Information For Foreigners Purchasing Luxury New York Real Estate
The recent drop in the economy was a real scare to national and foreign investors
. The real estate industry was one of the worst hit. However, now that the economy is slowly recovering, more foreign investors are regaining an interest in real estate throughout country. Luxury New York Real Estate is especially receiving a lot of interest amongst international property buyers.
Luxury New York Real Estate is popular among foreign buyers for its location and close proximity to foreign countries as well as the market fundamentals of supply and demand . Companies and individuals investing in real estate in New York City do so with the expectation of good returns on their investment due to capital appreciation in the city. However, there are several factors that you must consider before investing in luxury New York Real Estate.
As a foreign investor you will probably be interested in two types of luxury New York Real Estate. Townhouses and Condominiums are the most popular types of luxury New York Real Estate among foreigners. This is because foreigners find it difficult to provide evidence of US Tax returns. Purchasing these two types of properties does not require any such evidence. The purchasing process is therefore simpler than that of other types of properties unless seeking institutional financing. In addition Condos and Townhouses are freehold properties in which you own the real property and have the right to renovate and use the property at your desire whether it be as a Pied-a-Terre or primary residence.
The face of luxury New York Real Estate is changing rapidly. Many older buildings are either being brought down completely or being transformed into modern condominiums that are popular living choices for both families and individuals. Purchasing a condo as a foreigner is a simple solution. Condos are usually run by boards consisting of members who are residents of the condominium. This board makes decisions on the running of the condo and will make decisions on approval on any purchase offers. Obtaining approval from a board of civilian residents is much easier than having to approach a civil body such as a cooperative board in which you may be declined approval without reason.
Buying and selling condos in New York is relatively easy even for foreigners. This makes them a good option for those looking to make some money from purchasing luxury New York Real Estate. It is even possible to enter into an agreement with a part time resident for a short term stay.
Before you jump into the luxury New York Real Estate market, there are a few details that must be considered. These have to do with additional expenses incurred in the purchasing of a luxury property in New York. One, you must pay real estate taxes on your property upon purchase. This ranges from hundreds to thousands of dollars depending on the property you are buying. And two, there are additional monthly charges for the property i.e. maintenance fees and common charges. These also range from hundreds to thousands of dollars depending on the type of property.