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Eric, Other/Just Looking in Cambridge, MA

I am a Hong Kong Citizen , if i want to buy a property in Boston ( near Harvard University ) what can i do ? Can u give me more info on it e.g :tax

Asked by Eric, Cambridge, MA Mon Apr 23, 2012

my email : iamericchong@hotmail.com

anything i should face to buy a property in U.S for a non U.S citizen ? thxs

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Answers

5
Hi Eric,
Anyone can buy property in the US. For internationals, cash is best.
There are fees associated with your purchase. Typically there are condo fees to maintain your investment and these vary depending on the amenities or what the homeowner;s association has decided they want to cover. They can cover the ocncierge, hot water, heat, snow removal as examples.

In addition, there are property taxes and these vary depending on the square footage and area you are buying. Property taxes help the community you are living in. A portion goes to the local schools, streets etc.

In Cambridge, the rental market is very expensive so it may be best to own instead or rent and not having anything to show. When you leave you can continue to rent it out or sell it so you have not lost money.

I can send you last years market report and 2012 Q1 market report so you can see the average price and locations.

Please send me youe email and I can send them to you. I can be reached at jamina@bushari.com.

Hope this helps!
0 votes Thank Flag Link Wed May 23, 2012
If you're looking to buy a home, but are not able to get bank approved financing due to credit, or low credit, then I can help put you into a new home I'm a Wholesale Real Estate Investor, with properties in all the lower 48 states. You don't need good credit with me, in order to move into that nice house that you've always dreamed about. If you have the CASH! I have the property that's right for you, plus it comes with over 25% Equity left in it, unlike what you'd get dealing with a Realtor. Let me know exactly what you're in need of and let's make it happen....NOW! Call, or Email me, Bryant Slade (717)248-4632
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Currently have a
3 bed/2 bath/1 Car 1747 sq. ft. under A/C
located in Beverly Hills, Fl. Offered at $ 79,900
0 votes Thank Flag Link Tue Apr 24, 2012
Eric -

David is right, as an international buyer the first thing you need to do is lock down your financing. I'd recommend TD Bank as they have been successful in the past providing financing for our international clients. Next you should jump online and get a sense for the market and what your budget will afford you. Try http://www.territory.com as a good source of listing information. Lastly you should plan a trip to Boston to see some properties in person and make a decision.

For 2012 Cambridge's tax rate on residential real estate is $8.48 per $1,000 so if you purchase a $500,000 home you can expect an annual tax bill of $4,240. If you purchase a condo you can also expect to pay a monthly condo fee. Condo fee's range but you can guesstimate ¢50 per square foot so if you purchase a 1000 square foot condo you can expect to pay a monthly condo fee of $500.

The link below will give you a quick look at what's currently on the market in Harvard Square:
Web Reference: http://goo.gl/aYHxi
0 votes Thank Flag Link Tue Apr 24, 2012
Hi Eric, yes I can help you with a purchase near Harvard, what are you looking for?. I can refer you to a mortgage lender here if you need help with that. My email is shoreyrealestate@gmail.com and my phone is 781-962-4028. Will you be coming here to look for a place or buying from there? Thanks, I look forward to possibly helping you!

Best ,
Dave

David Shorey, ABR, CRS, DRS RE/MAX Hall of Fame Member
RE/MAX Destiny
907 Massachusetts Ave
Cambridge MA 02139
P 781-962-4028
F 617-812-8032
http://www.davidshorey.net
david@davidshorey.net
Web Reference: http://www.davidshorey.net
0 votes Thank Flag Link Mon Apr 23, 2012
Hi Eric,

你好!
I recently completed a transaction in which my client from Singapore purchased a property in Cambridge. She never visited Cambridge and never even saw the house! I emailed her videos of properties which I visited on her behalf, among other things. She was very pleased with the result.

My answer to your specific questions will be different depending on your situation and your knowledge of our area. Please contact me directly with some of your specific concerns related to your unique situation and I will do my best to provide good advice. Don't be overly concerned about our 12-hour time difference. You may call any time. Do you know Cambridge very well?

thank you,
-Dennis Joseph
RE/MAX Destiny
Cambridge
617-576-3802
Dennis@DennisJ.com
0 votes Thank Flag Link Mon Apr 23, 2012
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