House question

[kalster]

Hey guys

I have a quick about buying a house, well essentially whether it makes sense to buy one or not.


Anyway I am single, I am on an work visa (h1). I have been working for about a year and half now, and am planning to marry and settle down soon. I live in San Diego, so I pay quite a lot for rent every month for a single bedroom (around 1100-1200) apt. I am wondering if it makes financial sense for me to buy a house right now (I can afford to put down around 30k in down payment, as i dont have any loans or debt to pay off and have some saving, I have good credit as well). The question is that does it make sense to buy a house if i plan to sell it in 4-5 years time. I dont intend to settle in the US and want to go back to India in 4-5 years. Given this does is it financially viable to buy a house (with the closing cost and other fees involved) or am I better off renting.


THanks

 

[Ornery]

Hell, buy if you can. You'll make a killing when you sell... if you get out before the bubble bursts.

Edit: What a coincidence. Just took a call from friends of ours, who are relocating to Irvine. She said they may just rent, and wait till the bubble bursts, then snag a house for a much lower cost. Oh well, guess it's all just a crap shoot...

 

[kalster]

Thanks Ornery

bump for more suggestions

 

[olds]

At the rate real esate has been going up, it's a great investment. Assuming it continues to go up.
My house has gone up 1.5 times the purchase price since 1996.

 

[kalster]

Yes

But don't you think San Diego, and Southern California is extermely over valued right now (and will only come down ?), anyway I guess its worth a shot, atleast I have a shot at making some money, with renting I am just throwing money with nothing to show for

 

[olds]

Don't forget the tax break you will get. The interest is deductible.

 

[WannaFly]

buy, buy now. Intrest rates are on their way up i believe

 

[olds]

Originally posted by: WannaFly
Buy, buy now. Interest rates are on their way up, I believe.

This should prove to be true.