Ask Me Help Desk - 1st time homebuyer

1st time homebuyer

Hi, I could really use some advice on whether my home buying opportunity is a good one. Please let me know what y'all think.

My husband and I currently looking to buy our first home in Yorktown, VA.

Townhomes details:
Price Range : $199,990 - $232,990, Square Footage:1,429 - 2,023
The community is surrounded by the Wooded National Park. Many attractions of the surrounding area! It close to Ft. Eustis & Langley! Just 1.5 miles from Beach at our new homes from historic places. Features luxurious Townhomes surrounded by enviable amenities that include a private pool and clubhouse. This is a new Townhomes. Located in Yorktown, VA 3 bedrooms and 2 1/2 bathrooms Up to 2,200 square feet 1-car garage Luxury Townhomes. Open floorplans Maintenance-free lifestyle.

We currently rent a 1bdrm 1ba Apt for $970/m in VA. We plan to move to 2bd 2br condo for $1300/m. But If we buy this new house we need to pay $1300/m.

However, we also plan to buy a new home instead of rent a condo/apt. Paying for the home builder every-moths and at the end of day we receive nothings.

Here is our main problem is we only stay in united state for 2year, we not sure this is the right choice of us. Or otherwise we just continue to rent the Condo/Apt.

Actually we been living here for almost 3yrs. And we will continue to extend our visa for another 2yrs. The main reason we're not US citizen nor PR... well we're just holding another 2 yrs VISA who's working in US. And we really love here and the community is lovely and excellent.

My question is :-

1) Whether now is the right time to buy a new home in Yorktown, VA?
2) Our most concern is, what happen we back to our country after 2 yrs? And what will be happen to our house here? We rent or sell?
3) Who can tell us that how do you analyst of market value now and after 2yrs?

Thanks and appreciate your advise.

If you are only staying in the US for a couple of years I would not recommend buying. The paydown on a mortgage is minimal for the first few years so you will not be building very much equity.

Quote:

Originally Posted by ScottGem

If you are only staying in the US for a couple of years I would not recommend buying. the paydown on a mortgage is minimal for the first few years so you will not be building very much equity.

Thanks for your advise. But what happen if we rent/sale it after 2 yrs. Is this works? :) It seen picking up the economy in US?

If you sell it in 2 years, I doubt if you will recoup anything. The small amount of equity, even accounting for an increase in value (something I wouldn't count on) would be eaten up by fees.

If you are able to rent it at a profit, that might be worth it, but I wouldn't want to be a long distance landlord.

Quote:

Originally Posted by ScottGem

If you sell it in 2 years, I doubt if you will recoup anything. The small amount of equity, even accounting for an increase in value (something I wouldn't count on) would be eaten up by fees.

If you are able to rent it at a profit, that might be worth it, but I wouldn't want to be a long distance landlord.

Your advise is extremely helpful. You really put me at ease. Thank you so much!

4 or 6 years ago, in two years you could have made money, but now it is very possible that you could lose money. Prices still appear to be going down for now.

Also renting a home, unless you are going to live in the same area it is not normally a good idea to rent