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-   -   Buying a house in the USA (https://britishexpats.com/forum/usa-57/buying-house-usa-759893/)

firehawk May 29th 2012 1:09 am

Buying a house in the USA
 
so, I am not rich.
I live in the UK and rent. I dont even know how mortgages work! But what I do know is that there are some cheaper things in the US compared to here in the UK.

I am wondering if it is possible to buy a property, house, in the USA if you do not live there?
If so - how does it all work?

thanks!

Boiler May 29th 2012 1:16 am

Re: Buying a house in the USA
 
Why?

Jerseygirl May 29th 2012 1:19 am

Re: Buying a house in the USA
 

Originally Posted by firehawk (Post 10087540)
so, I am not rich.
I live in the UK and rent. I dont even know how mortgages work! But what I do know is that there are some cheaper things in the US compared to here in the UK.

I am wondering if it is possible to buy a property, house, in the USA if you do not live there?
If so - how does it all work?

thanks!

Of course it's possible...but why would you want to?

kimilseung May 29th 2012 1:23 am

Re: Buying a house in the USA
 
There are also very expensive houses, the real cheapies reflect the environment. People fleeing because of lack of jobs,

firehawk May 29th 2012 1:23 am

Re: Buying a house in the USA
 
because I do... I want to live in the US eventually. tought having a property would help and since I travel there often, can live there...instead of forking out for hotels

Boiler May 29th 2012 1:25 am

Re: Buying a house in the USA
 
How?

md95065 May 29th 2012 1:30 am

Re: Buying a house in the USA
 
Buying property as an investment is a risky business that requires a lot of planning and research - for most people it is a really bad idea.

Buying investment property in a foreign country that you know nothing about is a good way of losing all of your money.

If you find someone offering you an investment opportunity that seems too good to be true and involves investing money in property in the US it is almost guaranteed to be a scam.

Owning property in the US will not make it easier for you to get an immigrant visa and, in fact, it may hinder your ability to visit the US.

Jerseygirl May 29th 2012 1:32 am

Re: Buying a house in the USA
 

Originally Posted by firehawk (Post 10087554)
because I do... I want to live in the US eventually. tought having a property would help and since I travel there often, can live there...instead of forking out for hotels

Owning property will not help you.

Take a read through this...if you can fit into one of the categories...you may be in with a chance of moving to the US.

Bob May 29th 2012 1:35 am

Re: Buying a house in the USA
 

Originally Posted by firehawk (Post 10087554)
because I do... I want to live in the US eventually. tought having a property would help and since I travel there often, can live there...instead of forking out for hotels

Owning property here doesn't help you live here.

Buying a place is easy though, but getting a mortgage to buy a place here might be a problem.

A hotel is much cheaper than property taxes in decent places and not to mention, managing a place from afar can be a right hassle.

ian-mstm May 29th 2012 2:20 am

Re: Buying a house in the USA
 

Originally Posted by firehawk (Post 10087554)
... since I travel there often, can live there...

But you can't "live there"... not without a proper visa. The best you can do is visit... and even then, there's no guarantee of entry - visa or not.

Ian

penguinsix May 29th 2012 2:55 am

Re: Buying a house in the USA
 
Buying a house here might actually make it more difficult to visit. A border agent may see that you have a property here, trying to make a permanent connection to the USA, and not recognize you as a 'visitor' but as a potential immigrant or someone who would overstay, thus denying you entry.

Between the insurance, property taxes, utilities and other expenses, a hotel is probably cheaper for now.

WEBlue May 29th 2012 11:56 am

Re: Buying a house in the USA
 

Originally Posted by penguinsix (Post 10087663)
Between the insurance, property taxes, utilities and other expenses, a hotel is probably cheaper for now.

Very very true. Some budget motels are a bargain compared to the costs associated with owning a house here. The price of the house can be nice & low, but once you factor in items like (flood, tornado, earthquake, crime) insurance, property taxes of +$500 a month depending on area, possible sky-high fuel costs (especially if oil), you're looking at a much larger outlay than you'd ever imagine. The cost of the house is only the beginning . . . .

Steve_ May 29th 2012 3:36 pm

Re: Buying a house in the USA
 
Yes you can buy property in the US but it helps not at all with living in the US in fact, 8 USC 1101(a)(15)(B) requires you to have an abode abroad if you are visiting, so if you rent in the UK and own in the US, odds are that CBP will think you do not have non-immigrant intent.

tnzetasigep May 30th 2012 10:19 am

Re: Buying a house in the USA
 

Originally Posted by WEBlue (Post 10088435)
Very very true. Some budget motels are a bargain compared to the costs associated with owning a house here. The price of the house can be nice & low, but once you factor in items like (flood, tornado, earthquake, crime) insurance, property taxes of +$500 a month depending on area, possible sky-high fuel costs (especially if oil), you're looking at a much larger outlay than you'd ever imagine. The cost of the house is only the beginning . . . .

The cost may not always be as expensive as you’ve represented. Homeowners insurance (as well as property tax) is included in the mortgage payment (in Tennessee anyway) and is small portion of your monthly payment. From the TN Comptroller of the Treasury:
Assume you have a house with an APPRAISED VALUE of $100,000. The ASSESSED VALUE is $25,000 (25% of $100,000), and the TAX RATE has been set by your county commission at $3.20 per hundred of assessed value. To figure the tax simply multiply the ASSESSED VALUE ($25,000)by the TAX RATE (3.20 per hundred dollars assessed).

$25,000 / 100 = 250 x $3.20 = $800.00 or ($25,000 x .03200 = $800.00)
for a tax bill of $800.00
http://www.comptroller.tn.gov/pa/pahtfytb.asp

Homeowners insurance is also inexpensive and covers everything except flood insurance (that is available depending on where you live). Covers medical payments if someone is injured on your property, covers fire, theft, acts of God…The main expense I’d worry about is the cost of upkeep which if you live in the UK you could be taken advantage of if you’re not careful.

Nutmegger May 30th 2012 1:43 pm

Re: Buying a house in the USA
 

Originally Posted by tnzetasigep (Post 10090430)
The cost may not always be as expensive as you’ve represented. Homeowners insurance (as well as property tax) is included in the mortgage payment (in Tennessee anyway) and is small portion of your monthly payment. From the TN Comptroller of the Treasury:
Assume you have a house with an APPRAISED VALUE of $100,000. The ASSESSED VALUE is $25,000 (25% of $100,000), and the TAX RATE has been set by your county commission at $3.20 per hundred of assessed value. To figure the tax simply multiply the ASSESSED VALUE ($25,000)by the TAX RATE (3.20 per hundred dollars assessed).

$25,000 / 100 = 250 x $3.20 = $800.00 or ($25,000 x .03200 = $800.00)
for a tax bill of $800.00
http://www.comptroller.tn.gov/pa/pahtfytb.asp

Homeowners insurance is also inexpensive and covers everything except flood insurance (that is available depending on where you live). Covers medical payments if someone is injured on your property, covers fire, theft, acts of God…The main expense I’d worry about is the cost of upkeep which if you live in the UK you could be taken advantage of if you’re not careful.

This post just goes to show that "one size does not fit all." For a start, though $100,000 may get a very nice house in TN, it would get you a garage in CT. My homeowner's insurance has never been a part of a mortgage payment and is very definitely not inexpensive. And my property tax is astronomical. It is all down to what part of the country one lives in.

Also, in TN the insurance and property tax may be paid at the same time as the mortgage payment, but it should be stressed they are not "included," they are additional sums of money.


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