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Thread: Tipps on buying a house

  1. #11
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    Honestly, I would buy a home where your home base is in the US. Sure, you can buy something that is priced lower in a neighborhood because no one wants a house with an outdated 1970s kitchen, etc, and improve it. But i would not buy two fixer uppers in two countries. You don't know how often you will go back to your country of origin and how would that affect your fiance's employment? I would start off by finding a place to rent for a couple weeks in your home country when you actually will be present there and if it turns out that you find you can be there for a few months, you can buy a small condo or do something more long term. Who will maintain the home in the other country when you are not there? What about property taxes?

    I do not think not wanting your relatives to miss out on your daughter is enough justification to own property. We lived away from family for a time and some of them visited us and we went back 2-3 times a year.

    I would buy one place first -- here --- and see how home ownership fits on you before tying up your money in another country

  2. #12
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    btw, what about getting married before you do either?

  3. #13
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    The mortage rates are crazy low right now, but my area is such a sellers market since NYC was a hot zone for COVID, so now everyone wants to move to the burb's. Offers made in a matter of hours/days with a bidding war. Like all of them. Interest rates are insanely low right now too which makes it more crazy.

    For you, buy one, and build some sweat equity into it. Then set it up with floors for rental units spaces, and rent out using vrbo and air b&b when you are ready. Then, when ready to move to next house, you do with with savings. Not sure what your downpayment/mortgage situation is, but always get one off the ground before moving to the next. There are so many expenses involved with home ownership you don't ever think of. You could always buy the country house, then get a condo in Europe.

    Investment property isn't bourgeois - it's real estate.

    I will warn you though, make sure you get the right contractors. My buddy started this giant reno a year ago with this married couple cuz she wanted to support women owned business. A month into the project, she leaves him, and it turns out she was the business side of the business, and he spent months crying how he couldn't figure it out. Then, COVID put it all on lockdown. So, she still doesn't have walls, and it's been a year!

  4. #14
    Platinum Member LaHermes's Avatar
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    Best advice Becxy. Make haste slowly, very slowly.

    Many many people own two homes. Nothing unusual about that. WE definitely are not of the bourgeoisie and we have two places. Over the weekend we've been with relatives who bought and refurbished a very old house that was, as they put it," falling down". They did a wonderful job on it. They do have another house.

    Good luck with the hunting!

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  6. #15
    Silver Member BecxyRex's Avatar
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    I appreciate everyone’s advice so much. It seems we’ve got some thinking and hunting to do. I’m talking with a realtor next week so we’ll see what comes from that. Thank you again everyone for taking the time to chime in.
    Regarding marriage, we are planning on it. We’ve wanted a nice little celebration in my home country, but since corona happened that’s not possible, so we’re currently switching gears and are thinking about doing a small court wedding. I might get smacked for this, but tax returns seem nicer if you’re not married, so I haven’t been in a rush. But we would before buying anything together.

  7. #16
    Platinum Member Snny's Avatar
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    Unless you have a lot of money upfront, do not buy a house and flip it. Some of those repair will cost near the same as paying for a whole mortgage. You are better off taking a loan that you and your husband can afford. Depending on your salary and credit history, Some loans do not required a down payment!

    Avoid dealing with contractors as much as possible unless it can’t be helped. I’ve had some really bad experiences with contractors personally and live in the US. I have found that many contractors are not always reliable because they are independent/self-employed and will work at their own pace... meaning it can take MONTHS before a flipped house is done and ready to move in. And if it’s a “small job,” they will just jack up the price for “labor” than what it’s really worth because they can. And they will especially do that to women who aren’t home maintenance wise. It’s a monopoly for these guys.

    Buy a home where you plan to live the most. It can be small. Live in it for several years, do some cosmetic upgrades to raise the value on the house and build your equity and move out to a bigger, better home.

  8. #17
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    Originally Posted by BecxyRex
    I appreciate everyone’s advice so much. It seems we’ve got some thinking and hunting to do. I’m talking with a realtor next week so we’ll see what comes from that. Thank you again everyone for taking the time to chime in.
    Regarding marriage, we are planning on it. We’ve wanted a nice little celebration in my home country, but since corona happened that’s not possible, so we’re currently switching gears and are thinking about doing a small court wedding. I might get smacked for this, but tax returns seem nicer if you’re not married, so I haven’t been in a rush. But we would before buying anything together.
    Usually the opposite is true. Unless you make very, very little money and on paper (ie, you both live off of his money but don't claim it as your household resources and tell the IRS you only make $3000). But its not about taxes--- when you buy a house you will just push it off later and later (house expenses) and its also about solidfying your family for your child and its better if you buy a house married

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