With the many activities, great cities and educational opportunities in the Rio Grande Valley, people fall in love with the area and most end up calling it home. For non-American families wanting to buy property or a home in the RGV, this process can seem like a dream. Many non-citizens believe that in order to buy land in the US, you must be a citizen, but that isn’t true! Read on to learn more about buying land if you’re a non-citizen.
Size and Location
Every potential landowner, no mater where they’re from, should consider what they’ll need land for and how much they’re willing to pay. If you plan to raise livestock or orchards, look for a spacious plot of land. Also be aware that lots outside of city limits are relatively more affordable. The best thing to do is make a checklist of what you and your family are looking for. Decide what you can and can’t live without and look at sizes and locations of availability.
Work with Professionals
Non-citizens should take the time to find and work with a qualified and experienced professional that can help with the land-buying process. If you’re searching online for professionals, always check reviews, references, how long they’ve been in business and credentials.
Ask the Right Questions
It’s important to ask questions when searching for land. Here are a few that can help narrow down what you’re looking for:
- Which utilities are available?
- Are there any building restrictions?
- Is there a sewage or septic tank?
- Will there be a homeowners’ association and will it require a fee?
- How long has the property been on the market?
- Which schools are nearby and are there any attractions?
Find Proper Financing
Loans to purchase land may be difficult to apply for due to bad credit or no credit. Unfortunately, if non-citizens had great credit in their home country, it will not carry over into the United States. Paying higher interest rates and making larger down payments may be required if a non-citizen does qualify for a loan. Banks see these loans as risky due to legal issues if they lose their investment.
The good thing is that most sellers, like us, offer owner financing. Owner financing, or seller financing, is when a landowner finances the purchase directly through the seller. This option cuts out the middleman (the banks). With owner financing services, you won’t have to worry about your credit. Just a down payment is needed and, depending on the seller, monthly payments will need to be made on time. Through this process, you can also save time and money on closing costs.
Exchange rates, wiring costs, import/export restrictions and taxes must be kept in mind when purchasing land. Property taxes are extremely crucial. Depending on the location of your future plot of land, property taxes can be more expensive.
Property taxes go to local needs such as education, public assistance, transportation and other city and state requirements. These taxes are important when figuring out a budget to work with and catch many landowners off guard.
With You Every Step of the Way
Buying land shouldn’t be hard, especially for non-citizens. At Santa Cruz Properties, we want to help everyone from different walks of life to be landowners. Start looking at our land for sale here. Don’t hesitate to contact us if you have questions!