To purchase housing in New York, a resident of another country is generally real. However, there are some serious restrictions on the purchase of certain types of real estate, such as cooperative housing.
It’s not easy for a foreigner to purchase such housing. Yes, it can be attractive due to its relatively low cost, but such housing is not popular among foreign customers for a number of reasons.
Filling out a tax return is a necessary condition for the acquisition of cooperative housing. It is also necessary that the buyer not only has an excellent credit history, but also work in New York, and have constant and stable income. Otherwise, he will refuse to buy cooperative housing.
No matter how high the rating of real estate agencies, which a foreigner could turn to the acquisition of a cooperative, consideration of the issue of the sale of housing can be delayed for many weeks or even months. And there is no guarantee that he will decide in favor of a potential buyer.
The use of housing is strictly controlled by the cooperative – up to the point that the tenant cannot independently decide on the repair, not to mention it to implement it. To do this, he must get a permission of the cooperative.
Cooperative housing is more suitable for those foreigners who plan to use it for temporary stay.