11 key points to buying Property Investment USA
If you are thinking about some form of property investment USA then read on to find out the key things you need to consider.
1.Make sure the company that you are dealing with for your property investment USA uses a U.K. solicitor's escrow account to hold all funds until the property is transferred into your name.
2. Make sure that you have received confirmation from the entitlement company or Attorneys office in the USA that the property is legally yours, before funds are realised.
3. If it is possible, try to visit the company that you are using to find your property investment USA in their offices, this will give you a good insight about the people you may be dealing with.
4. Ask to see previous testimonials and client case studies of previous sold properties (for example newspaper articles), this will give you a client's perspective of how the company operates.
5. Ask to see a track record of previous properties sold, this will be invaluable information relating to how successful the company really is and whether you should use them for your own property investment USA.
6. Ask for proof of rental yields, this will protect your property investment USA.
7. Most properties that are sold come with a refurbishment, so ask to see recent properties that have already been refurbished (to make sure the work is of a high standard).
8. Make sure the company is registered in England as well as in the U.S. The entitlement company will verify the latter.
9. Check that there are no hidden costs in addition to the purchase price stated, for example a fee to find your Property Investment USA (this will have a substantial effect on your net profits).
10. This is the big one - Make sure the company owns or has exchanged on the property prior to purchasing. ( Ask to speak to the entitlement company, who can verify ).
11. In the USA there are 2 types of property tax - homestead & non-homestead. As an investor the property needs to be taxed at the non-homestead rate, which is a higher rate as it is for investment purposes. The difference can be as much as 80%, so don’t get caught out.