If you are a non-U.S. citizen and have been considering purchasing a home in Cape Coral, Fort Myers or the surrounding areas there are a few things that might be different from your home country. Don’t let the thought scare you though! The process to purchase is relatively simple.
We are asked the same questions by future Florida homeowners often.
- Are there extra fees? There are no extra charges just because you are not a U.S. citizen. Title insurance, settlement fees, etc are all the same as those a U.S. citizen will pay.
- Are there extra taxes? No extra taxes at time of purchase although when/if you sell the property at a later date there is an additional tax paid to the IRS for homes over $300,000
- How do property taxes work? Property taxes are paid in arrears. The bill is issued in November each year payable for the previous calendar year (Jan 1 through Dec 31). If paid prior to March 31 of the following year there is a small discount. Unless this property is your homestead, or primary, dwelling the tax rate will be slightly higher than if it was primary.
- Can I obtain financing? There are lenders who offer financing for non-U.S. citizen buyers. Different lending institutions have different criteria including but not limited to country of origin (due to accessibility of credit and other financial reports), downpayments, minimum purchase price and loan amounts, intent to use (rental or second home).
If you do have additional questions about purchasing property in the Cape Coral, Fort Myers and surrounding areas we welcome the opportunity to speak with you.
© Danielle Sharp | Sharp Homes Realty | email@example.com | I’m Not A U.S. Citizen but Want to Buy A Home