Ready to start the conversation about moving to Montgomery County, MD, DC or Northern VA? Click the link below to schedule your private Zoom video call to learn more about these areas: calendly.com/caryn01/buyer-seller-consultation?month=2024-04
I am sorry, but the first dolt specifically said that her mortgage went up (not taxes, not insurance). Hence, she had an adjustable one. If she can't tell apart 1. fixed from adjustable, 2. mortgage vs other expenses - she should not own, period.
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach on web. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
This is exactly why my husband and I bought a house below our means. Moved to cheaper area, Texas, didn’t buy a nice car, etc. Now, we are projected to pay off our house in 5 years (less than 8 months left to go). This allows us to go out all the time, travel, and just enjoy life. Do I wish I had a massive house? Sounds nice, but the bigger you go, the harder it is to pay and clean. Please, everyone, just: Live. Below. Your. Means. It’s that simple.
This is how I think of things too. I take this same strategy for everything including buying cars. I never know when we will be laid off so it just makes sense
I grew up on a farm and did TONS of home construction and repair. High schools need to teach basic home engineering and repair. This used to be common knowledge among citizens but knowledge threatens power.
Unfortunately, that is a true statement. It will always own you and you will constantly feed it. It's a money pit. Since there is always property taxes & maintenance that needs to be done. Then follow by other necessities if you want to protect your investment. All of this just in hopes you are treated handsomely when you are ready to move on. Aside from that, it does provide you a shelter as part of the deal
Buying a house equal to taking an additional job. But many think it's all a party.. You must endure your job your wifes neurosis your kids mantenance and more and more and more🤪
@@seleneartsy9008 I dont think most of the younger generation will ever be able to afford a home. Even a modest one, and i am talking about the ones that are working hard and have a decent job.
Shocker…. Minimum wage is $17/ hr, houses are $1M, vehicles are $65k, corporations and governments are gouging us all…. And people are shocked they can afford life?!
What the hellllp minimum wage is 17 I thought it was 15 damn time flying on me I'm making 18 I gotta step it up.. But anyway you gotta have numerous sources of income to live descent out here this ain't the 50s no more moms gotta work too
@@nataliedawson8801 It is everywhere. It’s not paid in many places and no skill isn’t worth anything. Get trained in something other than “do you want cheese on that?”
Rather be rent poor!! If I buy it will be a vacation home. At the end of the day. I would rather not have the burden for 40 plus years!! Half of yall will not live that long!! Enjoy! 😂
@@matthewbullock5133 house poor is for life. Maintenance cost, utilities & property taxes are through the roof (by design). You will own nothing & be happy. Rent - you can walk away at any time. We’re heading to S/E Asia where you can live for $1500/ month and it’s safe.
@@taraking8555Well the difference is if the house poor falls behind they won't get kicked out until a long time meaning they have time to get the ish together to keep it if rent poor falls behind an eviction will come in 30days 🤦♂️. ..And you say they won't live that long for the mortgage well they will have something to pass down to they kids unless the kid losses it like my dumb @$$ did... But either way owning a home is a bit of a damn scam if you ain't rich.
A small advice to young married couples..dont buy a house with 2 persons income. Use only 1 persons income to check eligibility and affordability. Buy a home based on the amount granted by 1 person salary. If its too low and u cannot buy a home..then keep saving until you can. I say this because once u buy a house..ur family will expand. One person may get only 60% income. There may be maintenance cost. Grocery cost. Phone, tv and wifi bill. Car payments. Home maintenance etc..if u buy based on 1 person salary..u can still ride through the time until the other person is able to work..otherwise its very stressfull. Ur marriage can also hurt. U may end up selling ur home. U will lose respect for each other. So live within ur means if u want to be happy. There is a lot of joy to he found in little things.
@@Cogic In a perfect world I would say 20%. However when u pay rent it’s not easy to save a lot. So if u follow what I have written above and u can manage only 10% down that will work too but you may have to take the insurance for either the bank or credit union to give u the money which means u have to pay more or longer but the good part to this is that usually ur interest rate is better than 20% down. I had only 10% when I bought my home. Took it for 25 years but finished it in 10 yrs. But that’s also because I got a good job with better pay later in life.
