Buy a property in Miami with a tourist visa, good business?

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The real estate market in South Florida remains one of the preferred investments of foreigners. According to the latest report of the Miami Association of Real Estate Agents, Venezuelans, Argentines, Brazilians, Colombians and Chileans were strongly active in the purchase of homes, with more than 50% of the acquisitions of real estate in the South Florida, in the Miami and Fort Lauderdale areas.

In the last five years, some 335,000 foreigners moved to southeast Florida, according to the Miami Association of Realtors and the National Association of Realtors (NAR).

Among the possibilities of “dollarizing” your investments, a very profitable one may be to acquire a home in South Florida, you only need to have a passport with a valid tourist visa, verify that you have the resources to make the investment and, of course, the right advice to make a successful purchase.

Be very clear about your objective because this will define the type of property, price and location. Although 90% of buyers start by taking a look at the internet before launching into the market, according to the National Association of Realtors, having the advice of a real estate agent will help you understand the real estate market widely, with the advantage that Agent services will not be borne by the buyer but by the seller.

These are some questions that must be asked before considering the purchase of a property in the United States, so that your investment in real estate is a “good business”.

1.-What kind of property or property can be acquired with a tourist visa?

Foreigners can buy almost any property on US land, luxury condominiums and resorts, residential apartments, housing in closed communities, multifamily land, farms, commercial properties, offices, with the exception of cooperatives or Co-ops, for which it is required pay most of the salary in the country and have settled there the patrimony.

2. Is it possible to obtain financing from US banks while abroad?

Definitely yes, being a foreigner is not an exclusive quality to obtain a mortgage loan, although American banks like any other bank in any country will demand additional guarantees that cover the management expenses and guarantee the deposit of the mortgage. Conditions can change from one bank to another.

The United States banks can finance whenever a significant percentage of the initial payment of the property is advanced (down payment). The percentage may vary from bank to bank and from state to state. For example, in New York City it may be necessary to pay 30 percent, in Miami 50 and in areas of Texas between 25 and 30%.

In addition, banks require additional guarantees such as a sufficient deposit to cover all payments of the one-year mortgage, insurance and expenses of the property.

Foreigners who reside in the country legally enjoy most of the benefits that American citizens have when it comes to financing and buying a property. Foreign citizens who do not have legal status as residents in the country can also buy properties if they meet certain requirements demanded by the mortgage lenders.

3. Where are properties to buy in the United States?

According to the National Association of Realtors, 90% of buyers start by taking a look at the Internet before launching into the market, however, having the advice of a real estate agent will help you understand the real estate market that the buyer does not know. , with the advantage that the services of the agent will not be at your expense but from the seller.

4. How long can the closing of the purchase be delayed?

This type of transactions in the United States are quick and unless exceptional problems do not usually extend beyond a month, if you have the resources, if you go to a credit, it could take around three months, depending on the conditions of the buyer.

For the closing process it is not necessary to be present in the United States, a power of attorney can be granted to a representative.

5. Is there any limit on the amount of money that can be invested in real estate while abroad?

There is no limit, although all amounts are investigated by the Treasury and subject to the relevant taxes in each country.