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Does anybody have good/bad experiences in this area, considering the fact that many don't have a green card yet. Any tips/links appreciated.
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Check this BB in the evening. Probably, 'rangy' will give you more info.
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Aparna,
you don't need a green card for buying the house. If you have finished 2 years of working in US, you qualify for the loan. It is a really good way of saving money. You certainly save on taxes. Also, if you take care of buying it in neighbourhood where the prices are increasing, you have fair chances of getting much more back. One of the definite advantage is that you get a better environment for your children, as far as their friends / playmates are concerned.
Depending upon the kind of apartment you are currently staying, the expenses can increase a lot.
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Thanks. Actually I do know that you don't need a green card to buy a house. But I have read that if you sell a house within 6 yrs or so, you might actually lose money. That scares me. Of course renting is a waste of money. But if you have to leave US, its easy and you don't have the hassles of selling a house. But in case of a house, those things need to be considered.
Shivay saddhya economy slow hote ahe. Interest rates kami zhale ahet pan atta ghar vikat ghene changle ka ? Do you think one should have an agent to buy a house ? I need real life experiences if you have some.
Thanks again for the response.
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Aparna, if you use the house as primary residence for 2 years (not a day less), whatever extra money you get after selling is non-taxable.
Going through the agent helps. Good agent helps you to refine your criteria, helps in negotiations, arranging inspections and procuring the loan, if you wish to utilize their services.
Economy is definitely a factor. If your neighbourhood is growing, with healthy economy, selling the house does not take time. it can happen within a week to month.
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Aparna,
There are no hard and fast rules that if you sell within 6 years, you may loose money. It really depends on how much the house has appreciated. In general, buying a house turns out to be a wise decision.
We bought one almost 2 years back. In 2 years it appreciated a lot. So now even if the economy is going down, it is still priced much higher than what we bought it for. but going forward, it will be a tricky decision of when to buy one. But overall the statistics have shown that in the long term, buying a house definitely helps.
You need to do your due dilligence. Find out which areas in your cities are valued most, and have higher rates of appreciation. look for safe neighbourhoods with good schools. You may also want to go to your city hall, and check for crime reports etc ( which i did and it helped).
Check out the following sites,
http://www.realtor.com
http://homeadvisor.msn.com
From realtor.com you can get a summary report of a community based on zipcodes.
In my opinion, having a good agent does help. Usually we do not know of things that need to be checked out before buying the house. Get an agent through a referral, someone with whom your friends have had good experience with. You will also need a good home inspector. more important is that being a buyer you do not have to pay anything to the agent, it is the seller who pays the agent.
So good luck on making the decision. i will not advice you on whether to buy in today's economy. we don't know where the bottom is. But if you have plans of living in US for next 3/4 years, I think it will be a good idea, without any doubt.
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Hi Shubha and Medha,
Thanks for your information. I have some doubts. Isn't the agent, by default, the seller's agent ? In that case, the buyer cannot trust the agent fully since he/she will protect seller's interest first. I guess if the buyer has a specific buyers agent, then you need to pay for that agent.
Yes, I have 3/4 yrs left on my visa and hence the thought of buying a house is lucrative. Besides we waste a lot of money on rent. But the current situation scares me. If we are heading for a recession, maybe the real estate prices will come down.
How long did you take to do your research ? Are 3-4 months enough for it ?
Thanks again,
Aparna
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No. Seller's agent can be different than buyer's agent. The cost you pay for the house is inclusive of house cost, commissions for both agents etc. That's why Medha is saying it is seller who is paying. i.e. you pay seller and seller pays both from that money.
The time factor really depends on person. I'd say that you should see atleast 50 houses before you buy one. Also by that time you get idea, how much house is worth and are in a position to negotiate better. the prices may go upward (mostly) during that period. If they are going down, it might be advisable to wait.
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Houston madhye ghar ghenyachya prayatnat ahe. Kahi madat/comments?
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Jar koNi navin ghar ghenyacha vichar karat asel tar mala sanga, karan mi nuktach bharpoor research kela ahe. I would like to share the information where we need to be careful or how we can save money.
Dhanyawad.
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Anilbhai
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| | Wednesday, June 05, 2002 - 6:01 pm: | 
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are mag tak na ti mahiti ithe.. vat konachi baghtos..
