Dec 29

Beware Of Property Ownership Rules In The USA!

A consulting firm specializing in real estate investment in the United States, My US Investment warns against rushing for a purchase “heart stroke” and recalls some key rules when it comes to renting or purchasing real estate in the US.

It is important to take your time and be well informed about the rules of the local property sector as they are highly variable depending on the states.

Local Rules

The consulting firm specializing in real estate investment in the United States, My US Investment warns against haste and likes to remember potential investors about a few key rules in the US. The legislation, property taxes or condominium rules are to be to considered before signing the deed of purchase. My US Investment said that New York or Miami abound such multiple uses it is important to know.

Regulations condominium

Real Estate in MiamiThe many and varied operations condominiums (condos) are governed by more or less flexible rules. In some cases, the regulations will impose up to a potential purchaser obtain prior approval of owners already in place. As pets, they can be downright prohibited.

Other constraints, rules for the inside of the apartments can be imposed and the lease term may be limited. So it can be a problem for buyers wishing to maximize their investment by renting their property when they need it. My US Investment stressed that celebrities have even denied the right to acquire apartments in New York. Unlike other countries, much insurance can still be supported in condo fees.

Fixed charges

My US Investment recommends not forget to evaluate the fixed costs, particularly property tax which can be much more severe than in Canada for example and the condo fees on top. These can be more or less important according to the level of services. Some residences indeed offer many services and quality (indoor pool, concierge, gym which sometimes even a basketball court!), Which are expensive to non-permanent residents, but that secure high rents for leasing. The quality of the construction may also be less robust than in other real estate markets, where increased interest to bear in the frame built in anticipation of the renovation costs.

Real estate advising

In the case of a pure rental investment, these constraints are less damaging. Remuneration, My US Investment acts as an intermediary to provide housing showing good returns for foreign investors. The mission of My US Investment is precisely to advise and assist investors in their project, as well as research on the assessment of the market and on tax and legal implications of such an investment and finally supervision rental management.

error: Content is protected !!