What you need to know about renting or buying a home in New York: answers to the most common questions

Often, foreigners who want to buy real estate in the United States do not know where to start looking and which institutions to contact. Blog New york realtyhosted by Dmitry Stasiuk, a Russian-speaking realtor in New York, went into detail about what immigrants should know about buying property in the Big Apple.

Canт whether Foreigners buy an apartment, house or investment property in the US? Are there any restrictions for foreigners?

The absence of a residence permit or US citizenship does not affect the right to buy/own/sell real estate in this country. That is, there are no restrictions.

On the subject: Affordable Housing for New Yorkers: Brooklyn Housing Lotteries

Does the purchase of real estate in the US give the right to obtain a residence permit (green card) or US citizenship?

No. In some countries, there are programs that allow, when buying real estate for a certain amount, to obtain a residence permit or even citizenship of this country. There are no such programs in the US. There are programs to attract investment in the US economy, under the terms of which, by investing certain amounts in a new or already operating business, creating new jobs, you can get a certain type of visa or even green card. This is often a long and complicated process involving a lawyer. You can't call it a "buy real estate - get a green card / US citizenship" scheme.

Can i stateless persons USA get a loan (mortgage) from a bank to buy real estate?

Yes they can. Some banks have special programs for foreigners. Some US stateless people have already bought dozens Apartments through these mortgage programs. Read about how a foreigner can get a housing loan in New York here.

What are the terms of the loan (mortgage)?

Often, a loan is given for 30 years with a down payment of 30-40%, with a rate of approximately 3,5-4,5%. Whether a loan will be given and under what conditions is very individual. Therefore, it is better to consult with specialists in banks.

What is the difference between a cooperative and a condominium?

A co-op and a condominium are different forms of real estate ownership in New York. In a condominium, you own real estate, as we are used to. In a co-op, you own shares in the company that owns the house. Hence the important features: it is more difficult to buy housing in a cooperative (it is almost impossible for foreigners) and there are restrictions on renting out. But cooperatives are cheaper.

For more information on the differences between cooperatives and condominiums, see this article.

Why use services agentа real estate?

You rent/buy your first or second apartment, and the agent went through this dozens and hundreds of times. As in any business, experience plays a very large, if not decisive, role. All this, of course, provided that you find an experienced agent. But you can do without a real estate agent, especially if you yourself are well versed in the market and already have experience buying a home in New York.

How much does a real estate agent cost?

For buyers - free of charge, for tenants of residential real estate - from one month of rent to 15% of the annual rent (which is approximately equal to 1,8 months of rent). For commercial tenants (including office rent) the services are free.