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Should I buy an American property?
SepticLimey
Posts: 3 Newbie
I'm in a fortunate situation where I have both UK and US passports, although was born and have always lived in the UK. Question is, with enough deposit to buy a $120,000 house, should I do it?
I have a mortgage in the UK and family near the US location I want to buy, but with the current housing situation in the US, is it better to get the buying process going now, or wait to see what will happen.
I assume that buying a property will take up to 6 months to happen. Am I "jumping the gun", abusing the credit crunch situation or being sensible with my money.
please let me know your thoughts.
I have a mortgage in the UK and family near the US location I want to buy, but with the current housing situation in the US, is it better to get the buying process going now, or wait to see what will happen.
I assume that buying a property will take up to 6 months to happen. Am I "jumping the gun", abusing the credit crunch situation or being sensible with my money.
please let me know your thoughts.
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Comments
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With the recent events on Wall St. I think you may be jumping the gun. Let's see if this $700bln bailout will happen or not. We could be looking at a significant devaluation of the US$, making US property a steal for Europeans et al.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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I guess it would be good then to get the wheels in motion so I know where I stand. Also if I can get a credit rating now it might be an advantage.0
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SepticLimey wrote: »I guess it would be good then to get the wheels in motion so I know where I stand. Also if I can get a credit rating now it might be an advantage.
Eh? The above poster just told you don't do it - and I agree.
The $700bn rescue will have severe impacts on the value of the dollar and there is no end in sight to the housing crash in the US either. Personally I think you'd be mad to consider investing now.0 -
What do you want it for? To move to the US and live in? To invest in?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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I think now would be a good time to start looking around. It gives you a chance to visit your relatives, too. I think prices might drop a bit further, though.No reliance should be placed on the above! Absolutely none, do you hear?0
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Fair points. I have been considering a move to the US anyway, and as hoggums kindly advises "Eh?", I still don't know anything about the US property purchasing system, and if it's anything to go on from previous experiences in the UK it takes time to get credit ratings. I was hoping someone would have knowledge of the system rather than the $700bn bailout situation.0
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I have dual nationality too, though I was born in the US and lived there till 10 years ago. I'm not sure why you want to buy a property there -- is it an investment or a place for you to stay when you're visiting? Either way, I don't think it's a very sensible idea. Do you know enough about the property market there to be able to make an informed decision?SepticLimey wrote: »I assume that buying a property will take up to 6 months to happen.
No. In the US the process is much faster. It could take just a few days or weeks.0 -
SepticLimey wrote: »have been considering a move to the US anyway
If you are thinking about living in the US, you should plan to rent for awhile rather than buying a property immediately on your arrival. Renting is more common in the US than it is here and would be the safest thing to do until you are certain about your long-term plans.0 -
Like you I have both passports, but would only consider buying in the country I am committed to living in. It also depends where you plan to invest. America is a huge and diverse country, and price movements are going to depend very much on local conditions.Been away for a while.0
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