Renting & Buying an Apartment as a Foreign National

The FACC-NY network is composed of a diverse mosaic of talented, experienced, and open-hearted professionals united by a desire to share their knowledge, nurture meaningful connections and succeed professionally. In this #MemberInsights series, we invite a guest member to contribute timely and relevant tips and insight for adapting your activities to overcome immediate challenges and plan for the long-term. 

In this blog, gain insight into the NYC Real Estate market by Philip Hordijk, Managing Director of the New York Casas Ltd., a real estate brokerage specialized in helping foreign nationals rent or buy properties in New York. Philip and his team speak over 14 languages and have helped people from all over the world overcome the challenges of renting without a US credit history or even obtaining a mortgage without a social security number. Clients have included Pernod & Ricard, KLM-Air France, the State of the Netherlands and L’Oreal.

Renting an apartment as a foreign national

When you move to New York (usually for work) your first and foremost need is to find a place to call home. With a wide range of options and prices, this can be an overwhelming challenge, especially if you meet the “wrong” agents that take you all over the place without listening to your needs or worse, without knowing that many landlords will require a guarantor if you do not have a US credit history. Condominium units have individual owners that are often more flexible than large rental buildings, so that is a good place to start looking. As a real estate agency, we can show any off and on market listings to any of our clients. Have a look at this 3 bedroom 3.5 bathroom beauty! 

 Buying an apartment as a foreign national

Whether as a long term investment, pied-a-terre or primary residence, everyone would like to own a piece of New York City! As a foreign national though, there exist two major challenges. First, it takes time to build enough credit history to obtain a mortgage from one of the retail banks. Second, if owned in your own name, the property poses a major estate tax risk that is often overlooked and that could result in a tax payment of hundreds of thousands of dollars, even millions. Working with a team of professionals with specific experience dealing with foreign nationals will result in the right financial and legal introductions to make sure you can get the mortgage you need and will not have sleepless nights over what happens after. Have a look at this Tribeca 3 bedroom conversion on Leonard Street!

New York Casas Ltd. is offering a complimentary consultation for FACC-NY members, and their clients. Contact Philip today to get started!

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Contact: info@nycasas.com or 917 285 6835