More foreign buyers chose Chicago for their real estate investments
Photo by Vladislav Klapin on Unsplash
To buy and own real property in the United States continues to have a strong International appeal. According to the National Association of REALTORS’ 2016 Profile of International Activity, residential real estate sales in the U.S. to international buyers accounted for $102 billion between April 2015 and March 2016.
Buyers bought mainly in the five following states: Florida, California, Texas, Arizona and New York. Latin Americans, Europeans and Canadians mostly bought properties in Florida and Arizona. California and New York attracted mostly Asian buyers.
The Mid-West – and that means mostly the city of Chicago – is gaining in popularity with international buyers. This cosmopolitan and progressive city offers a more affordable alternative to New York. The unique setting on the shores of Lake Michigan and in the center of the American heartland provides a perfect urban lifestyle surrounded by nature.
International buyers are drawn by the wide variety of homes available in different Chicago neighborhoods. This is what makes this city such an interesting choice for real estate ownership – the unique character of neighborhoods in close proximity to downtown and Lake Michigan.
Homeownership in Chicago is attractive to foreign buyers because it’s considered affordable compared to other destinations that have traditionally been more popular for foreigners, therefore it’s a solid investment opportunity. Chicago is also an attractive place to visit and live.
But buying a home in a foreign country can be daunting if you are not familiar with the local regulations. Interested buyers often are wondering about financing options and legal requirements to buy property here. Before even looking for a home, it is important to familiarize yourself with international financing, legality and taxes involved in buying real estate. Once you are familiar with that, you will know what kind and how much house you can afford to buy and then start your search accordingly.
The best way to do that is to talk to experts in the different fields – an experienced local real estate agent, a loan officer who is familiar with international clients, and an attorney and accountant who can advise you on immigration and tax issues.
Stay tuned for the next series of blogs where we will take a closer look at these topics to help you prepare buying your next home in Chicago.
Posted by Andreas Holder on