@@Cogic Hmm..yes and no..u can always find a second or third job to increase ur income or you can try and reduce ur spending and save more..or try doing both. U can buy a trailer for 10K if u are single and live in it while u invest ur money into growth MF for your down payment. Initially ur life will feel miserable but slowly as u get closer to ur target..that will become ur motivation to get up and go for work. U dont need more than 6 hrs of sleep. Rest of the time u are either working making money or you are breathing fresh air which costs no money. No cigarettes, no beer, no drugs and defintely no women. Not until you make something of urself. The other option is to work days and study nights or weekends..say for becoming a plumber, welder, carpenter whatever u fancy..and then getting 2 or 3 years experience learning ir craft and then starting ur own buisness. I dont know buddy..u cant say i have no money for down payment and then not work 2 jobs.
I’ve owned 3 homes including the one I currently live in. These are great tips at the end. I would add one more. Don’t empty your whole bank account on the down payment. Starting off with a 2-3 month mortgage cushion alleviates a ton of stress.
Although homeownership may not guarantee financial stability, it is important to consider the rising cost of rent when making housing decisions. While insurance and taxes may increase over time, so does the cost of renting. To ensure financial stability, it is crucial to adhere to a budget and plan for unexpected expenses.
Well said!!!! Currently I’m a renter, but looking to buy my first property soon. Reading these comments don’t give me much hope. I’m glad someone can put it into perspective. Thanks.😊
Most renters don’t understand….property taxes going up and home insurance going up means YOUR RENT is going up. Your landlord is not paying more property taxes and insurance premiums without making sure pay YOUR share 😂. So yes, always best to buy/own if you can afford it and plan to stay 5+ years.
Nope you’re wrong depends on where you live a house that is 10 years old will cost the same as a new one. Also you forget about 1st time home buyers it is not cheap or easy.
It certain areas buying “well below your means” is not possible. I live in Toronto and the avg. price of a condo in the greater Toronto area which includes several suburbs is about $1,000 per sq ft. Moving an hour out of the metro area does not even reduce your cost significantly and the money you on the mortgage you will just end paying on gas and the time you spend commuting to your place of business or work.
I bought my house for $120k in 2000, I was pre approved for $360k always live below your means! I paid it off in 2015! Taxes are for ever but I don't have the stress of a mortgage! I was so lucky my property is a duplex now my house pays for everything! Truly passive income!
What kind of hotwater heater are you buying that doesn’t have a 3 year warranty? If you are paying $2600 for a water heater it better have at least a 6 year warranty
Most if that cost isn’t the water heater as much as delivery and installation , i recently helped my father replace his water heater after he was quoted a price of 2000 dollars to replace his water heater .
Our house cost 400k. We had home buyers remorse for a first year because it's brand new and responsilities that you're learning but now we feel blessed and highly grateful to have our home and no longer deal with renting, not knowing how the future may go while living under someone else's roof.
I bought my 4-bedroom house in 93' for $268,000 and its worth $1.6 million in this down market. I paid the house off in 2011 and plan on living in the house for another 25 years.
One person stated in the comments... "I bought my 4-bedroom house in 93' for $268,000 and its worth $1.6 million in this down market." Me: Correct me if I'm wrong but isn't what people view as appreciation really miserable inflation? And then there's the property taxes on 1.6M vs 268K. Money creates some powerful illusions. I bought my first home in 1973 in California. It cost $21,000. Today Zillow has it valued at $706,000. My old house is simply not worth that much and not even close. Today's home buyers are getting royally ripped off. Inflation is mostly caused by our insane, irresponsible government allowing the unrestrained printing of our fiat currency and wasting our tax dollars.
@@BigRedVeteran I'm more on the side of a house being a home as opposed to a stepping stone to wealth. The younger generation is getting screwed by this economy. With all of this technology, life should be easier not ridiculously harder for someone just wanting a roof over their head.
I did too at one point, but I just picked up a 2nd job working part-time at lowes. People want nice things but dont want to work hard for them. I grew up poor, and I will never go back to that.
That’s what’s up. I did the same thing. I picked up a 2nd job at CVS. I too was poor growing up and I’m going to try my hardest not to ever be there again.
I wish someone would have given me your advice. Ended up with 3 jobs but was very fortunate to be able to pay our mortgage off. What a nightmare, but the amount of weight that's off our shoulders now is such a blessing.
