As New York Properties steadily increase in both demand and price, many foreign nationals wish to purchase properties in this city but are unaware of the rules and regulations involved to help them make a smooth transaction. Continue reading to know five facts that can help you as a foreign national, purchase properties without a glitch.
Rules To Purchase Co-ops
Co-op buildings can be nearly impossible to acquire for people who are not citizens of USA. The reason for this is, to be eligible to purchase Co-op buildings, the buyer should have a history of filing US tax returns. Since filing US tax returns is not a possibility for foreign nationals, they can quickly acquire both condominiums and townhouses to invest in and possibly live. The rules for purchasing Co-ops also include flip taxes that work out as a source of stress for investors who want to sell the structure later on.
Why Condos and Townhouses?
Condos are preferred due to various reasons, such as condominiums and townhouses are part of the typical real estate buildings. Unlike co-op buildings, condos do not require you to own a share in a corporation. In the case of condos, you do not need to purchase a percentage that is proportionate to the size of the acquired house where you are in partnership with your neighbors. By buying a condo, you are the sole owner of the property with a share of the common area. Condos can also be purchased by both individual investors and companies that want to buy a large number of these structures.
Facts About Condos In New York
Approximately 25% of the structures that are built in Manhattan are condos, and it is estimated that in just a few years, this number will significantly increase. Although condos are priced higher, condos can be easily purchased either with the help of a property specialist or through independent sources. Compared to other structures such as co-ops, condos allow the owner to liquidate the property when needed, both quickly and without any hassles. Like most of the newer real estate properties in New York, condos built in the last few years come equipped with the best amenities such as indoor swimming pools, state of the art kitchens, windows from floor right up to the ceiling, classy skylights and voice-based house controls
Investment While Living In
Although a majority of the foreign nationals that choose to buy townhouses and condos, purchase these structures as real investments, these residential structures can be lived in when the owner and his guests are in the city. Living in a purchased condo works out spectacularly for personal investors who visit the city of New York frequently and would like to lounge in their lavish condos when they are on business trips or traveling for leisure.
One of the most important reasons, condos are a popular choice for investors from other countries, is because these residential structures offer a significant tax relief for a period between 10 to 25 years. A tax relief in turn implies that you will save money on paying taxes. A penny saved is most definitely a penny earned.
It can be concluded that condos are worth investing in for foreign nationals who want to purchase an independent structure that is fitted with state of the art technology. Usually, condos that offer maximum amenities and benefits, come with a monthly maintenance fee, that can range from $1 to $2 per square foot per month. The monthly maintenance fee will depend on a few factors such as the total square feet of the house, the common area and the type of amenities that the condo offers to the foreign national investor.