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Global Clientele - Investing in the U.S.
Purchasing Real Estate in the United States
By Ian Lane, MBA, CRP, ESRES, ECOBROKER, REALTOR
For International investors, there has never been a better time to purchase real estate in the United States. New England and in particular Portland, Maine and its' surrounding communities are especially attractive for investment and second homes. The region offer's a wide range of types of properties in a wide price range to international buyers. At Ian Lane & Associates, we offer you a step by step approach to the real estate transaction process, with many checks and balances to assure your understanding and comfort every step of the way.
Seaside Estates, Island homes, City Condominiums, Gentleman Farms and B & B's, all have been a choice of international buyers in the greater Portland community. Given the ease of international access by both Sea and Air, Conde Nast highlights Portland as one of the 10 most desirable places in the world to visit. Its ambience, arts, world class amenities and waterfront make it "truly the way life should be."
Ian Lane & Associates
The process for buying property in the United States is different from buying real estate in Canada, the United Kingdom, and other European, South American, and Asian countries. And it is much easier and less cumbersome than anyone "from away", as they say in Maine, might imagine.
At Ian Lane & Associates, you will be working with professionals who are duly licensed by the state of Maine, and who are members of the National Association of Realtors® and subscribe to its strict Code of Ethics. Our Associates are proud of their experience and education that keeps us at the forefront of our field, and we're committed to making your real estate transaction quick, easy and problem-free.
Before you arrive, we actively develop a relationship together, communicating with you to understand in detail the properties that meet your dreams, needs and budget. This early synergy affords the maximum utilization of your time here viewing selectively indentified properties with the amenities you are looking for. More often than not, clients have been able to select a property on their first visit with us, and then leave the details of the closing under our supervision, only returning when they experience their first vacation in their new home.
The Advantages of Buying Real Estate in Portland
Value With the devaluation of the American dollar, in comparison to other global currencies, particularly the Canadian Loonie and the Euro in Europe, there has never been a better time to invest in U.S real estate. Astute international buyers are choosing to take equity from their properties or investment portfolio at home to invest in the U.S., as they've found that they can purchase far more for their money here; XE.com Quick Currency Converter http://www.xe.com/
Buying ease Purchasing real estate in the United States is generally a far easier process than you might imagine. With Ian Lane & Associates, you'll be working with real estate professionals who are experienced in handling purchases and sales for international clients.
Financing Ian Lane & Associates can offer you a number of International Financing companies to choose from. If you need financing for your purchase, we can help you locate a firm to work with. We will be happy to provide you with references from prior clients, as well as detailed information on every aspect of the purchase, sale and rental of your property to help you with your financial planner or accountant in finding the right package with the level of documentation that you are comfortable with.
Lifestyle By choosing to live or vacation in Portland, you will enjoy an unparallel experience of a world class community all year long. For more information on the area visit the website http://www.portlandmaine.com/
Rental value The global appeal of the area provides an additional value for you to invest in property. Vacation rentals are in demand. Renting your holiday home is a great way to defray expenses. Some condominiums and home developments offer on-site rental programs-or you can work with the professional rental staff at Ian Lane & Associates.
Easy Access Direct flights to Boston's Logan International Airport, Manchester (New Hampshire) Airport or the Portland (Maine) International Jetport make getting to your new property easy. London to Boston flights average just 6 1/2 hours-whereas flights to Orlando, Florida are usually a minimum of 11 hours.
Portland is 2 1/2 hours north of Boston, and 2 hours northeast of Manchester.
Real Estate choices
If you're interested in buying real estate in the United States, you'll find that there are many different types of properties available in Southern and Midcoast Maine that are highly desirable to the international buyer. With Ian Lane & Associates, our experience in serving non-resident buyers and sellers has made us sensitive to the unique concerns and needs of people who purchase real estate far from home.
You can choose a wide variety of properties, from waterfront town houses and condominiums in the Historic Old Port, elegant and classic architecture homes designed by John Calvin Stevens of The West End, myriad Island retreats in Casco Bay; Oceanfront Estates situated overlooking the rugged beauty of the coastline, to Gentleman Farms and Golf club community neighborhoods. In addition to boating on Casco Bay and sailing in the Gulf of Maine, within a couple of hours you can be in a variety of world class recreational community's hiking in national forest, skiing on world renowned slopes, or boating on a pristine lakes. Should you wish to rent your property, Ian Lane & Associates can manage its rental, as well.
Renting your U.S. property
Renting property in the U.S. may be quite different from renting property where you live. While your rental agent can handle the property management and rental details for you, you'll also want to work with an experienced U.S. tax accountant who can prepare your U.S. tax return for you. You should learn about depreciation and allowable deductions in the U.S. so you don't end up paying more tax than you need to. Some points to consider:
- In the U.S. it's mandatory to claim depreciation on rental property.
- Allowable deductions can include mortgage interest, condo or homeowners' association fees and dues, insurance, real estate tax, phone calls related to property management, trash removal, cleaning and basic maintenance.
- If you use the property more than 14 days in a calendar year, deductions are prorated, based on usage.
The above points are a brief overview; for specifics, contact a tax specialist.
To learn more about rental opportunities, contact Ian Lane & Associates.
Travel to Portland, Maine ("you can get heayarh from thaarrh")
Located on the Southern Maine coast of northern New England, the city of Portland is an easy drive from 2 major international airports-Logan International Airport in Boston (Massachusetts), and New Hampshire's Manchester Airport.
Portland also has its own International Jetport.
New England's proximity to Europe, in particular, can mean significantly shorter travel times than for destinations south. For example, flights from London to Boston average 6 1/2 hours, whereas flights to Miami, Florida are usually a minimum of 11 hours.
Boston Logan International Airport: http://www.ifly.com/logan-international-airport
From Logan International Airport: From the Airport Exit Road, turn onto MA-60W, then US-1N to I-95N to N.H./Maine. In Portsmouth, New Hampshire continue on 95N to Portland, Maine. From Maine Turnpike (I-95), take Exit 6A onto Interstate 295. Take Exit 4 and proceed across bridge, turn right onto Commercial Street into Portland's Waterfront "Old Port". Total travel time approximately 2-1/2 hours, 140 miles.
Manchester -Boston Regional Airport (NH) http://www.flymanchester.com/
From Manchester, N.H. Airport: Follow airport road to Brown Ave. Turn right at the light onto Brown Ave. Follow the road 3 lights down to Route 293. 293 splits. Follow the signs to Concord, N.H. Follow signs to exit to Exeter, N.H. Take 101 East to Portsmouth, N.H. Pay toll in Hampton, N.H., 36 miles away. After tollbooth, you will be on I-95 north. See above.
Portland International Jetport: http://www.portlandjetport.org/
From Portland Jetport: At the airport look for the main exit and this will take you to Congress St. Turn right on Congress St., and this will take you all the way into town. When you pass Greyhound bus station on right (at the corner of St. John Street, approximately 2 miles from the airport) Congress will begin to go uphill. Shortly on the right you will pass a fire station. Immediately after (and before the Gulf Station) take a right on Neal St. Travel down Neal for 3 blocks until you reach Pine St. The West End Inn is on the corner of Neal and Pine Streets (146 Pine).
Rail: The Downeaster / Amtrak http://www.thedowneaster.com/
Casco Bay Ferry Lines: http://www.cascobaylines.com/
The Cat International Ferry: http://www.catferry.com/
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