1. What are the basic steps to buy a property in the U.S.?
Defining your needs and budget.
Getting a mortgage pre-qualification or pre-approval.
Searching for properties with the help of a real estate agent.
Making an offer and negotiating with the seller.
Conducting inspections and an appraisal.
Finalizing financing and closing the transaction.3
2. What are the differences between buying in Texas and Miami?
Texas (Houston and The Woodlands): Home prices are generally more affordable, property taxes are higher, and there is no state income tax.
Miami: Prices can be higher, especially in coastal areas, but property taxes are lower. Like Texas, there is no state income tax.
3. What documentation do I need to buy property as a foreigner?
A valid passport.
Proof of funds (bank statements).
Proof of address in your home country.
If financing is required, credit history and proof of income.
4. Is it possible to get a mortgage as a foreign buyer?
Yes, although conditions may vary. A down payment of 30% to 50% is usually required, along with higher interest rates.
Some banks offer specific programs for foreign nationals.
5. How long does it take to close on a property?
The process can take between 20 and 45 days, depending on factors such as loan approval and inspections.
6. What taxes should I consider when buying a property?
Property tax: Varies by state and by property value.
Rental income tax: If you rent the property, you must report this income.
FIRPTA: A federal tax that applies to foreign sellers of U.S. property.
7. What inspections are necessary before buying?
A general home inspection.
Pest inspection.
Structural and systems inspection (electrical, plumbing, HVAC).
8. Can I buy a property remotely?
Yes, it is possible to complete the entire process remotely with the help of a real estate agent and by using electronic signatures and online notary services.
9. Is it advisable to buy through an LLC?
For investors, purchasing through an LLC can offer benefits such as asset protection and tax advantages.
However, it also involves additional costs and legal considerations.