- While the big investors are not very much in numbers, the real estate situation still remains complicated for the normal buyers who usually come to US for better life. In US, Chinese people are able to get better amenities at cheaper rates as compared to Hong Kong and Beijing. Furthermore, the cities like San Francisco and Seattle offer better opportunities to the people interested in tech businesses.
While these opportunities and quality of life are the attractions for the foreigners, real estate is the area that seems to favor only the Americans.
One of the biggest hurdles for these foreigners is to communicate with the good real estate agents or getting the quality real estate services to help them going through the process of mortgage or leasing.
- Problem in navigation
- Foreigners, especially the Chinese, often find it pretty intimidating to find brokers to help them in the real estate deals. One of the biggest hurdles in this aspect is the language and the foreigners’ inability to give proper information about the important factors that hold value in real estate. With the help of an experienced broker, a foreigner can navigate the areas that should be worked upon before formal acquiring of property can be initiated.
Things can be specifically complicated when the matter is about purchasing a home. Foreigners usually do not have a US credit history, which is instrumental in the process of property purchase. Hence, the broker needs to understand and get the way out of this situation to help the foreigner client get a home.
- Financing challenges
- The big obstacle for the Chinese buyers is to get the home financed. One major reason for this issue is the English proficiency that Chinese people are found to be lacking in. residency status is also the factor that plays huge role in this regard.
According to experts, the best way for these people to initiate a home purchase process is to make an ample down payment. 30 to 40 percent as the down payment usually assured sellers and financing parties of the seriousness of buyer.
On the other hand, a rising interest of Chinese people has been seen in the purchase of properties in US while they live in China. These kinds of purchases are usually made using the real estate websites but the major issue is that much of the information is not made accessible outside US. So, purchasing property in US, while not living in the US, is something that real estate experts don’t recommend.