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Samirm75
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| | Monday, July 01, 2002 - 7:39 pm: |
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Medha.. tu june ghar vikat ghenyabaddal lihile aahes.. what about buying a new house? june ghar ghene aani navin ghar ghene.. kimatit kiti farak padato.. kay changale.. economically.. ???
like gadi ghenyabaddal.. monetory benifits baddal vichar kela ter it is always benificial to nuy a old car than new one as if you buy a new one you loose more money while selling than that of old ( pre-owned ) one.. as the first owner had already taken that loss..
the one which you bought was new or old?
what about sadhyachya economy madhe?? and if one has to go back to india after 3 - 4 years for sure??
Can you please post your views and expert advice?
Upashi boka.. mala jara detail madhe mahiti havi aahe.. kavali tar far madat hoil..
mi nukatach vichar karat aahe.. infact aajach pahilyanda ghar ghenyabaddal vichar kela.. ... konala ajun kahi mahiti asel tar jarur kalava..
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Samirm75,
Jar tula fakta 3-4 varsha ch rahayche asel tar ghar ghene mahag padel ase mala watate. karan ghar ghetle ki fakta mortgage cha vichar karun chalat nahi tar PITI (principal, interest, tax and insurance) asa sampoorna vichar karava lagto.
Sarvat pratham mhanaje tula mahit hawe ki kiti varshe rahnar, kuthe rahnar, tya nantar kiti $$ mojayche vagaire prashna. I consider house as a commodity (like a car whether used or new) Tyamule investment kinva returns cha vichar mi kela nahi. BTW, kahi diwsapurvi mi wachle hote how housing is a bad investment. Jar tula interest asel tar mi tula te article pathvun dein. Anyway, jar tu tharavle ki ghar mhanaje mi "upabhog" ghenyasathi ghenar tar kadachit tuzi requirement vegali asu shakte ani investment mhanoon vegli.
Mi ghar ghetana navin ani juni ghare baghitali. Khoop june ghar gheu naye karan tyala khoop maintenance yeu shakto. Mi far tar 5-6 varsha june ghar baghat hoto. Navin ghar ghene suruvatila tari mahag padte karan buiders paise kami karat nahit. (no negotiations) far tar upgrades deu ase mhantat kinva closing cost etc. Upgrades sudhha ekdam bharamsath kimmat lavun sangtat. eg. mi baghitale ki 1 builder pratyek fan sathi $100-150 extra ghet hota whereas mi swata to fan $50 madhye anun lau shakto. Navin ghar mhanaje tyala fencing, sod in the backyard, garage door opener, sprinkler system vagaire barech kharcha asatat. Arthat he sarva lagech karaychi garaj nahi, pan aaj na udya karayche tar expenditure mhanoon gharachya kimatit add kele ki ajun $10-15K extra aramat add hotat. Navin ghar sudhha "settle" vhave lagte karan navin gharchya frame chya wajanane jamin suruwatichi 1-2 varshe settle hote teva daar neet na lagne, khile nighane ase prakar hou shaktat.
Anyway, he sarva mi general sangitale ahe, karan ithe lihit baslo tar khoop ch lamblachak uttar hoil. Mhanoon mi home inspection, finance, real estate agent vagaire baddal kahi ch lihile nahi. Tula itar kahi prashna asatil tar vichar mi specifically sangu shaken. Before you start your search, I will strongly recommend following books in that order. Following 3 books are more than enough although I read almost 10 books.
1) home buying for Dummies by Eric Tyson
2) 100 questions every first-time buyer should ask by Ilyce Glink
3) 106 common mistakes homebuyers make by Gary Eldred.
Finance etc. baddal nantar kadhitari lihin. Karan to pan ek motha vishay ahe.
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Samirm75
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| | Wednesday, July 03, 2002 - 1:47 pm: |
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Upashiboka.. thanks.. for the information.. are khara sandu ka.. mi ghar ghene mhanaje fakta investment hyach drustine baghat aahe.. mhanane mala vatate rent vachavaycha.. tax benifits milavayche aani nantar ghar vikale ki jara fayada.. hach tyamagacha suddha hetu.. upabhog.. vagaire.. not at all.. mazi ti housindiat already purna zali aahe.. mala vatale.. mi rent vachavu shakalo aani ghar vikun 20 - 30 K fayada zala tar kashala soda aasa vichar karat aahe / hoto.. ?????????
tar ajun jara mahiti milali tar bare hoil.. aani mi ti pustaka vachaayacha nakki praytana karato.. dhanyavad..
