Any real estate deal comes with its complications and obstacles, and buying property in another country adds to that existing heap. To help you jump through the hoops, here are our tips for international buyers buying property in Cincinnati or Northern Kentucky:
Know Your Travel Requirements
When you start looking into buying property internationally, you will want to take the time to research your destination country to understand as much as you can. Things are especially strict when traveling right now due to the COVID virus. It may also be helpful to know travel restrictions and regulations, see this link for some of Delta’s newly adopted travel regulations.
Of course, you want to know about the cultural norms of the country and the area when buying property in Cincinnati or Northern Kentucky, but you also want to look up any entry requirements the country may have.
This could include specific vaccinations, entry fees, and most likely involves having completed a pile of legal forms. Get started on this early so you aren’t stuck in a bad position down the line.
Mind Your Measurements
As you start looking through available properties, be prepared for the possibility of needing to convert units of measurement on a regular basis so you understand what it is that you’re looking at in the first place.
Whether that means converting square meters to square feet or liters to gallons, knowing what you’re looking at in the numbers is clearly very important as an international buyer buying property in Cincinnati.
Assemble Your Team Locally
On your international real estate adventure, you’re best off contacting and hiring a few different professionals in Cincinnati and Northern Kentucky.
First, we will always recommend a qualified and experienced real estate professional. Any agent worth their salt comes with an arsenal of tactics and professional connections to make the entire process that much easier for you. If you are interested in the Northern Kentucky or Cincinnati area, Team Sztanyo would love to interview to be your real estate agent of choice!
Second, it’s a good idea to hire a local attorney to help you navigate the legal process of moving from one location to the other with as few issues as possible.
Lastly, it’s a good idea to consult a local tax professional to keep the financial side of this endeavor under control. The tax professional will act in two capacities: keeping you aware of the financial obligations you’re undertaking throughout negotiations and moving, and making you aware of any tax incentives you could take advantage of, potentially saving yourself a decent amount of money. Having all three of these individuals on your team will keep all of the minutiae sorted and ensure nothing falls through the cracks.
What You See Is What You Get
Once you’re into contacting agents or sellers to view properties or enter negotiations, note that you could be viewed as an easy target to exploit due to your circumstances.
Take your time to examine all of the available information on your chosen property and get a good look at everything it has to offer. If you’re unable to personally visit the property, hiring a local proxy to examine everything as best they can and report back to you could save you a lot of hassle when buying property in Cincinnati. The best rule to follow here is to buy what you see, not what you’re promised.
Get The Details
Before you sign off on anything, take the time to think things over and ask any and all questions that come to mind.
Get as many details as you can about the infrastructure of the property. Examples could include the age of appliances, roof, siding, and plumbing. If you’re dependent on on-street parking, get the details about how that’s handled and if there are any permits required to park a vehicle on the street. Stepping back to take a breath and think will go a long way to help you through this process.