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  #1 (permalink)  
Old 07-03-2009, 10:06 PM
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Question Home buying on H1B ?

Working on the H1B visa from last 4 years and planning to buy a home (prices are low now and also benefit the economy if possible), but the question arises - why do people wait to buy property until they get the Green Card ?
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  #2 (permalink)  
Old 07-04-2009, 01:22 AM
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Originally Posted by vinki View Post
Working on the H1B visa from last 4 years and planning to buy a home (prices are low now and also benefit the economy if possible), but the question arises - why do people wait to buy property until they get the Green Card ?
With green card if laid off or fired, you do not have the worry of being in/out of status and also it is easier to move jobs at will.
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  #3 (permalink)  
Old 07-04-2009, 12:56 PM
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Originally Posted by vinki View Post
Working on the H1B visa from last 4 years and planning to buy a home (prices are low now and also benefit the economy if possible), but the question arises - why do people wait to buy property until they get the Green Card ?
Answer to your question: UNCERTAINITY of the status!

If you lose your job you have little time to leave the country.. It is difficult to even pack up and book airline tickets in that short time; forget about selling the house if such situation arises.
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  #4 (permalink)  
Old 07-05-2009, 02:06 AM
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Default It is a good time to buy

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Originally Posted by vinki View Post
Working on the H1B visa from last 4 years and planning to buy a home (prices are low now and also benefit the economy if possible), but the question arises - why do people wait to buy property until they get the Green Card ?
Buying a home is a very personal decision based on a lot of factors. Home prices are relatively low now and you also can lock in good interest rates. However, it is a long term commitment and comes with its financial liabilities. As long as you aware of what you are getting into, this is a good time to buy a home.
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Old 07-05-2009, 03:19 AM
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1. If you are ok with whatever sh** is going to come from immi matters discussions and you ready to deal with it, then go ahead and buy.

2. Have confidence that you can sleep peacefully in that new bed, no matter whatever crap news you hear about immigration, and you are safe about payments no matter how worse job market may get, you can buy.

3. If you dont have any near term doubts on $ value and etc, then its time to buy.

My 2 cents......
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Old 07-05-2009, 11:18 AM
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If there is a devaluation of the dollar in the future, then due to inflation you would actually benefit from buying a home now rather than renting. Inflation is a friend of a homeowner and an enemy of someone that wants to postpone buying.

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Originally Posted by Roger Binny View Post

3. If you dont have any near term doubts on $ value and etc, then its time to buy.

My 2 cents......
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Old 07-05-2009, 05:48 PM
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Originally Posted by sledge_hammer View Post
If there is a devaluation of the dollar in the future, then due to inflation you would actually benefit from buying a home now rather than renting. Inflation is a friend of a homeowner and an enemy of someone that wants to postpone buying.
Right now the threat is of DEFLATION and not INFLATION.
(I would recommend reading 'conquer the crash' by pretcher for details).

In deflation all asset prices go down.
Even rents do down in deflation.

So if you buy and house prices go down, and it is more likely that they will go down than up, you will be stuck paying for a mortgage which is more than the house is worth.
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  #8 (permalink)  
Old 07-05-2009, 06:48 PM
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Default Personal decision

Mate,

It is each person's personal situation and mindset that factors in their decision to buy property based on Green card. I can only give you my example.

Been on H1 for 7 years with wife on H1 for 2. My GC process started in Dec 07' and stuck in PERM since. I would say and I am sure most here will agree my immigration status is neither stable nor predictable. However, I bought my home late last year after researching a lot for 9 months and getting a good deal (in my humble opinion). I somehow don't obsess much about my immigration status though there are always days I wish for a more predictable timeline for my GC.

That being said, I have had good advise and support that helped in making this decision and I am happy with my new home. My suggestion solely based on my experience and my research of the housing market is to not let GC process be the major factor. I would say do ample research , talk to your family and really consider the worst case scenarios financially before getting into home ownership. GC process is always a factor but I would say there are other more important factors that you need to consider.

Hope this helps!

P.S: There is a good thread discussing the current housing market somewhere among the active threads. There is some amount of personal attacking and defending done but overall you get get some good info from that thread.

Quote:
Originally Posted by vinki View Post
Working on the H1B visa from last 4 years and planning to buy a home (prices are low now and also benefit the economy if possible), but the question arises - why do people wait to buy property until they get the Green Card ?
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Last edited by bondgoli007; 07-05-2009 at 06:51 PM.
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  #9 (permalink)  
Old 07-05-2009, 07:01 PM
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Quote:
Originally Posted by bharol View Post
Right now the threat is of DEFLATION and not INFLATION.
(I would recommend reading 'conquer the crash' by pretcher for details).

In deflation all asset prices go down.
Even rents do down in deflation.

