Buying an apartment in Miami by non-US citizens
Miami, Florida, USA
More and more Europeans want to buy an apartment in Miami, Florida, USA- a place where the sun shines 365 days a year, and therefore there are many tourists and vacationers, where real estate investments quickly pay off. The USA as a whole is a country of great opportunities for those who want to work and achieve, improve as a businessman. The transparent and understandable system operating in the Miami real estate market allows even non-residents of the country not to worry about their own savings, because they will definitely go into business.
For many of those who have joined this type of business, an apartment in Miami becomes just a starting point. After just a couple of years, a businessman, as a rule, thinks about expanding his activities and rushes to buy a house in Miami. So, step by step, renting real estate in Miami becomes the stumbling block on which financial success is based.
Miami (Florida) is a cultural, business, and tourist center of the country that attracts a huge number of people from all over the world. This is why real estate in Miami is always in demand despite the fact that rental rates are rising.
If you are one of those who decided to go to distant Florida and buy an apartment in Miami, then this article will be useful for you to read, as it is based on the experience of Russian-speaking businessmen already working in the United States.
Pros and cons of buying an apartment in Miami
Investing in Miami real estate, a place that is located thousands of kilometers from your permanent place of residence, is a risky business, but very tempting in its success. This is the opinion of many who entertain the idea of building a business in the USA.
So, what can stop you from buying an apartment in Miami?
First of all, your lack of confidence in your own strengths, because you will have to delve into questions that are completely new to you and find answers to them. We cannot even stand the lack of funds here, because... The US has a well-developed mortgage lending system that is easy to take advantage of. The latter is just a "plus" for buying an apartment in Miami. This also includes the stable political and economic situation in the country, the high volatility of the real estate market, which allows, even if the deployment of business activities is unsuccessful, to return the money spent by selling an apartment in Miami for more than it was purchased for. Thus, apart from wasted time, you do not lose anything. On the contrary, you gain useful experience in purchasing an apartment in Miami, which may be useful to other seekers of happiness overseas, and you can sell your knowledge to them. That is, even this small activity in the USA will return to you a hundredfold.
For example, on the secondary market it is easy to buy an apartment in Miami Beach, located in a gated complex with swimming pools, fitness rooms, a sauna, a children's playground, a library, a store, a cafeteria, and 24-hour security. By the way, the greatest rental demand is for apartments in Miami that have at least 120 square meters of area, two bedrooms, two toilets, a living room and a balcony. As a rule, apartments in Miami are sold unfurnished, except for a set of furniture and built-in appliances in the kitchen.
If you need a furnished apartment in Miami, take this into account in advance and make this requirement to the agent. True, this may delay the search for a suitable option - an apartment in Miami.
Here it is worth talking about the cost per square meter in Miami. This figure varies constantly, but its average is approximately $600 per sq.m. This is the minimum for luxury housing. In a typical apartment, the cost per square meter is approximately $270 per sq.m., but there are values even higher.
There is a misconception that non-US citizens should pay exorbitant prices for apartment maintenance, i.e. at higher rates than for citizens of the country. In fact, this is just speculation. In the USA they are doing everything possible to facilitate the entry of foreign capital into the country and the purchase of real estate in Miami is just such a case.
You will pay the same amount as an American for the monthly maintenance of an apartment in Miami, which depends on the following indicators:
– area of the apartment in Miami;
– the number of services provided in the complex;
– the cost of maintaining an apartment in Miami in proper condition.
Thus, monthly maintenance can cost anywhere from $150 to $3,000! Let’s not forget about the annual property tax in Miami, which ranges from 1.5 to 2.6 percent of the cost of the apartment. This figure varies from county to county and is determined by the city assessor each year, who also aggregates the result based on home sales, that is, its supply and demand. It is worth noting that this tax is paid at the end of the year, but if money is tight, the city authorities will accommodate you and defer payment. However, you should not abuse this, as you may end up on the list of unreliable tenants and they will look at you more closely.
What are the requirements for non-US residents wishing to buy an apartment in Miami?
In fact, there are no special requirements, except for the mandatory presence of a visa or other document confirming a person’s legal stay in the United States. In addition, in order to buy an apartment in Miami, the competent authorities will necessarily check you for connections with terrorist organizations. This rule was introduced after the terrorist attack committed on September 11, 2001.
Features of the transaction of purchase/sale of an apartment in Miami
Getting a loan to purchase an apartment in Miami is relatively easy, even for non-US residents. Banks are willing to finance at least 70-80 percent of the total cost of housing. True, you should have the missing amount on hand - 20-30 percent of the price of an apartment in Miami.
Within a month, the deal is finalized: all types of checks are carried out, both on the part of the bank and on the part of the apartment buyer who is interested in buying an apartment in Miami without a past, i.e. no debts, no collateral, etc.
When signing the contract, the buyer makes a first payment (a percentage of the total price of the apartment in Miami), and after 10 days a second payment of 20 percent is made, which is agreed upon by the parties to the sale and purchase.
The first payment is insurance. It is also called advance payment. By paying it, you confirm your serious intentions, namely the desire to buy real estate in Miami inexpensively. The remaining amount is paid on the day the transaction closes.
Many people ask the question: is it worth getting involved in mortgage lending? If you track the trends in recent years that have developed in the real estate market in Miami, a very clear picture emerges. Thus, the mortgage loan rate decreased from 6 to 3.13 percent per annum. It is also worth noting here that the conditions for issuing a mortgage loan have become more stringent, that is, banks now require much more certification certificates, and the verification of a potential borrower is carried out more thoroughly and deeply. One of the innovations of recent years is the provision of a certificate of income and expenses for the last 2 years.
Participants in the purchase and sale of an apartment in Miami
Any transaction is associated with certain risks, even in the United States, in a country where the closest attention is paid to this and everything possible is done to protect free capital from illegal attacks by third parties. In this matter, you can trust realtors, brokers, but most reliably - lawyers, specialists who will take on all the most difficult work of verifying the transaction - the seller of an apartment in Miami, the legal purity of the transaction.
They have access to a variety of information sources that help identify an apartment in Miami and its seller. When the work is done, the time comes for drawing up and processing documents - the job of lawyers. This way, you will be able to protect yourself, your money and take a big step towards your goals and desires.
Of course, the services of lawyers are not free. On average, they range from 1.7 to 2.5 percent of the transaction amount. This is the largest cost item associated with buying an apartment in Miami.
Features of buying a home in Miami
So, you have decided to buy an apartment in Miami. We are ready to go through the documentation procedure, hire lawyers, and incur additional costs, but first you need to find out:
– what cost items you will have to pay monthly (taxes, utility bills, etc.);
– what rules apply to renovation work (in some cases, the building administration may require the installation of soundproofing materials on the floor, and renovation work in general must be approved by the residents’ association or city inspector);
– is there a parking space assigned to the apartment? this option is not always included in the price of apartments in Miami;
What mistakes should you avoid when buying an apartment in Miami?
There is a well-known Russian proverb "the first pancake is lumpy." And if the pancake you baked suddenly burns, the loss will be small. But a mistake when purchasing an apartment in Miami can cost a lot of money.
First of all, hire someone who speaks English well. Let him translate all the documents for you, and you, in turn, demand from the seller of the apartment, the administration of the building, clarification of all the points that you do not understand. For example, if you are not notified of your monthly maintenance payment for a Miami apartment and you fall behind on your payments, expect a warning letter from the housing association's attorney. You will have to pay off your debts, and also pay a late fee.
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