We are Manhattan New York Real Estate agents that have extensive experience and knowledge in working with foreign international buyers. More than 90% of our buyers are foreign internationals, our buyers are from all over the world: China, Hong Kong, Taiwan, United Kingdom, Australia, Italy, Singapore, France and many other fine countries around the world.
We often have to explain to the International buyers about the Manhattan housing market, which consist of Condominiums and Co-Ops. Often, we encounter the question….”Can a Foreign National Buyers and Investors buy a property in a co-op?”
Cooperative (short for Co-Op) buildings are governed by Co-op Boards, which make every important decision about the building and set building house rules and policies. Among those decisions, Co-Op board of directors approve every potential purchaser.
Foreign National Buyers or Investors to buy an Co-Op apartment are not easy for several reasons:
Co-op purchaser review is a rigorous and notoriously difficult process. Time frame of the review process is usually weeks to months with no definitive time line. Many New York co-ops only approve buyers with New York employment, file United State Federal tax returns and excellent credit history in the US. Should the potential buyer is rejected by the board, The law does not require the co-op board to provide a reason of rejection.
Each Co-ops restrict the right to rent the apartment, this is unattractive to investors.
Many of Co-op apartments cannot be rented out at all or can be rented out for 1 or 2 years after a certain number of years of owner occupancy. The potential renters will also have to go through board interview process which turn away many potential renters.
Co-ops regulate the use of the apartment in many other ways… including having guests or performing renovations. When selling (or renting it out when allowed) a co-op, the potential buyer of your apartment will be subject to co-op approval as well, which reduces the number of qualified buyers and therefore reduces the price of your investment.
99% of our foreign international buyers opt to purchase Manhattan New York condos instead of cooperatives because many international buyers purchase condo for their son or daughter, and also as long term investment and prefer to have a qualified tenant to stay in the apartment on the long term basis. Therefore, Manhattan New York Condos will be a much ideal housing product for foreign international buyers.
In this website, you will find many informative articles about Foreign International Buyers purchasing New York city condos. We encourage you to contact us directly by email outline your goal and scenario, we will reply to you promptly and create a plan for you in finding the right New York city investment.