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Samirm75
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| | Monday, January 06, 2003 - 3:19 pm: |
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koNala YHD cha anubhav aahe ka?
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Article from Wall Street Journal
written by Jonathan Clements
(All copyrights acknowledged).
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Bubble? What Bubble?
Housing Isn't That Pricey
There's a lot of hot air in the real-estate market. But it seems to be coming from the pundits.
Many home buyers have been unnerved by all the talk of a real-estate bubble. But the reality is, most homes aren't that pricey and, even if they were, it shouldn't necessarily deter you from buying.
"It's not as wacky as people think," argues Karl Case, an economics professor at Wellesley College in Massachusetts. "I think people have bubbles on the brain, after what happened to the stock market."
Heading Higher: Real-estate prices have jumped 24% over the past three years, according to Freddie Mac. But housing still appears affordable for most families.
For instance, as of late 2002, the typical house was priced at 3.65 times household income, according to Boston's AEW Capital Management, a real-estate investment adviser. True, that's up from 3.24 times income three years earlier.
Still, home prices relative to income aren't much higher than they were in the early 1980s. "There may be a bubble in a few housing markets," says Douglas Poutasse, AEW's chief investment strategist. "But in general, there isn't one."
Moreover, if you look at the portion of household income that new homeowners have to devote to mortgage payments, housing looks no more expensive than it did three years ago. AEW calculates what the total annual mortgage payments would be, assuming a family made a 20% down payment and took out a 30-year fixed-rate mortgage.
Based on average home prices and interest rates as of late 2002, that figure was 22% of median household income, unchanged from three years earlier. Indeed, by this measure, housing is cheaper now than it was at any time in the 1980s.
How can that be? Even as home prices have risen smartly over the past three years, the interest rate on a 30-year fixed-rate mortgage has plunged to 6.3% from 7.8%, helping to hold down mortgage payments for new home buyers. In fact, those falling rates, rather than mindless speculation, may be one of the reasons home prices have risen so much over the past three years.
Looking Down: That doesn't mean there's no risk for today's buyers. If interest rates climbed sharply or the economy slipped back into recession, real-estate prices might tumble.
A slump could mean big losses for homeowners, especially once you figure in the leverage involved. If you buy a home with 20% down and property prices drop 20%, your down payment would be wiped out.
Moreover, while home prices may generally be reasonable, experts say some markets do appear richly valued, including Boston, Denver, Los Angeles, New York, Seattle, Washington and especially San Francisco.
Suppose you are moving to one of those cities with your spouse and two kids. Worried that the local market is overheated? Let's be honest: Can you really foresee going to the hassle of renting for two years, while you wait for prices to decline?
"Most people are not in a position where they can time the market, because there are big costs to doing so," says Chris Mayer, a real-estate professor at the University of Pennsylvania's Wharton School.
Missing Out: It's not just the upheaval and expenses that come with moving frequently. During the spell when you are renting, you will also miss out on all the advantages of homeownership.
For starters, while you are renting, you will likely fork over more in income taxes, because you won't have the mortgage-tax deduction. You also won't have the forced savings that come from making those monthly mortgage payments, and thus gradually paying down your loan's balance.
But this mortgage stuff is small potatoes compared with homeownership's biggest advantage. Think of buying a house as akin to buying a high-yield stock. Over the long haul, the capital gain is likely to be modest, probably just 1% a year faster than inflation.
But the dividend is huge. That dividend takes the form of what economists call imputed rent, the fact that you can live in the place without forking over regular checks to the landlord. This annual dividend might be worth 7% or 8% of your home's value.
Taking Time: The longer you stay in a house, the more you will benefit from the ability to live rent-free and the less you need to worry about short-term price dips.
"Over seven or eight years, you can be pretty sure that buying a house will financially dominate renting," Prof. Mayer says.
What if your time horizon is shorter than that? Clearly, there is much more risk involved. If you think you will move again within five years, you should probably avoid condominiums and high-end homes. During market downturns, both types of property tend to get hit harder than moderately priced single-family homes.
In fact, if your time horizon is five years or less, I would be inclined to rent, not buy. No, it's not because I think house prices are sure to fall. Rather, it all has to do with costs. Once you figure in the expense of first buying and later selling a house, it is awfully tough to make money if you own a home for five years or less.
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Harsh
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| | Friday, January 02, 2004 - 9:41 pm: |
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Kunala MA madhye navin ghara baddal mahiti ahe ka ? MA madhalye rates are too high and finding a new construction is rare or beyond reach.
