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Rent or Buy home H1B visa

here is my condition -
On H1B Visa since 2 years.
Currently paying rent of 1620 per month in Sunnyvale.
I can buy home where monthly payment can be 2000. may want to go back to india after sometime (5 to 7 years). Does it make sense for me to buy home here ? or just stay on rent home as it is today ?
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December 15 2012 - Sunnyvale
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Answers (5)

It is crucial that you shop around for a mortgage broker that can explore all your financial status and tell you if you qualify or not to buy a house.  Mortgage brokers have acces to many banks, private lenders and many different programs. After you know how much you can afford, you need a real estate agent to assist you with your research.

Best of Luck,

Maria Cipollone
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January 23 2013
Hi,

If you pay rent, you are not going to see return on that.
For 5 or 7 years down the lane, you can definitely invest in a property.
Since the rates are low, its a good time to buy.  But the bad news the inventory is low.  Start looking for properties right away and build a relationship with an agent to guide you with the process.  

REALTOR®, Associate Broker Mobile: (408) 707-8170
Email: pviswa@c21mm.com
Website: www.priyaviswa.com
 
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January 20 2013
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"you will almost certainly come out ahead by buying a home."  is a pretty scary phrase.   That's what agents were saying as the housing market ran up and up and up.   Many people regretted the decision.

If you had at least a 10 year or longer time frame, consider buying.   For $2000/month, you'll discover there aren't many options in the Sunnyvale area besides mobile/manufactured homes (and those often lose value even in good markets).   There are many costs and responsibilities of home ownership besides the mortgage, taxes, and insurance.





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December 16 2012
If you stay 7 years you will almost certainly come out ahead by buying a home. With low interest rates, your equity builds up quicker even though the payment is less. Visit my mortgage information page on my website. 

We are still seeing a lot of local innovation and company founders wanting to have strong connections to Silicon Valley. Of course unforeseen things happen. If the local housing market suffers a downturn you could potentially rent out your home even if you returned to India.

Juliana Lee
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December 16 2012
Currently I run into many places where the mortgage runs the same price as a home. Keep in mind with rent you will never see a return on that money. If you buy, you can build equity, and there is always the possibility of an increase in value.

While those are all great things, keep in mind that there will be loan fees, escrow fees, interest, and home maintenance that come with owning the home. When you weight all of this in you can find which best fits your needs.
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December 16 2012
 
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Rent or Buy home H1B visa
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January 23 2013 | 5 answers
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