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General country information

Although the USA is well over twice the size of Europe, most interest from UK property investors is currently centred on Florida, home of the Everglades, Orlando, Key West, Miami and Disney World.

Overseas Property Investment America

Although this state has a tropical climate and extensive coastline that passes from the Atlantic via the Florida Straights into the Gulf of Mexico, it is also prone to hurricanes during the late summer and early autumn. Notwithstanding, it is a popular holiday and retirement destination with good letting potential.

The US as a whole has a mostly temperate climate (excepting Hawaii and Alaska) and offers a comprehensive range of conditions and scenery including the Grand Canyon, Death Valley, and the Rocky Mountains. There are also various natural hazards to consider including volcanoes and earthquakes around Pacific basin, tornadoes in the mid west, and forest fires in the west.

The US economy is the largest and most technologically developed in the world and provides Americans with the highest living standards in the world. However the latest OECD assessment is that US expansion has lost some momentum, in part as a consequence of energy price increases. These have already held back real disposable income gains and, with household savings near zero, are likely to weigh on consumption.

Accumulation of debt and continuing deficits have helped to drive the value of the dollar against the pound downwards over the last few years – from just over 70p in late 2001 to its 2005 value of around 52p. The movement has made US prices, including property prices, appear inexpensive to European investors.

Meanwhile the domestic housing market has remained strong, although the National Association of Realtors recently said it expected the pace of house price increases to moderate this year.

‘After setting four consecutive record years, the housing market is due for a breather. As mortgage interest rates creep up and home sales slow a bit, we should see a better balance between home buyers and sellers and that will take some of the pressure off of home prices’, said NAR’s chief economist David Lereah.

NAR is predicting the 30 year fixed rate mortgage to climb to 6.7 per cent before the end of the year and average house prices to move up by about 5.6 per cent (to £102,000 for existing properties and £119,000 for new properties).

Most overseas investors will find they are able to visit the USA but that moving their permanently is impossible or at the very least involves a tortuous process. However, homeowners can usually stay for extended periods on a special visa.

Property transfer laws vary from state to state but most have disclosure laws that make it illegal for sellers to lie or try to cover up defects in their properties.

In Florida a Contract for purchase and sale or Purchase and sale agreement provided by a real estate agent becomes binding when signed. Although usually pre-printed it is not an official document and can be varied by agreement.

When buying, the full cost of the property purchase will be set out in a payment schedule agreed as part of the contract. Some states require escrow accounts to be set up during the buying process to be held in readiness for completion of a deal. Legal fees and other costs are likely to be around 2 per cent of the price of the property. If a mortgage is needed (foreign nationals can generally raise up to three quarters of the price by way of a mortgage) there will be further costs of about 4.5 per cent of the purchase price.

Country information - USA

Area:

9.1m sq km

Population:

293m (July 2004 est.)
Principal cities: Washington D.C, New York, Los Angeles, Philadelphia. Median age of population: total: 36 years
male: 34.7 years
female: 37.4 years
(2004 est.)
Language: English, Spanish (spoken by a sizable minority) Employment rate:
94%
Flying time
from UK:
New York - 7.35hrs Phoenix - 9.35hrs
Seattle - 10.35hrs
Currency: US dollar
Time difference
from UK:
Philadelphia, New York and Washington UTC/GMT -5 hours,
Los Angeles UTC/GMT -8 hours,
Phoenix UTC/GMT -7 hours,
New Orleans UTC/GMT -6 hours,
Seattle UTC/GMT -8 hours.
Rate of inflation:
2.3% (2003)
GDP per person:
$37,800
International
dialling code:

+1
Average house price:
$214,856
Climate: Mostly temperate, but tropical in Hawaii and Florida, arctic in Alaska, semiarid in the great plains west of the Mississippi River, and arid in the Great Basin of the southwest; low winter temperatures in the northwest are ameliorated occasionally in January and February by warm chinook winds from the eastern slopes of the Rocky Mountains

Useful websites:
US Immigration & Citizenship Services
State of Florida portal
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