Thank you so much. You made me feel so much better on my decision to back out on a house I was in contract with. The house was $345k and the monthly mortgage was $2,600. I’m a first time home buyer and honestly say wasn’t fully acknowledge able on what I was getting myself into. But I’m planning on pursuing my goal on buying a house after I put myself in a better financial position.
Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.
Wow that's awesome investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Excellent video and great advice. Life is very unpredictable. Job loss and medical issues are few things very few plan for. 30 year is a long time commitment and be prepared for such events.
If you can’t afford your “dream home”, buy a home you can easily afford the mortgage payment on. My “dream home” would’ve cost me $5k-10k a month…so I bought what I could afford. I pay $1600/month…and after 8yrs of payments my monthly mortgage payment is $5-$600 less than market value rent. And I’ve grown to like the house, and my equity in it is substantial. Living within our means is important & choosing a comfortable mortgage payment is very important, because who wants to be uncomfortable for 30yrs?
Older generations just don’t get it. These days putting yourself in debt destroys your ability to build wealth. I regret buying my house. Yes I was living out of my car but I was able to save my money and invest it. I couldn’t believe how fast I was able to build wealth and now my house slowly is chipping away at it
Get a roommate to share expenses, maybe a friend in an apartment. You will be surprised how quickly you can build wealth without a mortgage when you pay the house off.
@joedeschamps8732 lol.. you think owning a home bars you from traveling? I own my home and travel all the time. I can also never be asked to leave my home. To each his own I guess,.I'm certainly thankful for my tenants in my rental house. I charge them twice as much as the mortgage, and then reap the benefits of their work.
Becoming house poor is a test of intelligence and compulsiveness. Despite the state of cost of living you can still buy a home within your means if you are both intelligent and non-compulsive.
In 2019 we closed on our first home….. my wife hadn’t worked in 10 years….. she still has no job… it’s a struggle….but she’s in nursing school ..help is almost here …. RN🙏🏿🙏🏿🙏🏿👍🏿👍🏿
@@2pat2008nurses and women in general tend to be extremely promiscuos once they have a little money coming their way , I hope his lady is the exception
If you can comfortably afford a 1.5k rent, the maximum mortgage you can afford is 1k. People dont realize all the extra monthly coats, from. Tax, insurance, home warranties, maintenance, and everything else under the sun. Then it goes up every year. Home buying isn't for the weak. I have 3 friends who boight homes and sold them a few years later to gonrent again.
I get what you’re saying here….but going by numbers on paper My husband and I have been house poor from renting for years… at this point a mortgage would at least stabilize our housing costs from going up drastically.
I live in a country where people buy some of the most expensive houses relative to their income. One of my best friends has the largest house and the nicest car in my friends group. But when we ask him to come out to eat, he tells us he's tapped out... It's a very rich looking kind of poverty.
Here's my advice on buying a home in todays market and economy. Don't do it unless you're a top money maker. This woman is absolutely correct. It's not just your mortgage amount. It's the other things that come with it. The house insurance is killer and I don't ever see it going down. In fact, it'll continue to go up year after tear. Property taxes. There's another big ticket item. Maintenance. Wow! $12k for a new roof? $15k for a new heating system. $10k for a new septic system? These are some of the expenses I've had to deal with in the last few years. Home ownership is not for the faint of heart, believe me. And please, don't be fooled by the 'First time home buyer' scams!!! It's just another way of saying 'predatory lending'. Don't get caught up in the FOMO mentality. That's my advice. 🙏🇺🇸✌️😎
@Brandonhistorymakerz There are some fancy water heaters you can get with a million functions you'll never use. Change the water temp with wifi and you can schedule use periods for saving energy. She might have bought a $2,200 dollar heater and the install guy didn't get her too bad. If she has a regular old Rheem 55gallon then the install guys ate good that week.
Welp 2020 a lot of free money was given and a lot of fraud was going on towards the government form the citizens.. The government gotta recoup time to pay up with interest
If u bought when prizes were low and good I won't argue with u...but if u want to buy now this days not worth at all rather make a landlord rich because literally all b paying half the price and no property problems
And when you pay it off like we finally did … you then have a large tax bill due at the end of each year you need to budget for… it comes quick.. we owe 1300.00 by March. You never truly own your home.
But you'd still be paying rent and substantially more than $120/month that you have to "budget" for. You're correct about never owning our homes because of property tax. Government agents will come to your door and remove you by force if you don't pay it.
