Over the last several years, the international real estate market in North America has been exploding. Foreign investment, supported by low market prices in many parts of the US and favorable exchange rates during many periods, has been increasing heavily.
If you’re an international investor looking for homes for sale in this country, Rockport Properties is here to help. Whether for a vacation home or a more permanent listing, our agents will point you in the right direction. What are some of the mistakes foreign real estate investors make when they don’t have the proper guidance? Let’s take a look, plus show you how we can help you avoid these pitfalls.
Not Knowing Local Rules
It’s vital to know local rules and regulations around a property, and to know basic terms that might be specific to this country. Some foreign investors may not know the difference a condo and a co-op, for instance – there can be a huge price and rule difference here. Different rental laws are present here than in many international markets, and our experts can explain these to you easily.
Not Heeding Trends
It’s important for a foreign investor to understand development trends in a given neighborhood before deciding to invest. Many cities see market demand that aligns directly with a mode of transportation – take New York City and its subway system, for instance. Locality and services within walking distance will be huge factors almost no matter where you buy, another factor some investors aren’t aware of.
Not Understanding Financial Transactions
There are many complexities to bringing money in from another country, and some investors don’t realize the difficulty. Some sales get torpedoes because investors cannot secure a funds transfer upon a conditional sale, or are levied with a huge penalty during transfers. This is a headache we can solve for you before you even begin searching for homes.
Improperly Vetting Realtor
Finally, not doing enough due diligence on your real estate agent could doom your process from the start. We welcome a thorough investigative process as you consider our services at Rockport – this is just another chance for us to show how we stand out from the competition. If you rush to find an agent and go with some of our less reputable competition, however, you could find yourself in hot water due to their inexperience or lack of contacts on the market.
Want to learn more about international real estate, or interested in any of our Rockport listings? Speak to the brokers at Rockport Properties today.