How to buy a new home with an easy-to-understand guide
NEW YORK — A New York City-based company is launching a new market in China that aims to help investors buy a home without having to leave the United States.
The market, called The Home Finder, aims to make it easier for investors to buy homes in China, where the median house price in 2018 was $732,600.
Chinese buyers typically have to pay more for a home in the U.S. than overseas buyers because they are required to get an official U.N. stamp of approval before they can buy a property.
In China, however, a buyer is not required to have an official stamp of clearance.
“China is a great market,” said Paul Davenport, founder and chief executive officer of the company, which says it has over 300,000 customers in China.
“You can go to China and buy a house for a fraction of the price.”
The Home Finder platform, which launched in China last month, lets investors sign up for a profile and select which Chinese buyers they would like to view.
They can also see the market, and even see if a buyer has an open bidding process, which is a feature of China’s national real estate market.
It is also possible to search for a specific house and view it for $5.20 or less, depending on where it is located.
This means investors can easily search for homes in specific markets, such as Shanghai or Beijing, and see if buyers are interested in buying in the area.
For example, the Home Finder service could help investors decide which Chinese buyer to select, which might mean they will be able to purchase a home with more money, and thus, with less risk, said Davenports.
Davenport also hopes to use The Home Finder platform to help Chinese investors in the United Kingdom buy a flat, or home, without going through the U-turn process.
That way, if a foreign buyer decides to move back to the U, they will not have to wait until they can apply for a stamp of confirmation.
The Home Finders website also features a video that explains how to find a home based on their Chinese home price.
To sign up, users simply sign up through their profile.
Once they sign up they can enter the name of a specific Chinese buyer, or a specific area in China and click on the “Buy Now” button.