Jan 12, 2023
Imagine this. You come to NYC maybe 7 or 8 times a year due to work, and you start loving it here. Or maybe during college, you spent some time here, and even though you don’t live here now, you want to own. Or maybe you are working here, and you would instead buy vs. rent, but you’re not from the united states, and you hold your citizenship elsewhere. So now what? Can you buy something in NYC? We have helped buyers from other countries purchase condos, townhouses, and even co-ops, but there are some things you want to consider before you get started. So today, we wanted to give you a brief overview of some things to consider before you start your search.
Before looking at properties, you want to understand the tax implications for buying and selling in another country. It’s best to speak with an international tax accountant and an attorney so that you can understand the financial ramifications of owning in NYC. If you decide to buy in NY, it’s best to understand condos and townhouses will be the most specific properties to purchase. While you can buy a co-op, you want to make sure that they allow foreign purchases, and if it’s going to be a pied-a-terre, they also allow that. We have both helped plenty of foreign buyers purchase, so it’s possible, but it does require a bit more investigation at the start so that you know if it will make sense for you.
Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com, or you can email us at deniseandsharon@compass.com.
If you enjoy this podcast, please tap on the stars below and consider leaving a short review on Apple Podcasts. It will take less than 60 seconds, and it makes a difference in helping us bring you more content.
Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you never miss an episode. Let us know if you have any questions or topics for future episodes you'd like us to discuss.
Not moving in or out of NYC but looking for help? Contact us! We work with an extensive network of agents and will help you find the perfect broad (or bro) to help.