Buying a house - anything to be wary of
Apologies if this is just a dumb question but I'd like to tap into your wisdom.
Recap: moved to TN in Feb. 2 young kids below school age. H1b/ H4 visas til Jan 29 2020, green card sponsorship on the cards.
Home rented out in UK.
We're in a relatively cheap area for property ownership whereas renting feels high (all relative. I've seen what eye-watering amounts some of you pay).
I have money from an inheritance so we can put a 20% deposit down and we've been pre approved for a product by the credit union my husband banks with. We're intending to buy ASAP.
In a nutshell, are there pitfalls/ unintended consequences (primarily tax) we should consider? Any reason this would be a bad strategy?
We're not planning to sell either home in the foreseeable. I imagine my future is in the UK (a green card might alter that). If we were to sell anything, it would be the US property (assuming we do buy one) but our idea currently would be to rent it out if we returned home.
Finally, are we likely to encounter difficulties in finalising the mortgage (does pre-approval count for much?)
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