Anyone can buy property in the US. For internationals, cash is best.
There are fees associated with your purchase. Typically there are condo fees to maintain your investment and these vary depending on the amenities or what the homeowner;s association has decided they want to cover. They can cover the ocncierge, hot water, heat, snow removal as examples.
In addition, there are property taxes and these vary depending on the square footage and area you are buying. Property taxes help the community you are living in. A portion goes to the local schools, streets etc.
In Cambridge, the rental market is very expensive so it may be best to own instead or rent and not having anything to show. When you leave you can continue to rent it out or sell it so you have not lost money.
I can send you last years market report and 2012 Q1 market report so you can see the average price and locations.
Please send me youe email and I can send them to you. I can be reached at email@example.com.
Hope this helps!
Currently have a
3 bed/2 bath/1 Car 1747 sq. ft. under A/C
located in Beverly Hills, Fl. Offered at $ 79,900
David is right, as an international buyer the first thing you need to do is lock down your financing. I'd recommend TD Bank as they have been successful in the past providing financing for our international clients. Next you should jump online and get a sense for the market and what your budget will afford you. Try http://www.territory.com as a good source of listing information. Lastly you should plan a trip to Boston to see some properties in person and make a decision.
For 2012 Cambridge's tax rate on residential real estate is $8.48 per $1,000 so if you purchase a $500,000 home you can expect an annual tax bill of $4,240. If you purchase a condo you can also expect to pay a monthly condo fee. Condo fee's range but you can guesstimate ¢50 per square foot so if you purchase a 1000 square foot condo you can expect to pay a monthly condo fee of $500.
The link below will give you a quick look at what's currently on the market in Harvard Square:
David Shorey, ABR, CRS, DRS RE/MAX Hall of Fame Member
907 Massachusetts Ave
Cambridge MA 02139
F 617-812-8032 http://www.davidshorey.net
I recently completed a transaction in which my client from Singapore purchased a property in Cambridge. She never visited Cambridge and never even saw the house! I emailed her videos of properties which I visited on her behalf, among other things. She was very pleased with the result.
My answer to your specific questions will be different depending on your situation and your knowledge of our area. Please contact me directly with some of your specific concerns related to your unique situation and I will do my best to provide good advice. Don't be overly concerned about our 12-hour time difference. You may call any time. Do you know Cambridge very well?