Me and my spouse (both Indians on h1b) are considering buying house in bay area this month. We both have i-140 filed and our initial 3 year extension is yet to expire, so we can stay at least next 3+ years. We have a down payment and loan lined up. After a lot of research, we are very close to getting our dream home. But given all the uncertainty around H1b extensions, should we pass on the opportunity or ignore the noise and just go ahead with the purchase as nothing concrete has happened yet?
Iād pass just on the single word ādreamā - the concept of buying a house and staying there till the end is not realistic. Buy something no more than 4-5 times your yearly income, and something that you can rent out.
I strongly advice *not* buying at this time. I'm kind of in the same situation... Saved up for 20% down payment, loan pre approved etc. During times of uncertainty, it's always good to have as less liability as possible. The DHS is trying to exploit the "may grant" language of AC21 which means that it would take merely months for this to go into effect. Besides, I don't think the housing market will continue to appreciate at the same rate as it has in the past. I'm planning to wait for another year. I've reinvested the saved up cash into ETFs and crypto
If you buy and have to move, renting out is not guaranteed, you may be forced to have to sell the house at sometime when your renting income will not cover your expenses such as mortgage, tax, insurance, HOA, and maintenance cost
How can anyone be forced to sell? Given that property taxes are paid.
It's seriously not a big deal. You can always rent. I have friends who have had to relocate or have had to go back home for family stuff and they've just rented out for years.
Uncertainty will always be there. Buy when you can. Decision won't be any simpler a year later. And market will likely continue to appreciate.
H1b crap is bogus. Never gonna happen.
But if it happens real estate would crash in Seattle area. Lots of people would put their house for sale and go back home.
You can frame your opinion just like me, but the threat isn't bogus. It will get litigated, but what will survive is unclear. Hard to roll a dice in your life based on outcome of a litigation. https://www.facebook.com/notes/1730925333640350/
In bayarea, house is almost liquid asset now. You can sell in short time if needed.
I would buy and live, a lot can happen between now and next 3 yrs. You can always rent/sell if things turn bad, you will be better off financially
Itās totally personal decision. I used to change homes very often (my family moved 5 times before I came to US) so I wouldnāt mind it at all. I will sell my home when itās 5 years old anyway.
Iād purchase and rent out with a management company if things donāt work out You canāt make life decisions on things that havenāt happened I used to be on H1B as well, so I empathize
Was in the same boat too. I can empathize. Good advice here.
Iām buying and planning on doing the same.