Introduction - on this page you will find links to
details of USA homes for sale, USA rental apartments, holiday
homes and shared housing in the United States of America. The
United States of America is situated between the Atlantic and Pacific Oceans,
with Canada to the north and Mexico to the South. It also has island
territories in the Caribbean and the Pacific, such as Hawaii. Generally
acknowledged to be one of the ‘super powers’ of the world, and the largest
democracy, with a population of 299.4million, its people reflect a huge
diversity of ethnic backgrounds, many of them originally immigrants drawn to
the ‘American dream’ of freedom and wealth. The country was created by the
Declaration of Independence in 1776. The US economy is the world’s largest
economy and as such has a huge economic effect on other countries. It is
approximately 3.9million square miles in size. The USA is split into 50 states
and a federal district. Each state has its own character, and to some extent
rules and autonomy. Florida in the east, is known as the ‘Sunshine State’ in
view of its long warm climate, and is popular with UK golfers. In the South,
you will find the Grand Canyon in Arizona, New Orleans with its Jazz and Blue
links, and the palm-fringed beaches of Hawaii; to the east the clear mountain
air of Vermont, the beautiful leafy fall in New Hampshire, in the west the
technology ‘Silicon Valley’ in California, and in the east where else but
world famous New York with its shopping, theatres and museums, and Washing
with the White House. The United States has a very strong tourist
industry, over 40 million tourists each year, much of which fuels a healthy
rental property market: and many UK investors retire to states like Florida
where the weather is warm for much of the year.
The American Property Market
- Property investment in the United States has historically been very healthy.
One advantage that UK property investors have is that the relationship between
the US dollar and the pound sterling have been historically fairly stable, and
UK investors find that they can buy more for their money than in the UK. Another
advantage is that both countries have English as their main language. Many UK
investors retire to the USA, especially in Florida and Las Vegas. Despite the
fact that the United States has the highest level of output in the world,
serious economic balances have recently emerged, resulting primarily from an
overvalued housing market. As a result of an overly aggressive mortgage market,
coupled with a low propensity by US citizens to save, some mortgagees have not
been able to meet mortgage payments, and the lending banks are finding that they
are not able to sell on these secondary debts. This together with headline
inflationary pressures resulting from an increasingly tight labour market, has
had a significant negative effect on the property market. However it is expected
that US growth will recover to 2.8% in 2009 as the worst of the housing downturn
passes and recent monetary policy loosening takes effect. Property prices fell
in 2007 in the United States, which for investors will create good buying
opportunities. In addition, the US dollar continues to slide down against the
Euro. Long term the USA will continue to be a good property investment area both
for capital growth and an expanding rental market.
How to Buy a Property for Sale in USA -
Buying a property in the USA is a straight forward process. You first need to
decide which state you want to live in and then the size and type of property.
You also need to learn some new terminology. Flats in the USA are called
apartments, and estate agents are known as real estate agents or realtors. All
states have their own rules and jurisdiction, so taxes and costs of buying
property will vary from state to state, so always use professional advice so
that you are aware of any pitfalls or variances.
Once your offer is accepted an Agreement of Sale
is drawn up. This is binding on both buyer and seller, subject to the buyer
being able to obtain mortgage finance if appropriate and the seller being able
to prove the title to the property is “clean”. Any date for completion in this
Agreement is binding.
You should allow between 3 – 5%
of the value of the property for your costs. These will include any deposit, any
finance fees, inspection fees, mortgage insurance, title insurance and stamp
duty. Title insurance is worth mentioning. This will protect the buyer where it
is subsequently discovered that the property title is not “clean” i.e. someone
or some company has an interest in the property that was not disclosed at the
time of the property sale. This insurance protects the buyer from any expenses
or losses.
It is essential to have your
potential property purchase surveyed by a qualified surveyor – this is called an
inspection report in the USA. One thing that surveyors in the USA should be
asked to look for in the USA that is different from the UK is to look for signs
of termite infestation and radon. If it is necessary to have repairs done, make
sure that the seller agrees formally to these being done by including them in
the sale agreement.
