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Buying a house when living in USA

  • 22-08-2019 6:41pm
    #1
    knockers84
    Closed Accounts Posts: 115 ✭✭


    Is the 30% deposit concrete? Currently living in the states and in a position to buy. Be here for at least 5 years or possibly longer. Was planning on renting the house out as well.


Comments

  • #2
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    Why?

    Why would you want to do that? Honestly why? Makes no logical sense.

    How do you intend to manage the house for 5 years while thousands of miles away. Sure give 10% to agent, tenant will withhold 20% as you’re a non resident landlord. You will still be liable for Prsi usc and income tax on any income. How will you find the purchase? How will you deal with tenants overholding not paying rent.

    Is it for investment? I really don’t understand. Where do you think house prices will be in 5 years. They are now flat for last 12 months. With brexit etc value could easily fall 20% over next 5 years.

    Really I don’t see the logic but yes to answer your question as non owner occupied you need 30% that’s the central bank rules.


  • #3
    ldy4mxonucwsq6
    Closed Accounts Posts: 1,537 ✭✭✭ldy4mxonucwsq6


    knockers84 wrote: »
    Is the 30% deposit concrete? Currently living in the states and in a position to buy. Be here for at least 5 years or possibly longer. Was planning on renting the house out as well.

    Yes you will need 30% deposit, buy to let mortgage (typically higher interest rates) and buying an investment property will cost you your first time buyers status.


    Some banks won't even entertain lending unless you are actually living here.


  • #4
    knockers84
    Closed Accounts Posts: 115 ✭✭knockers84


    Brother who is a plumber will be looking after the property for me. Will manage any repairs that need doing.

    It’s a large town where I’m from and would have friends/family who would gladly rent of me. I wouldn’t be charging going rates, once I get the mortgage covered after taxes I would be happy.

    The houses I’m looking at are valued around 175000 and I’d pay 60K up front. I’d have it paid off in 5 years and could afford it if the tenants stopped paying rent but that won’t happen. I’d be very selective on who I’d let move in.

    Edit: On second thoughts this is a stupid idea and I’d be better off just saving and buying when I’m home. Apologies can close this thread


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