buying apartments or houses

[Horees 2]

Friends,

I'm thinking instead of renting an apartment, buying it with loan from any US bank.

If my payment every month goes to the bank and considered as share in the price of the apartment.

Say after 1 year, I want another apartment in another place or in another state (sure the remaining amount will be still too much).

Do I take the whole money I paid? (down payment + monthly payment) or do I lost any of them?

I'm asking because I think if I'll take it all back, thus, I'll save the rent value.

Any advise or experience

[Penguin_ie 5,997]

I am not quite sure what you are talking about. Are you talking about getting a mortgage? If so, how much you get back depends on how much you sell the apartment for- it may be more than you put in, but could also be significantly less. Also, it may be difficult to get approved by the bank since you are new to the country and have no credit score.

[Horees 2]

I am not quite sure what you are talking about. Are you talking about getting a mortgage? If so, how much you get back depends on how much you sell the apartment for- it may be more than you put in, but could also be significantly less. Also, it may be difficult to get approved by the bank since you are new to the country and have no credit score.

can I depend on my wife or relatives scores?

Then, how to know the fair value for the apartment before buying it?

[EAbbas 213]

can I depend on my wife or relatives scores?

Then, how to know the fair value for the apartment before buying it?

You can if they co sign the mortgage with you and are listed on the loan with you... and as far as the fair market value you have to get an appraisal which can be expensive

[tru_loves_journey 117]

Hi, Renting or leasing an apartment in america is like throwing money into the wind. (Renting) You're paying each month to live there and the only money you would get back would be the original deposit you gave them when you first got it. Getting the deposit back also depends on if theres no damage to the carpets, walls etc. (Lease) You sign a contract to live there, most are 1-2 years and if you break the contract by moving before the contract ends you can be made pay the full contract amount. I'm sure there's a credit check to rent or lease also. You might want to look around and see if anyone is offering a "Rent To Own Home" this way the monthly payment goes toward owning the property. With the way the economy is now many ppl are doing this when they can't make the mortgage payment . As for Buying a Home and getting credit through a bank I believe you must have worked for 2 years. If you are able to do this "The First Time Home Buyers Program" is Great and offers low interest loans. Down payments on home buying can range from $2,000 - $10,000. At this time homes for sale in many states are just sitting unsold and you might could get a really good deal on one. I know someone that bought a $80,000 home for $13,000 cash. Check into all options before jumping into anything, read the fine print on any contracts before signing it. Good Luck To you and Happy Home Hunting

[Horees 2]

Thank you all,

Actually, I got lost because I'm not that familiar with this new culture.

What do you suggest for me as a beginning in the sates?

Actually I'm going to New York, but a great potential that I'll move to another oil state such as Texas as soon as I get a job in my career.

What is the best plan for me?

[EAbbas 213]

Thank you all,

Actually, I got lost because I'm not that familiar with this new culture.

What do you suggest for me as a beginning in the sates?

Actually I'm going to New York, but a great potential that I'll move to another oil state such as Texas as soon as I get a job in my career.

What is the best plan for me?

I would suggest renting until you figure out what you like or don't like about the area where you choose. This keeps you tied to one place for 1 yr or less at a time without losing money having to sell an apt or house. You don't have to worry about the maintenance for the outside or inside and this gives you a little freedom to decide to move when you want. (more or less...there are deposits and security fees with leasing monthly)

But since you are not familiar with the area yet I would not suggest buying your home yet. Otherwise if you did, and you dont like where you live after moving in then you could be stuck for several years with something you really dont like.

Just find an area for now you think you like and lease/rent for a while...then if you like it find a house or apt for sale and then make that big purchase....

[payxibka 10,047]

Thank you all,

Actually, I got lost because I'm not that familiar with this new culture.

What do you suggest for me as a beginning in the sates?

Actually I'm going to New York, but a great potential that I'll move to another oil state such as Texas as soon as I get a job in my career.

What is the best plan for me?

particularly in today's market, any real estate purchase is a LONG TERM investment... if your living requirements are short term, then rent until such time as they change

[Penguin_ie 5,997]

I agree- rent until you know where you want to settle down, and/or know the area a bit (esp cause New York is VERY expensive!); that way you know the true value of properties when you buy, plus will have gotten a credit score so lenders are happier to lend to you and you get a better rate.

Edited July 7, 2011 by Penguin_ie

[Krikit 1,165]

Do some research on this site, for a start: Bigger Pockets

Moving from Travel Forum to New Life in America.

[tru_loves_journey 117]

Thank you all,

Actually, I got lost because I'm not that familiar with this new culture.

What do you suggest for me as a beginning in the sates?

Actually I'm going to New York, but a great potential that I'll move to another oil state such as Texas as soon as I get a job in my career.

What is the best plan for me?

Hi, Since you know you wont be staying in NY for a long time then renting is the best for you. Most rentals require you pay a deposit plus the first months rent to get moved in ,example $700 deposit + $700 monthly rent. If the apartment is well kept with no damage to it when your ready to move you will get the deposit returned to you. Texas is a very nice state

[Used to be broken 147]

Hi, Renting or leasing an apartment in america is like throwing money into the wind. (

Yeah tell that to the people who are sitting in homes they "own" that cost them $300,000 that are now worth $90,000.

Owning is not for everyone and assuming that kind of risk in the first couple years you are here in the US makes no sense when you don't know where you will eventually settle. The market is still volitaile and waves of foreclosures are still on the horizon.

[tru_loves_journey 117]

Yeah tell that to the people who are sitting in homes they "own" that cost them $300,000 that are now worth $90,000.

Owning is not for everyone and assuming that kind of risk in the first couple years you are here in the US makes no sense when you don't know where you will eventually settle. The market is still volitaile and waves of foreclosures are still on the horizon.

Your so right! The op is coming here with money and wanted to know his options and I was showing him different options. When he has settled where he knows he will be living for long term buying will be a good option.For anyone with money, the way home prices are now you can get a very nice home for hardly nothing. Renting is the best way to go for the op until he is settled.

[Adil & Jeanne 296]

this is great time to buy house if you can. Prices are low and intersts rate are still below 5% tust me I had one 10 years ago that was over 13% so if you cam buy, then great. go and see if you meet preapproval at a reputable real estate firm. Don't let them sell you something you can not afford. Stay in a resonable budget. Remember you can start off with a small home and work up later. and good luck[

quote name=Horees' timestamp='1310028764' post='4766889]

Friends,

I'm thinking instead of renting an apartment, buying it with loan from any US bank.

If my payment every month goes to the bank and considered as share in the price of the apartment.

Say after 1 year, I want another apartment in another place or in another state (sure the remaining amount will be still too much).

Do I take the whole money I paid? (down payment + monthly payment) or do I lost any of them?

I'm asking because I think if I'll take it all back, thus, I'll save the rent value.

Any advise or experience

[Adil & Jeanne 296]

i forgot to say

incha allah

but good idea to buy the house