What are the best areas to invest in US real estate?
There are many great areas to buy a home in the US. When buying a house, we first need to determine whether the purpose of buying is for profitable investment or for ourselves and our family to use. If for investment, you should consider where is the growth so that the house has the ability to appreciate in price and can be rented with a good profit. Each year, Forbes magazine ranks the most investment-worthy pho cities in the US based on these criteria. In 2017, the state of Texas topped this list with the city of Dallas and the cities of Houston, Fort Worth, and San Antonio also on the list.
If for personal use, it depends on your needs such as being near your family, a good school for your children or a place with a good climate. Vietnamese people prefer the states of California, Texas, Florida and Washington D.C, because these are the states that are close communities and the weather is quite pleasant.
The real estate investment in the US in general and the purchase and sale of houses in the US in particular are carried out in absolute safety thanks to the perfect process of buying and selling houses of the US law for several hundred years. The title company (Title Company) is the third unit standing between the buyer and the seller to do the task of receiving money and transferring the title of home ownership. Money from the buyer is transferred to an Escrow Account which is kept by the Landlord Company. The title company will do the task of transferring the title from the seller to the buyer before transferring the money to the seller. If there is any problem with home ownership, the money will not be disbursed to the seller but will be returned to the buyer.
Typically, the home buying process from selecting a home to completing a transaction and transferring ownership of the property takes 1 to 2 months.
If you rent out your home, you will pay income tax on the profits (rental income minus expenses) received from the rental property. If you set up a company to own these properties, you can deduct a lot of expenses such as: Repair, management, travel expenses to visit the property (airfare, hotel, etc.) travel expenses …), asset depreciation expenses… Accountants will help you deduct expenses so that the remaining profit is quite low. The amount of tax paid on the remainder of the profits depends on the state. Specifically, the state of Texas is 10% for income under $13,500US and 15% for income $13,500US – $50,000US.
n the future, when you sell your home for a profit, you may pay capital gains tax on the profits you make from the home. If you buy back another unit for the same price or more within 45 days of the sale, you do not have to pay this tax. If you don’t buy another unit, you will pay income tax. Tax rates vary by state. The state of Texas has a tax rate of about 15%. Each year you will have to pay property tax to the local government. Usually about 1-3% of the property’s value. There are also other fees such as electricity, water, gas and garbage disposal.
Finally, 603 recommends buying insurance after buying a home. This will protect your investment in the event of fire or other damage to property, as well as personal items you may keep in your home. This cost is typically $1000 to $2000 per year, depending on the size, age, and location of the home. If your home is located in a managed housing area, an additional HOA (Home Owners Association) fee of this area will be charged.
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