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1). You can buy a house but generally we get a loan after the VISA is extended and with showing some credit history.Jk2007 wrote:(1) As HSMP visa holder, can we buy a house in UK?
(2) What are the tax implications?
(3) What happens if one does not get ILR? Can we continue to retain the property?
Property market in UK is already at its peak , I don't say it won't move up, but after a recent intrest rate hike from Bank Of England from 5 to 5.25%, I expect property rates to come down. This may be my personal opinion as I am not a property market expert as well. But definately I don't expect much apprecitiation from here, pricesmight consolidate for another 1-2-3 years before moving up.skilachi wrote: And if u do keep the property for 1-3yrs, it wud have appreciated by atleast 10-20% so lets say u bought one for £50,000 and in 2-3yrs wud have gone up to like £75,000 (well all depends on the location, types of house, bedroom) but hope u get wot i'm tryin to say.
Experts have been saying this for the last 10 years. No one expected much further growth, yet look where we are.manindergill wrote:Property market in UK is already at its peak , I don't say it won't move up, but after a recent intrest rate hike from Bank Of England from 5 to 5.25%, I expect property rates to come down. This may be my personal opinion as I am not a property market expert as well. But definately I don't expect much apprecitiation from here, pricesmight consolidate for another 1-2-3 years before moving up.skilachi wrote: And if u do keep the property for 1-3yrs, it wud have appreciated by atleast 10-20% so lets say u bought one for £50,000 and in 2-3yrs wud have gone up to like £75,000 (well all depends on the location, types of house, bedroom) but hope u get wot i'm tryin to say.
Agreed.LondonBlonde wrote:Experts have been saying this for the last 10 years. No one expected much further growth, yet look where we are.manindergill wrote:Property market in UK is already at its peak , I don't say it won't move up, but after a recent intrest rate hike from Bank Of England from 5 to 5.25%, I expect property rates to come down. This may be my personal opinion as I am not a property market expert as well. But definately I don't expect much apprecitiation from here, pricesmight consolidate for another 1-2-3 years before moving up.skilachi wrote: And if u do keep the property for 1-3yrs, it wud have appreciated by atleast 10-20% so lets say u bought one for £50,000 and in 2-3yrs wud have gone up to like £75,000 (well all depends on the location, types of house, bedroom) but hope u get wot i'm tryin to say.
Webhunterwebhunter wrote:I pay around 700 rent for my living. Would'nt I be better off paying that to bank mortgage for my own house?
Even taking the worst case scenario and assuming that I dont get even a penny rise on my property after 5 yeras, I still would have saved 700*5*12 pounds, which I would have just given to my landlord if I was just renting???
Webhunterwebhunter wrote:That's an interesting perspective and one definitely needs to evaluate it.
The amount i quoted over 5 yrs rent is atleast 42000 pounds. Well, if I dont buy a house then I have definitely lost the 42000 pounds for sure as pure rent.
If I did buy a house, even taking into consideration of the worst case scenarios you mentioned (assuming that one is so unlucky) I would'nt still think one would make such a huge amount of loss (42000).
Now that is over 5 years, make it to 10 years, then you would pay 100,000 for just rent. and i dont think one can possibly make a loss of 100,000 over 10 years on a property bought for 200,000