So if you buy and house prices go down, and it is more likely that they will go down than up, you will be stuck paying for a mortgage which is more than the house is worth.
I agree with Bharol...I wonder if the original question on this thread is genuine or just to have another discussion ..in other words, I wonder if the person who started the thread, who seems to be on H1, knows that hardly anyone is hiring a new H1 nowadays.
here is a part of article by Roubini's monitor.
actually to buy a house when on H1 is a big gamble (most likely a losing one) ..so yes, if you like to gamble away your savings on a losing asset in uncertain visa ...then go ahead and buy
--------------------------------
The labor market conditions may have a significant effect on how long it takes for the housing market to bottom out. It’s already estimated that by the end of this year, there will be about 8.4 million people who have a mortgage who have lost jobs, and therefore have essentially little income. Therefore, the number of people who will have difficulties servicing their mortgages is going to rise very sharply.

Home prices have already fallen from their peak by about 27 percent. Based on our analysis, they are going to fall by at least another 40 percent, and more likely 45 percent, before they bottom out. They are still falling at an annualized rate of over 18 percent. That fall of at least 40-45% percent of home prices from their peak is going to imply that about half of all households that have a mortgage – about 25 million of the 51 million that have mortgages – are going to be underwater with negative equity in their homes, and therefore will have a significant incentive to just walk away from their homes.

The job market report is essentially the tip of the iceberg. It’s a significant signal of the weaknesses in the economy. It affects consumer confidence. It affects labor income. It affects consumption. It affects the willingness of firms to start increasing production. It has significant consequences of the housing market. And it has significant consequences, of course, on the banking system.
-----------------------------------------
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  #10 (permalink)  
Old 07-05-2009, 07:02 PM
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go for it mate...renting is like letting someone take your money with no benefit to you. if you can afford it have a good amount of cash for down payment make the most of the tax break this year too.
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  #11 (permalink)  
Old 07-13-2009, 11:28 PM
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Default Thanks ALL !

We got our loadn pre-approval, but heard some sad news of a colleague's friend whose 140 got 'rejected' and he had bought a home some months back - hence again have to reevaluate our decision.
Home prices have started becoming steady and actually going up a bit in our area (ventura,ca) and thats also frustrating. Wanted to save the burning of $1000 a month as rent and just wish things get better soon.

Appreciate all the responses and views !
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  #12 (permalink)  
Old 07-14-2009, 08:15 AM
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The trouble for H1 is getting a new job if you lose your job. this situation always comes up during recession and this is a bigger recession than the last one. I know 2 such cases in our area - they are not getting anything since the last 8 months and are working in gas stations ..so buying a home now on H1 is a big gamble (might as well go to vegas and gamble as there is a better chance that u may end up winning) ..just my thoughts !!
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  #13 (permalink)  
Old 07-14-2009, 10:23 AM
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Quote:
Originally Posted by vinki View Post
We got our loadn pre-approval, but heard some sad news of a colleague's friend whose 140 got 'rejected' and he had bought a home some months back - hence again have to reevaluate our decision.
Home prices have started becoming steady and actually going up a bit in our area (ventura,ca) and thats also frustrating. Wanted to save the burning of $1000 a month as rent and just wish things get better soon.

Appreciate all the responses and views !
Do not worry. Home prices are not taking off and will languish for a couple of
years now. Cost of home ownership will be more than 1000$ per month anyway.
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  #14 (permalink)  
Old 07-14-2009, 11:34 AM
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Default Dont Buy!!!

Quote:
Originally Posted by vinki View Post
We got our loadn pre-approval, but heard some sad news of a colleague's friend whose 140 got 'rejected' and he had bought a home some months back - hence again have to reevaluate our decision.
Home prices have started becoming steady and actually going up a bit in our area (ventura,ca) and thats also frustrating. Wanted to save the burning of $1000 a month as rent and just wish things get better soon.

Appreciate all the responses and views !
NO don't buy...you will be in a better position burning that $1000 for rent than owning a home..........been there done that.
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  #15 (permalink)  
Old 07-14-2009, 11:42 AM
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Quote:
Originally Posted by vinki View Post
We got our loadn pre-approval, but heard some sad news of a colleague's friend whose 140 got 'rejected' and he had bought a home some months back - hence again have to reevaluate our decision.
Home prices have started becoming steady and actually going up a bit in our area (ventura,ca) and thats also frustrating. Wanted to save the burning of $1000 a month as rent and just wish things get better soon.

Appreciate all the responses and views !
You're not really "burning" $1000/month because there is also a cost associated with buying a home. Assuming a $300k loan, 30 yr, 5% fixed, the interest alone would be $1250. Factor in property tax, insurance, condo fee (if applicable) you will easily be over $$1600 (this is the low end). If you then deduct interest and property tax, your net expense is ballpark $1300. My point is that in the "short term", buying a house actually increases your net expenses. I know because I just bought one 2 weeks ago
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