Are you a foreign national interested in investing in Miami real estate but unsure about getting financed? Look no further because the answer is yes, you can get a mortgage in the US. However, there are certain parameters and requirements you need to meet before you can invest and obtain a mortgage. In terms of costs, using a lender requires an appraisal, which is an inspection to determine the property value, and there are fees for transferring property, recording fees, settlement fees, tax transfers, and taxes on the property. As a foreign national, you may also have a 10 to 15% first holding for tax purposes. Regarding the closing table, if you cannot be present, you can schedule a closing with a US embassy in your country or assign someone with a power of attorney to represent you, preferably a relative or an attorney. Different mortgage companies have varying options, but generally, a credit score of 680 or higher is ideal. If not, established credit lines in your country can suffice, and you must have at least two credit lines with 12 to 24 months of on-time payments. You can only purchase a second home or an investment property with a minimum downpayment of 30%. The maximum amount you can purchase with a mortgage company is $2 million, and the minimum is $150,000. If your income is used to qualify, you need to provide paystubs or taxes from your foreign country, a CPA letter stating your year-to-date income (if self-employed), and a translation of all documents to English. When it comes to investment properties, short-term or long-term rentals are viable options, and potential rental income can be used to qualify for an investment property. However, for a second home, you must prove that it is not for investment purposes. Foreign nationals are required to pay about 10 to 15% in taxes after the sale, collected at the closing table by the title company, and distributed to the IRS to ensure payment. Finally, non-residents can buy property in the US, and you do not have to be a permanent resident. You can have a work permit or asylum, which must be renewed consistently for at least two years. If you need assistance with obtaining a mortgage or understanding where your investment is best, mortgage experts like Jennyffer Kurz  Senior Loan Officer at PRMG and Realtor Floise Mizejewski of LPT Realty are here to help. Investing in Miami real estate as a foreign national is possible, as long as you meet the necessary requirements and guidelines.

You’ve been house shopping for months or even years. You’ve endured a series of offers, property disclosures, inspections and reports. Finally, after so much excitement, stress and anxiety, the house hunt has come to an end. But the story isn’t over yet. Here are some next steps to consider before you actually move in. 1. Plan renovations well in advance Rarely does a buyer get a place that’s move-in ready. By the time you’ve signed a contract, you have lots of ideas about how you’ll live in the home, how you’ll customize it and what work needs to be done. If the place needs work, don’t wait until you’ve closed to engage a professional. Either at your final walkthrough or during a private appointment, get the proper contractors in the house and start collecting bids for necessary work. If possible, have floor sanding, painting or small fix-it work done before you move in. Real estate agents work with all kinds of tradespeople, so they’re often a great resource for referrals.  2. Set up the utilities Some people assume the utilities will work once they walk in. While many utility companies have grace periods (the days between when the seller cancels service and the new owner calls), you can’t always assume this will be the case. If you have an out-of-town seller, they may have canceled services the day they knew all contingencies were removed. In this instance, the grace period likely lapsed, and you may be stuck dealing with the electric company, waiting for an appointment or just being without power when you really want to start painting, fixing or cleaning. The best plan is to call the utility companies and get service set up well before closing. If they haven’t received cancellation notice from the seller, let the seller know to take care of that. 3. Change the locks Assume that everyone has a set of keys to your new home. The seller’s real estate agent likely gave copies to their assistant, a painter, a stager or even another agent at some point during the listing period. That’s why the first person you should call after getting the keys is a locksmith. 4. Hire a cleaning crew There’s nothing worse than showing up with the movers, dozens of boxes and your personal belongings only to discover the seller hasn’t had the place cleaned. Assume the worst and get a professional cleaning crew in there the minute after closing. Even if the seller did clean, they may have done a poor job. You want to start life in your new home with a clean slate. The bones of the place will be sparkling clean, and you won’t be scrambling to get cleaners in while the home is in a state of unpacking disarray. 5. Have a handyperson, contractor or designer on call Moving involves the kind of stuff you wouldn’t wish on your worst enemy. Things like aligning your framed artwork, centering the couch in the living room or getting the large rug set up in the master bedroom can drive you crazy. While it may seem like a luxury, investing a few hundred dollars in hiring someone to help with these tasks will save time and potentially relieve you of a giant headache. Thinking ahead is the way to go As your closing date draws near, you’re probably exhausted. But taking a little extra time to plan ahead will save you time, money and stress — and make the move into your new home so much more satisfying.   Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow. Originally published February 2013.

