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Britons advised to monitor outgoings after buying US property

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Britons buying US property

People in the UK who are planning to purchase a property in the US have been urged to keep a close watch on their outgoings.

According to Annette Reeve, director of Mayfair International Realty, foreign investors will often be required to pay a number of different charges and taxes if they buy a US residence.

This, she said, means it is best for British buyers to know what charges they are likely to face before committing to a purchase.

Ms Reeve stated that this would help to ensure people from the UK do not get a "nasty surprise" when they check their bank statement.

Investors were told it would be much worse if a person realises they cannot afford to cover the costs they are obliged to pay when it is too late.

"Certainly I would look at that carefully and make sure you can cover all of your outgoings," Ms Reeve commented.

"In many ways, these are good things because they are the amounts that you pay to have the grounds and maybe the pool looked after."

Ms Reeve stated this is certainly the case in places such as Florida, where investors are not allowed to let out properties on a commercial basis.

This means buyers from the UK will need to find out what they are entitled to do with a property before making any commitments.

Ms Reeve said Americans like this system because it ensures the property owner and their family spends much of their time in a residence, rather than allow lots of people to come and go regularly.

Mayfair International Realty believes the US is currently a good option for overseas property investors to consider, as conditions in the country are quite favourable when compared to many other parts of the world.

As a result, it is being widely viewed as a "safer haven for your money", which in turn is driving further improvements in the housing market.

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