Yann Rousseau, Managing Partner of BARNES New York, shared his expertise in the latest issue of Propriétés Le Figaro, a renowned European media outlet, about acquiring a property in the US as a foreigner.
You don’t need a special status
“If you are a foreigner looking to acquire real estate in the United States, you don’t need a special status,” reminds Yann Rousseau, Director of BARNES New York. “For a purely investment-driven purchase, you don’t even need to come to the US.”
“However, if you intend to spend a few days in your property, you will need a standard visa (three months) or a long-term tourist visa (six months). Be careful, renting your property short-term while you are abroad is not always possible, as most co-op buildings do not allow leases shorter than one year.”
The difference between a condo and a co-op
If you purchase a condo, you become the owner of your apartment and can rent it freely. On the other hand, buying a co-op means you own shares in a company that owns the building, which comes with stricter rules.
“In a co-op, co-owners act like shareholders and tend to be quite restrictive. They have the right to scrutinize the personality of potential tenants. Conversely, condos give owners more freedom but are less common (only 40% of the market) and more expensive (by about 20%).”
New real estate is a smart option
“New properties are appealing because they initially require no renovations, which can be extremely costly in New York. Outdoor space is not as sought-after as in Paris, given the cold climate for six months every year. However, rooftops have their enthusiasts. This luxury comes at a minimum of $3M. A property in New York requires at least $500K.”
BARNES New York has worked with hundreds of foreign European clients (French, Spanish, Portuguese) and American clients to help them find their dream apartment in New York.
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