are located.
What does a foreigner need to buy a house?
A foreigner must meet the same documents and requirements as residents to purchase a home in the United States:
• Passport and visa.
• Representation by a real estate agent or agency.
• Evaluation of property prices.
• Calculation of the initial amount + closing costs.
• Drafting the offer.
• Structural housing inspection report.
• Tax valuation calculation.
• Signature of property documents and delivery of the real estate key.
What documents do foreigners need to apply for a loan in Miami?
If the person is not a resident, a credit may be requested through different lenders who provide that service to foreigners. The documents you should have at the time of doing so are:
• Certification of income and other financial support endorsed by a certified accountant and legalized in your home country.
• Bank, credit, and commercial references.
• Last bank statements.
• Proof of residence or tax address.
Usually, these international loans and credits have higher interest rates between 3.5 – 4.5% depending on the financial reality of the applicant.
How to buy a house in Miami without being a resident?
Santana Sales Group recommends you do the following:
• Set a budget.
• Find out where you want to buy the house in Miami.
• Contact a real estate agency in Miami from your home country.
• Submit all documentation and apply for your home loan.
• Select the property and make the offer.
• Manage the process through the real estate agency or your trusted realtor.
• Sign the relevant documents and property titles with digital signature (in case you are not physically in Miami).
Thanks to new technologies, this process can be done through the internet, so it is not necessary for the buyer to move to Miami to make the purchase. Because through the realtor or real estate agency you can have the necessary legal representation to make the purchase. In this sense, the real estate agency can manage the estate in the best way in case you want to monetize your investment through a remodel, rent or sale of the property. We hope this post has been helpful to you in your decision and sales process. Remember that with us you will find a team of trained professionals with proven experience in Real Estate in Florida.