If you are not from the USA, can you buy real estate? Thinking about investing in Florida? This is possible and one of the most popular cities in Florida is Miami. In this case, you will need a guide for foreign investors buying property in Miami and that will help you be fully prepared for this process.
What does the process involve?
It is a big responsibility and financial investment. Not only it will cost you money (which is obvious), but also, it will take you time. Time to organize, prepare, explore and travel to Miami.
A lot of people from Asia are investing money in Miami. Kuwait is one of the examples. Moving items from Kuwait to Florida is not a simple task and plus when adding exploring the real estate market, that can be very stressful. That is why having a guide and help from other people can be helpful. It is possible to buy a house in Florida as a foreigner but first, you need to take some steps.
Why foreigners are buying property in Florida?
In the last 12 years, Florida has been one of the best places in the USA for investing in real estate, especially among foreigners. It has the strongest market for international clients. 22% of the national total of shares are in Florida, which is the highest rate in the USA. Just to compare, California (the 2nd place on the list) has a rate of 15% when it comes to international property buyers. Texas is 3rd with a rate of 9%. And now, in 2022, Florida is still in the first place.
What are the reasons for buying a property in Florida as a foreigner?
Why investing in Florida real estate may be a good decision to make this year?
- The location is great. Located on the coast and the weather is amazing. Sunny and beautiful. Miami is located in the southern part of this state and it has it all. Miami is a big city on the coast, the economy is strong and many companies are located here. Also, it is a popular spot for tourists from all around the world too.
- Compared to other places, Florida offers better prices when it comes to the real estate market. It is one of the main reasons why are foreign investors buying property in Miami is its affordability. The average property price in the Miami area is around $475,000 which is not a lot when you keep in mind that is it is one of the most popular cities in the USA (and worldwide).
- Overall costs of living are affordable as well, compared to other bigger cities in the USA.
- Many foreign investors are interested in investing in suburban areas. Luckily, Florida (including Miami) has plenty of suburban areas to offer. The statistic shows that 49% of international clients purchased homes in the suburbs, not in urban areas.
- If you are going to rent your home in Miami, renters form a large percentage of the population, around 70% are renters. This means you should not have a problem finding them. Renting your home (or multiple homes) can be a great business in Miami.
- The tourism industry is booming because of great food, beautiful beaches, and entertainment options. Every year, Miami has around 15 million visitors.
- The job market is strong in Miami and the unemployment rate is 3.9%.
If you want to move to Miami, FL
If you are considering moving to another country to Miami, organize your relocation and start a new life here. After getting all the required documents for moving it is time to pack and think about transportation. For international relocation, the safest and easiest way to move items is by a professional moving company with experience in moving overseas.
A lot of people from Kuwait and other countries in The Gulf are coming to Miami every year. More information about this long-distance relocation can be found on easymovekw.com and they may help you. Investors buying property in Miami from abroad is now a common phenomenon right now, but commercial or residential needs.
Guide to foreign investors buying property in Miami
Miami is a great place to buy real estate. But, don’t rush things. There are some steps to take as a foreigner buying property in Miami. What to know and what to explore before taking any further steps?
- Foreign investors buying property in Miami won’t get a visa immediately. You can buy real estate, but it does not mean you will get a visa.
- Research the real estate market, first online and then visit Miami and see it in person. You should hire a local real estate agent because they already know this market.
- Taxes are different when foreigners are buying property in the USA. So, be careful and investigate how much money you need to spend on taxes.
- Applying for a US mortgage as a foreigner is also different. You need to establish credit and earn a good credit score and then apply. Buying property all-cash is also an option, but all transactions over US$10,000 must be reported to the Federal Government.
- If you want to rent your property, you can, as long you abide by the condominium association rules.
Shipping items overseas (to Miami, FL)
How to ship items safely, fast, and easily? If moving from Asia countries, for example from Kuwait to the USA, leave it in the hands of experts and your items will arrive without damages.
You can ship items via sea or air. But, in most cases, people are choosing shipping via sea because they can move more items and it is a more affordable option. No matter if you are investing in commercial real estate or residential real estate, shipping items overseas is part of this process.
You’re ready now
When having a guide for foreign investors buying property in Miami and all the right information and reasons why should you invest here, the process may be a little bit easier to handle.