Why do indians buy houses while on h1b
Why do you Indians buy houses in the US when you don’t even have a green card (most of you won’t ever get it in your life time) What if you suddenly lose your status? Are you just gonna sell it at half the price ? I would never do that, wondering what’s your strategy there.
I'm an Indian. I rent and also don't get the logic of buying a house while being on H1B. After 8 years of waiting, renting and investing your money in market instead seems more sensible to me.
Agreed. When I see folks who are so stressed out with so many things banked on their ability to renew their visa, I feel like it's not worth the stress - at least to me.
Same reason as everyone else: for a place to live and investment?
Why does America not have a decent immigration setup that shouldn't disrupt the lives of tax paying settled down residents? Land of the free and home of the brave, right?
As OP said what if you lose your status? Sell it for half the price?
Leave and make some one else sell it later? Then transfer the cash out.
OP: You don’t need to sell it for half price, even if you loose your status. You can either rent it and have a property management take care of it for you Or You can put it in the Market & sell it through a real estate agent even if you are not in the country
If you wait for GC and postpone home buying, you never buy till retirement, you lost equity and appreciation
Lol, can’t believe the things you Indians have to go through. You are indeed the modern slaves exploited by the US.
Logic like this is unbelievable with so many H1B holders buying million dollar houses. The risk of losing visa status etc may be low in some cases but if adverse things happen, the situation can get like a financial suicide. I’ve talked to a few people about this and they are absolutely blind to it.
What's the worse that could potentially happen. If I buy a house worth 1M, with 20% down. What is the worse that could happen? if I am going negative, I lose the 200k downpayment and mortgage paid for a few years and walk out? If the market goes down and I can't afford to rent the place or pay the mortgage from India or other countries. Declare bankruptcy, forfeit the home. While I am at it, there are other places I could borrow money, credit card, personal cash line, etc. I am anyhow declaring bankruptcy.
I think each state in India should be independent and become individual country since GC is capped per country.
Most of the Indian folks who can buy houses are dual income, highly experienced or master of their field. In slight case of layoffs, they can find other jobs, have a solid emergency reserve, and spouse income. In a very very unlikely situation of when both the spouses are laid off, and country is in recession so they couldn’t find a job, they can move back and rent and worst case sell ( Indians generally don’t sell at loss unless there is a fire ). But owning a house with 20% downpayment over 30 years, is not a bad deal since it’s provides security, luxury, comfort, investment. The risk is far less than the rewards. pS I am indian with a house and without green card
I would say this is not entirely true in my experience. I encountered more single income, no h4 ead, priority date of 2016 and they think they can settle down. Unfortunately in my experience it doesn't always work out that way
That’s the kind of logic these house buyers have. They both earn yes, usually have cash for down payment but no big emergency fund. If they were financially smart enough, they’ll stay from such shitty deal. They are likely with kids too. It’s not very unlikely for one person to lose their job in a slowdown or just a hold in economy. Then imagine taking care of emi of $5000+, kids school, other expenses on single salary. In 3 months, you are behind on emi, try selling the supposed safe house in a slow market then. All you’ll end up with is a life lesson.
You don't make decisions based on fear
Don’t confuse logic with fear...
And you don't bet based on greed and lopsided chances.