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Is “buying” A House In India Worth It ?

Discussion in 'Home Decoration & Improvement' started by anika987, Jun 10, 2020.

  1. anika987

    anika987 Finest Post Winner

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    Not at this time..but in the future.I have ideas of investing in a home back in India.Hubby feels its a waste as we go only once in two years for few weeks plus the initial payment,then finding someone for rent and all the hazzles are not worth for people who may or may not not settle down and buying a home now for retirement is not worth.He says if we want we can stay in service apartments and it also aids in more freedom when we want to visit.


    I feel if we don’t buy now,it will be never as we real estate is very costly back there.

    What are your thoughts?Anyone invested and thinks it is worth it or otherwise?

    Kindly pour in your opinions.
     
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  2. Rumi

    Rumi New IL'ite

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    There are pros and cons to owning a house in India, esp if you don't plan to visit often. In our case, we bought a home and my inlaws live there. We like having a base in India and though spend most of our time with siblings and parents, i do think its the emotional attachment that will make us keep it. If the apt is planned to be rented out, you may have find a reliable property manager to manage it for you.
     
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  3. MalStrom

    MalStrom IL Hall of Fame

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    Are you planning to retire in India or spend long stretches of time there otherwise?
     
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  4. nuss

    nuss Platinum IL'ite

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    If you are planning to retire in your house in India, you might want to wait to buy it. In 15-20 years, you might want a different locality/place to live in India.
    I have a small 2 BR apartment in the same complex where one of my sisters lives. They check on it once in a while and get it cleaned etc. It is close to the Delhi airport so we use it as a base when visiting India. I don’t rent it, my parents/ sisters use it to get away from their homes, especially while traveling because of the proximity to the airport. We end up either traveling or staying with my parents for most of our visit and hardly use it so in a way it isn't really worth keeping it. But I bought it a long time ago for cheap and it's already paid off.
    In my opinion, it is not worth to buy a house for 2-3 weeks of use in a year. You can put the money away in a separate account for your retirement home in India and let the money grow, then buy your dream house.
     
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  5. Needtobestrong

    Needtobestrong Platinum IL'ite

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    I remember reading a thread on similar lines

    Where Do You Stay While Visiting India?

    U May get a few inputs about pros and cons of buying property in India.
    More than buying, maintaining property is tough. Whether it’s a vacant plot or apartment under construction by builder or ready to move finished flat...
    If u have a chance of coming back to India in distant future, have family support for property maintenance, think about it...you have a home for your retirement days..and you’re right about being able to afford now and not many years from now when prices go up..
    Of course if there are any obstacles like interference of in laws in property purchase, possibility of property being in their name or being used by in laws side relatives or DH siblings etc as it’s vacant then u need to reconsider.
    I know a few cases of MILs and FILs insisting in property purchase to be close to their own home...and not letting it being rented but themselves occupying it or letting their other son or daughter occupy it rent free...if that’s the case think twice..
    If there is no chance of coming back to India or money is required for own house , buying or refurnishing in US itself then reconsider.
    Real estate seems to be down due to Covid. Else would have suggested to buy in prime locality atleast for investment and sell later on if not settling in India, atleast you’d get some profit.
     
    Last edited: Jun 11, 2020
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  6. EverydayBloom

    EverydayBloom Gold IL'ite

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    We bought couple of homes in India in the past years but purely for investment purposes (both are 2bhk) and maintained by family who are living locally. But it is getting difficult maintain it esp while rentals move away, getting new renters, in general maintenance problems like power, plumbing, common areas cleaning or something or the other. So consider everything before investing anything where you cannot manage directly!!

    If you have some extra cash flow I would suggest invest in the market (I know it is volatile) but if you give some time it will recover and do much better!! Are you guys contributing to 401k/ROth IRAs(even if you are not working, you can still contribute to Roth IRA)? its the best option to invest along with getting retirement benefits!!
     
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  7. anika987

    anika987 Finest Post Winner

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    Honestly..I don’t know now but am
    Sure after kid leaves..it will start with few weeks then few months a year for sure.My dream is to retire when am
    Old in India after kid settles.
     
  8. anika987

    anika987 Finest Post Winner

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    As of now with kid growing up..India vacations will reduce and even if we go,I try to travel so max one month in India.

    Easily another 15 years if I want to start coming for few months a year.

    Hubby says service apartments are easier and can stay anywhere in India.

    However..if I buy and rent? How worth will that be? Is it profitable?
     
  9. anika987

    anika987 Finest Post Winner

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    I own a home in USA and am thinking maybe after I grow old will retire in India.Hubby says it’s too early to think but I love planning.

    Kid is also 8 and don’t know what I
    Will do during India vacations every year for two months So that also will reduce.

    So am thinking in the lines of the future.

    Is renting profitable?
     
  10. anika987

    anika987 Finest Post Winner

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    Oh okay that’s a good suggestion.Will look into it.

    You have also listed the tedious procedures involved.

    If I rent it..we have the above problems but otherwise..it does not seem profitable if I just lock up the house
     

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