Have you just moved into a new place and want to spruce it up? Or maybe you’ve been in your home for a while and feel ready for a change. The easy part is knowing your goal for home remodeling — whether you’re trying to keep up with your growing family, add office space, modernize dated features or generally increase your home’s value. Even if you’re ready for a kitchen renovation or anxious for a bathroom remodel, figuring out how to plan a home renovation that doesn’t break the bank can be tricky. Here are five key steps in planning your home remodeling project. 1. Estimate home renovation costs As a general rule of thumb, you should spend no more on each room than the value of that room as a percentage of your overall house value. (Get an approximate value of your home to start with.) For example, a kitchen generally accounts for 10 to 15 percent of the property value, so spend no more than this on kitchen renovation costs. If your home is worth $200,000, for example, you’ll want to spend $30,000 or less. Something else to keep in mind: Contrary to popular belief, kitchen renovations offer among the lowest return on investment. Every dollar you spend on a kitchen remodel increases the value of your home by approximately 50 cents. The highest return on investment? A mid-range bathroom remodel. 2. Consider home remodeling loan options If you plan on borrowing money to fund your home renovations, there are a number of loans out there to help with just that. Refinancing. Depending on your current interest rate, you might be able to refinance your mortgage at a lower rate and/or for a longer loan term, which could lower your monthly payments and help you save up for your renovations. Cash-out refinance. If you have enough equity, you could also consider a cash-out refinance, which means refinancing your existing loan for an amount that’s higher than what you owe. Going this route, you pay off your original mortgage and have cash left over. Use a refinance calculator to see if refinancing makes sense for you. HELOC. If refinancing sounds like too big of a leap, a home equity line of credit (HELOC) might work better. A HELOC works a lot like a credit card in the sense that it has a set limit that you can borrow against. Home equity loan. Although it sounds similar to a HELOC, a home equity loan is a bit different. This loan requires you to take out all the cash at one time. They’re often referred to as “second mortgages” because homeowners get them in addition to their first mortgage. Refinancing, getting a HELOC or taking out a home equity loan are all big decisions, and it can be tough to know which one makes the most sense for you. As with any new loan, consult with a lender to see which option is best for your situation. 3. Get home renovation quotes from contractors Some contractors will give you an estimate based on what they think you want done, and work completed under these circumstances is almost guaranteed to cost more. You have to be very specific about what you want done, and spell it out in the contract — right down to the materials you’d like used. Get quotes from several contractors, but don’t necessarily go for the the lowest estimate. A bid that comes in much lower than the others could be a sign of a contractor who cuts corners — which can lead to extra costs in the long run. 4. Stick to the home remodeling plan As the renovation moves along, you might be tempted to add on another “small” project or incorporate the newest design trend at the last minute. But know that every time you change your mind, there’s a change order, and even minor changes can be costly. Strive to stick to the original agreement, if possible. 5. Account for hidden home renovation costs Your home may look perfect on the outside, but there could be issues lurking beneath the surface. In fact, hidden imperfections are one of the reasons renovation projects often end up costing more than anticipated. Rather than scramble to come up with extra money after the fact, give yourself a cushion upfront. Factor in 10 to 20 percent (or more) of your contracted budget for unforeseen expenses, as they can — and do — occur. In fact, it’s rare that any project goes completely smoothly.   Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow. Originally published June 2015.