After sales taxes include the
following – capital gains, sales tax, local tax and inheritance tax. All will
vary from state to state. In general terms, if the property is owned for more
than a year, capital gains tax will vary from 8% to 15%. Most states do not
impose a sales tax, but in some states a real estate transfer tax is chargeable
at between 1% and 5% on the assessed property value. Yearly local taxes are
payable on the assessed value of the property (which is usually about
three-quarters of the actual value) and the levels will vary from state to
state, according to the facilities provided. Advice will be needed from a
professional about inheritance tax, which is the tax raised on the gifting of
property either when you are alive or on your death. It is important to draw up
wills correctly. The USA and the UK have a reciprocal agreement on taxes so that
taxes are not paid twice/
Tourism and Entertainment – with such a large country the USA has lots to
see. Key sites are the Statue of Liberty, Broadway with its theatres in New
York, the Grand Canyon in the West, Las Vegas with its casinos, Key West in
Florida with its crocodile-infested swamps and white clapboard houses, New
Orleans with its jazz, Washington with the President’s White House and Oval
Room, the wild west with its cattle ranches, and so on. For kids, Disney World
in Orlando, Florida and the Universal Studios, again in Florida are must-sees.
California on the west coast has contrasting landscapes – warm sandy beaches on
the coast, yet snow-capped mountains in Sierra Nevada. Las Vegas with its
casinos and hotels decorated in “larger than life” themes and bright lights is a
well visited spot for gambling enthusiasts. In the northeast of the USA,
the landscape is more “back to nature” with scenic valleys, lakes, woods,
mountains and coastline. Golf and skiing are popular pastimes. Skiing can also
be found in Colorado for all levels of skiers – the family friendly Copper
Mountain or the ultra-chic Aspen.
Population Demographics – The United States has raised
some historic figures such as Abraham Lincoln, Martin Luther King, John F
Kennedy, Mark Twain to name but a few. The USA has seen key events, such as the
Declaration of Independence (from Britain) in 1776, the development of the US
Constitution in 1787, and a Bill of Rights, made up of 10 constitutional
amendments in 1791. Slavery of people from the BME community was very common,
particularly in the Deep South, and was a cause of the American Civil War in the
1860s. The USA was the first country to have nuclear weapons. The political
structure of the United States is a federal republic. The federal legislature,
Congress consists of a House of Representatives, whose members are elected from
constituencies based on population. There is also a Senate, whose members are
elected state-wide. The President of the United States is elected every four
years. Compared with other countries, personal tax in the US is relatively low.
Unlike the UK, where tax rates are universal, in the United States sales tax
varies from state to state, and tax jurisdiction generally is complicated, being
divided between the federal government, the states and local counties. Tax is
expected to be reviewed and revamped after the next election in November 2008.
The United States is due to hold an election in November 2008. It is widely
thought that there will be significant changes in the field of healthcare after
the next election in November 2008. Currently most healthcare is provided by
private hospitals and doctors and there is a significant number of people who
are too poor to be able to afford any sort of private healthcare. Possible
future options will be mandatory insurance for all with a choice of providers.
It is recommended that private medical insurance is purchased. The USA has a
public education system, and schooling is mandatory, and you will always be
guaranteed a place in your area of residence. Children are expected to complete
12 years of primary and secondary education as a minimum. The public education
system is funded by property taxes, so wealthier areas may have better
facilities. There are also private schools, private tutors, and home schooling.
All children attending schools are obliged to pledge alliance to the USA each
day. Citizenship education is included in the curriculum. If you live within 1
mile of a public school, then your children will be expected to walk to school.
Some schools also provide buses.
How to Get There -
The main international airports are in Los Angeles, San Francisco, Dallas-Fort
Worth, Houston, Atlanta, Denver, Chicago, New York, Washington, Boston, Miami,
and Seattle. Flight times to the USA depend on whether you are flying to the
west or east coast as the country is so vast. Journey time to New York on the
east coast is about 6-7 hours, Los Angeles on the west coast 11 hours, Seattle
on the north west 9-10 hours, and Texas in the south is 13 hours. All major
airlines fly to the USA and you can often pick up cheap flight offers. Time
difference between the UK and USA is 5 hours behind on the east coast and 8
hours behind on the west coast.
