My wife and I just bought our first home in NYC - Here's what we learned.

[Christopher Piper]

Hi everyone, 

Just wanted to share our experience as a couple of long-term expats who finally took the plunge and bought our first home in New York City. If you’re living abroad and wondering whether it’s even possible (or worth it) to own property in the U.S., especially NYC — here’s what we learned from a pretty intense journey.

Our Expat Background
We’re originally from South Africa, moved to the U.S. about 10 years ago for work/study, and ended up making NYC home. Renting worked for a while — but with rising prices, an unpredictable rental market, and the fact that we’d be here long-term, we decided to go for ownership.

Why We Bought in NYC
NYC isn’t the easiest place to live (or buy), but we love its energy, diversity, and job opportunities. Renting here long-term started to feel like a trap, especially with rent hikes and lack of stability. Owning something — even a small place — felt like taking control of our financial future.

Key Challenges (Especially as Expats)
1. Mortgage Approval Was Tougher: Even with decent incomes, our immigration status and international credit history raised some red flags for lenders. We had to: Provide U.S. credit history (build this early if you’re new!)Show consistent visa/work authorization.  Use a lender familiar with foreign nationals or expat buyers
2. Understanding Co-op vs Condo Rules: NYC is full of co-ops, which are more restrictive. Condos are more foreign-buyer-friendly, but more expensive. We chose a co-op in Brooklyn after a long approval process (yes, there was an interview!).
3. Legal and Cultural Differences: We hired a real estate attorney (standard in NYC) who explained things we weren’t familiar with — like escrow, title insurance, and co-op board rules.

Advice for Fellow Expats Buying in NYC (or the U.S.)

Build Your U.S. Credit History Early Open a U.S. credit card or secured card as soon as you arrive. A good credit score makes all the difference when applying for a mortgage.

Get Pre-Approved Before You Start Looking This makes you a serious buyer and helps you understand your real budget.

Work With a Broker Experienced in Expat Transactions
They’ll understand visa concerns, documentation, and how to present your financials to sellers and boards.

Hire an Attorney (Non-Negotiable in NYC) Especially if you’re new to the U.S. system, having someone who knows how to protect you legally is a must.

Expect Delays — and Don’t Panic Buying in NYC takes time. Between co-op