It will be great if someone can list details of communities in MetroWest / South / North of Boston but within 30-45 minutes of reach to Boston.
Based on some research done, I found that Metro West gave much more appreciation for mid range house or townhouses with 2-3 beds.
The prices vary from 250 - 375 K for 2-3 bed + 2.5 bath.
I found that cities like Natick, Framingham do not have new construction with 250 - 300 K range while Franklin, Wrentham, Walpole, Medway, Medfield, Shrewsbury, Ashland, Chelmsford, Quincy, have new construction within range of 275 - 375 K for 2/3 BED + 2.5 Bath townhouse.
Any help in giving details of appreciable properties / communities will be great.
AAplya reply chi wat bagaht ahe mandali...
to paryant,
Kalave Lobh Asava
Aplach Marathi Hitguj !!!
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Pihu16
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| | Tuesday, February 22, 2005 - 3:44 pm: |
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hi,
i just wanted to know that which house is good independant or town house in newjercy area?. i think maintainance charge of independant house is more than town houser..or something else(apt).
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Vinaydesai
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| | Wednesday, February 23, 2005 - 1:44 pm: |
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Elementry: TownHouses are cheaper, smaller and have some common area maintainance like roof, Gardan, snow removal etc. taken care by an association.
Then there are condos, which could be anything between a 2 bed. Apt, to a small townhouse.
Independent house have there own fun. But they are expensive. Additional work is required to maintain lawn, remove snow etc.
In NJ, housing prices dictate what you want to buy.
So think of how much you want to spend , and are you ready to put some additional time and money.
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actually, where I live buying a townhouse and buying a single family residence (of the SAME size) costs about the same. the single family residence has some overhead costs associated with it (snow removal, lawn mowing etc). but it comes with the privacy of having your own home.
Townhouses are usually more expensive in the long run (5 + years) since you end up paying more per month in maintenance fees than you would have for insurance and overhead for the same period of time on a single family residence.
ho maaJa mat Jaala. p`%yaokanaI svataha ivacaar kÉna inaNa-ya Gyaavaa..
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Mbhure
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| | Wednesday, February 23, 2005 - 10:55 pm: |
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As far as I know, in Single Family Home, you own the plot as well as House. It is not the same for Condos. In that case you "OWN" the house and not the land.
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mbhure u r right townhouse is like a flat and single family home is a plot with bangala 
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Vin
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| | Tuesday, January 24, 2006 - 8:58 pm: |
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Hi,
I work in real estate( specifically for a law firm and we do hundreds of closings every year)in chicago/chicagoland area, please feel free to contact me if you have any Q's re: buying and selling. This is not a solicitation for our services just willingness to offer any knowledge I may have to maharashtrian community. Thanks.
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Skdeep
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| | Monday, March 20, 2006 - 5:07 am: |
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hello , Vi
Please let me know , whether buying a house in Long Island New york will be a good decision at this time , because we are in confusion since prices are high . All are saying prices of rea estate will come down , so wait , what is your opinion . You have any nwon real estate agent in newyork , long isalnd area ? please help
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Vin
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| | Thursday, March 30, 2006 - 8:41 pm: |
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skdeep,
I am sorry I don't know any realtors in Long Island. In my opinion, it should not be baseed on whether prices are high or low. You should make a decision based on if you are paying too much in leasing when you could buy for less and additionally build equity in the house and if owning a property is somthing you really want to do. You have to compare the returns on the investment as opposed to if it is expensive or inexpensive to own. Also, there are personal factors like age ( younger you start better it is), debt to income ratio, etc. Find out what are the median prices of the houses in your area, what your criteria is, how much house you really need, how long you plan live in that area, find out if schools are important to you, and then it will be easy to make the decision based on all these. RE is always fluctuating, some years you may get better returns and some years not so much; so don't hold your breath for the best deal in town. it comes with its own package. Hope this helps.
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| चोखंदळ ग्राहक |
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| महाराष्ट्र धर्म वाढवावा |
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| व्यक्तिपासून वल्लीपर्यंत |
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| पांढर्यावरचे काळे |
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| गावातल्या गावात |
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| तंत्रलेल्या मंत्रबनात |
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| आरोह अवरोह |
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| शुभंकरोती कल्याणम् |
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| विखुरलेले मोती |
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| हितगुज गणेशोत्सव २००६ |
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