Property

Old Oct 31st 2007, 2:47 am
  #1  
Just Joined
Thread Starter
 
Joined: Mar 2006
Location: West Yorkshire, UK
Posts: 19
Benjizinho is a name known to allBenjizinho is a name known to allBenjizinho is a name known to allBenjizinho is a name known to allBenjizinho is a name known to allBenjizinho is a name known to allBenjizinho is a name known to allBenjizinho is a name known to allBenjizinho is a name known to allBenjizinho is a name known to allBenjizinho is a name known to all
Default Property

Hi all,

A broad question ..

Would buying a property (i.e. the north eastern coast) in the states be worth it, considering the current situation with the housing market over there? My parents are somewhat tempted in selling their property here in the UK to move abroad, US being high up on the list, in the next few years.

Ta.
Benjizinho is offline  
Old Oct 31st 2007, 3:02 am
  #2  
Homebody
 
Joined: Jan 2005
Location: HOME
Posts: 23,174
Elvira has a reputation beyond reputeElvira has a reputation beyond reputeElvira has a reputation beyond reputeElvira has a reputation beyond reputeElvira has a reputation beyond reputeElvira has a reputation beyond reputeElvira has a reputation beyond reputeElvira has a reputation beyond reputeElvira has a reputation beyond reputeElvira has a reputation beyond reputeElvira has a reputation beyond repute
Default Re: Property

Originally Posted by Benjizinho
Hi all,

A broad question ..

Would buying a property (i.e. the north eastern coast) in the states be worth it, considering the current situation with the housing market over there? My parents are somewhat tempted in selling their property here in the UK to move abroad, US being high up on the list, in the next few years.

Ta.
What visa are they planning to use - or are they USCs?
Elvira is offline  
Old Oct 31st 2007, 3:28 am
  #3  
Account Closed
 
Joined: Aug 2004
Posts: 22,220
Rushman is just really niceRushman is just really niceRushman is just really niceRushman is just really niceRushman is just really niceRushman is just really niceRushman is just really niceRushman is just really niceRushman is just really nice
Default Re: Property

Originally Posted by Elvira
What visa are they planning to use - or are they USCs?
Not USC's..they're UK OAP's, not on a K1 OK. TTFN
Rushman is offline  
Old Oct 31st 2007, 3:31 am
  #4  
Account Closed
 
Joined: Sep 2005
Posts: 15,455
Sally is an unknown quantity at this point
Default Re: Property

Originally Posted by Elvira
What visa are they planning to use - or are they USCs?
The Eastenders one?
Sally is offline  
Old Oct 31st 2007, 3:37 am
  #5  
Mr. Grumpy
 
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
BritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond repute
Default Re: Property

Originally Posted by Benjizinho
Hi all,

A broad question ..

Would buying a property (i.e. the north eastern coast) in the states be worth it, considering the current situation with the housing market over there? My parents are somewhat tempted in selling their property here in the UK to move abroad, US being high up on the list, in the next few years.

Ta.
ignoring the visa issue, I personally would not like to purchase a property in the north east right now if an investment was what i was looking for

property market across the USA is down with the areas of highest prices most probably likely to drop further

you maybe able to get a bargain at a foreclosure auction - but you need some serious wedge to get it initially closed then refinanced
BritGuyTN is offline  
Old Oct 31st 2007, 3:48 am
  #6  
Account Closed
 
Joined: Sep 2005
Posts: 15,455
Sally is an unknown quantity at this point
Default Re: Property

Originally Posted by BritGuyTN
property market across the USA is down with the areas of highest prices most probably likely to drop further
Sally is offline  
Old Oct 31st 2007, 4:19 am
  #7  
Mr. Grumpy
 
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
BritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond reputeBritGuyTN has a reputation beyond repute
Default Re: Property

Originally Posted by Sally
as you personally are probably seeing right now

same here, its just the prices didn't go up so much in the first place, so they have less to fall (hopefully)

I send out a semi satirical local real estate report once a month giving a reality check on the market.

not difficult to argue with simple facts like closings going from 25-30 a month down to 5-7 a month....
BritGuyTN is offline  
Old Oct 31st 2007, 4:57 pm
  #8  
Bob
BE Site Lead
 
Bob's Avatar
 
Joined: Aug 2004
Location: MA, USA
Posts: 92,167
Bob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond reputeBob has a reputation beyond repute
Default Re: Property

where in the NE?

Bloomin' expensive for the most part, and property tax sucks again for the most part....and if they are old, are they willing to deal with the lovely warm winters we have?

But again, visa is the big issue, but being retired, they could get a B1/2 visa for 6 month stays, but medical insurance for any length of time will be well expensive.
Bob is offline  
Old Oct 31st 2007, 5:35 pm
  #9  
And YOU'RE paying for it!
 
Joined: May 2007
Location: kipper tie?
Posts: 2,328
lapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond reputelapin_windstar has a reputation beyond repute
Default Re: Property

Originally Posted by BritGuyTN
property market across the USA is down with the areas of highest prices most probably likely to drop further
But, if you were buying with pounds right now and thought (numbers out of the air) that the exchange rate would go down 10% and property prices would go down 7% over the next two years, you'd still be better off buying now than in two years.

It also depends where you buy within the NE (obviously): some areas will experience growth or flat lines, some will decline. Doing it from afar and picking the right area, and renting it out in the meantime, would be difficult (but not impossible).
lapin_windstar is offline  
Old Nov 1st 2007, 12:38 am
  #10  
Account Closed
 
Joined: Mar 2004
Posts: 2
scrubbedexpat099 is an unknown quantity at this point
Default Re: Property

Originally Posted by lapin_windstar
But, if you were buying with pounds right now and thought (numbers out of the air) that the exchange rate would go down 10% and property prices would go down 7% over the next two years, you'd still be better off buying now than in two years.

It also depends where you buy within the NE (obviously): some areas will experience growth or flat lines, some will decline. Doing it from afar and picking the right area, and renting it out in the meantime, would be difficult (but not impossible).
OP said they wanted to live in it, begs the question again, are they USC's?

Last edited by scrubbedexpat099; Nov 1st 2007 at 12:42 am.
scrubbedexpat099 is offline  
Old Nov 1st 2007, 1:11 am
  #11  
BE Forum Addict
 
kins's Avatar
 
Joined: Aug 2007
Location: Maine
Posts: 2,043
kins has a reputation beyond reputekins has a reputation beyond reputekins has a reputation beyond reputekins has a reputation beyond reputekins has a reputation beyond reputekins has a reputation beyond reputekins has a reputation beyond reputekins has a reputation beyond reputekins has a reputation beyond reputekins has a reputation beyond reputekins has a reputation beyond repute
Default Re: Property

Originally Posted by Benjizinho
Hi all,

A broad question ..

Would buying a property (i.e. the north eastern coast) in the states be worth it, considering the current situation with the housing market over there? My parents are somewhat tempted in selling their property here in the UK to move abroad, US being high up on the list, in the next few years.

Ta.
I've just bought a house in the NE, in Yarmouth Maine. We thought long and hard about whether to just rent for a year or two and see what the property market did. But there were very few houses to rent we wanted to live, and I do think property is a good investment in the long term.

Remember real estate agent fees are higher here (often 6% when you sell). If they need a mortgage at all then it will be more complicated with no credit history, and also they may pay more interest initially. Property tax can be very high - I am paying $6000 a year.

If they want to move abroad I would rent for a while and use the interest off the money they make from selling their UK house, then decide what they want to do. But I have not exactly taken my own advice
kins is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.