If you are going to buy property using a mortgage, you may wish to consider doing so before you move to the USA to avoid the need to wait until you have developed a suitable credit history in the US Or, to help you establish credit in the US, think about opening an account with American Express, Diners Club, or MBNA, as the information and activity on these accounts will transfer to US credit files. You can buy a house in the US without credit history if you have a down payment of 30% (in some cases, only 20% is needed); this will also secure you a good interest rate. Of course, should you have the funds available, you could simply purchase a property outright after your arrival.

Expats emigrating to the US (particularly those from the UK) will be pleasantly surprised at how far their money will stretch in the US property market. Of course, house prices can vary drastically from one part of the country to another, with the most expensive properties overall located in places like New York City, New England, Florida, and California; however, in “middle America,” it is not unlikely to find a three-bedroom, two-bathroom house with a garage and a large yard (i.e., garden) for less than $200,000 (in some places, prices are significantly less than this).

Investing in property

The property market changes rather frequently in the USA. Sometimes this is caused by trends in migration within the country; at other times it is a simple and clear indicator of the overall economy.

Owning property can be a good investment. Housing and land are both very solid assets and can dramatically improve one's overall “asset portfolio.” However, it is advisable to pre-determine how much time and money will need to be invested in a property, in addition to purchasing costs and property taxes, prior to closing a deal on a house or apartment complex.

Buying to invest requires using more complex strategies to ensure that the property will in fact yield a profit. This includes factors ranging from the location (are property values improving in that location?) to the amount of labor a place needs to increase its value and how you are going to make that investment (will you live there and work on the building every weekend for three years to improve its value by $20,000, will you rent it out to someone who will increase it's value, or will you simply hire professionals to increase the value sooner so that you can charge higher rental fees, for example?).

Tax issues

While renters are not subject to paying property taxes, home owners are. Property taxes are also a defining factor in the quality of local school systems in America. Property tax rates vary from state to state.

Insurance

It is advisable to buy owner's or renter's insurance. The amount covered may depend in part on how much you have invested in the property itself and also the amount of valuables that you keep at your home. Make sure you are aware of any tendencies towards flooding or other hazardous weather in the area where you have purchased or rented a home, as you will need to insure against damage from a probable risk (water damage in a flood zone, for example).