I have a PD of 2020. Does it make sense to buy a home on visa now even if it might take forever for me to get GC? I see many others doing it but it seems risky to me. This will be our residence. Household TC 575k
If you’re trying to invest, then buy an apartment and rent it out. Otherwise I wouldn’t say no, purely for investment reasons.
Imo, whether buying a house or not has nothing to do with immigration status. If you do plan to stay here long term and job is stable, plus you find the right fit in the market, go for it. Whether you plan to move to another city, or job changes, probably impact decision more than anything else. Just consider it as an investment.
I came here in 2015 and for the next 5 years, I used the same excuse that there is uncertainty due to h1 and GC, whenever my wife urged me to go for a house (since the first day we landed here) until finally perm was filed in 2020 and I got my 140 in 2021. At that point I ran out of excuses, as the Rent in my area went up more than what decent mortgage would be for a house three times the size we were renting. So finally five months ago we bought a home for 600k, which we could have got for 400 a couple of years ago and much lower had I went for it in the first 2 years. Our area went through an unprecedented boom that no one thought possible, and drove up the price like crazy. Hindsight is 20/20 but it still kills me to thisbday that I did not heed my wife's sage like advice on this matter. If you are a developer or someone with niche skills, chances are you will land on your feet no matter what even with the the looming uncertainty around H1B. Buying a house on H1 is a leap of faith but it pays more often than not. Take what you will out of this story.
That’s my story as well. Wife kept urging I jot putting it off citing same reasons. Finally pulled the plug in 2021. I did compare the rent vs mortgage thing. I just need to stay 2 more years in the house and I’ll break even after which no issues even if I go back permanently. @op think about your individual case
Always listen to your wife. ALWAYS! 🫡
Property management is hell , ppl take full advantage ( including agents) once they know owner has no us resident status
Hmm good point. But above all if you leave the country it’s difficult to pay the mortgage as well as you will not be earning in USD.
My kids pick driver lives in a $2000/pm rented huge house in the peninsula because the owner is a Chinese without resident status.
You don’t need to live for 30 years to get value out of the house. If you live there for 7 years you will typically come out ahead as home prices would have gone up sufficiently enough that worst case you can sell and still profit. The risk is always in the first 5 years immediately after purchase. If you are confident that you can hold the house for 7 years then you can go for it. Most folks even on visa that got homes anytime in Bay Area history and even 2007 we’re ok if they held 7 years
You can always sell if it doesn’t work out. You can’t put a value on primary residence and the peace of mind that comes with it.
Primary residence is good espiclaly if you have kids. You have more space and can do more things. In other words build more memories .
I have decided to invest back in India. Planning to buy an apartment in Bangalore !
Buying apartment in India is a bad choice. What is the emi vs rent for you with a 20% down payment?
If you think the location you’re in has good job opportunities for next 7-10years then buy. Don’t worry about visa. Make a minimal downpayment (like 5%). It should be low enough for you not to care. Don’t go for house of your dreams, but something where mortgage is comparable to your current rent. If you lose job or have to move back. Just forget the house and go, remember that that folks liek us on visa can reap rewards without any risk. Leave the risk to the bank and foreclosures. Your credit history here doesn’t really matter if you’re moving back. Also it gets wiped clean in 7years if you want to come back
Who’s going to provide you a loan for 5% down payment in Bay Area at a decent rate?
FHA loans are a thing still right?
I personally wouldn’t. If I’m laid off or need to go back for whatever reason, renting out in the Bay Area seems like a crap shoot. Renters rights are really strong and it’s hard to manage a property from that distance