I may be house poor right now but I’m a carpenter and am good at all phases of construction so eventually when the house is finished I’ll have peace of mind and low energy bills with the energy upgrades being my focus instead of expensive finishes.
2:04 I ran into the same problem with my water heater . I large home heating and plumbing contractor wanted 3 grand for the water heater installed . I said thanks but no thanks and bought one at a big box store and got a craigs list plumber looking for side work paid him 300 cash. He was done in an hour or so and I use him to this day. I'm not good with math but 900 beats 3 grand
Only thing is the contractors are 95% guaranteed to the job right and if it's done wrong you can get reimbursed or sue with no problem...Unlike the craiglist or flyer guys he long gone and you just wasted your money on a poor job But in your case and many others its a truly a blessing when you have a side street me mechanic you can trust and negotiate a good price 🎉
I keep reading about fixing things themselves. One of the biggest issue is property taxes and insurance go up almost every year especially if you're in a hot growing market...
These are prime examples why we saved $100k on a down and made a huge plan to pay 3x, at least, a month. We did and payed of a $150k mortgage in 3 years. Not only is it payed off but the housing market in Mesa, Arizona doubled in value and has stayed. Hope someone can learn do save a huge down so the mortgage can be low.
When I was renting I was in top of the world money and freedom and the minute 2 after I bought my home I being living pay check by pay check and I hate it!
I used to think the same thing. I bought a home two years ago and quickly regretted. Serious buyers remorse. I was in literal tears 6 months in. Not because I can’t afford it, it was the fact I was doing it alone. When I was renting I had a ton of money in the bank, now I’m living paycheck to paycheck due to relocating. I have no regrets now, especially with the cost of rents here in California that keep rising.
@@jesseurizar7146Interesting since a lot of old people end up moving into income based senior housing anyway. Most people get mortgages because they feel like they have one up on renters. They get a false sense of superiority over everyone who rents. That's all they bring up is well at least we're better than those renters down there
@@jesseurizar7146 And that is what I do not get, why would one suffer in the peak of their live so they have more to spend at an old age when getting healthy out of bed is your first priority.
I am live in CA, and I work for a company that provides a service for new home buyers (new track homes) for one full year. I hear the same story every time! They are paying too much, they are not happy with the mortgage, the solar panels are too expensive, the new house needs many repairs, they want to sell, etc. Something is very wrong with this country.
Bought a house only 20 years old, had to replace entire central air system, cost $9,000, water heater went one year later, cost $3,500. Plus windows, deck, door frames, paint, etc… lost all my savings. Owning a home, especially the way things are right now is absolutely ridiculous.
I replaced all the major appliances in my old fixer. New ac unit new furnace new kitchen appliances new sump pump remodeled kitchen. Just had the home insulated by city for free have to fix the walls now but the work done worth thousands I didn’t have. I paid 20% down so no PMI. If you only have down payment you can’t afford to buy. Bought in 2018:before pandemic my second home will never rent in Chicago.
There’s so many shadow cost homebuyers are unaware of rising utility cost, water, electricity, gas / heating. Insurance and tax increases, maintenance. Not to mention food cost etc. I’m shocked this process isn’t taught in schools. Smh
This makes me feel a little better. My wife and I have been trying to buy a house since early 2020. The types of houses we were looking at have gone up 100k-200k in the past 5 years. Ontop of that, our budget hasnt changed and a lot of homes that were in our budget are now unatainable. We have been intimidated by taken the big leap with fear of becoming house broke. We know 3 couples personally that have bought their first home in the past 4 years, one of them lost their home and are back with their parents, and they other two are really struggling. Meanwhile our rent of our apartment has only gone up $135 in the past 7 years. So I guess that softens the blow of us being turned away from 14 offers on houses over the years. It's almost a blessing in disguise at this point.
Most people need to start off with a small condo it is the perfect starter home. You do NOT want to buy a single-family structure, that is the most expensive housing you can buy.
@ they tend to be more affordable with the exception of the HOA dues. I had a very hard time trying to get approved for a condo, way too much hassle depending on the type of loan you get. Condos were being snatched up like hot cakes by cash buyers when I was in the market to buy and there are too many stipulations. Being a single woman, it was the best decision for my situation at the time. I only planned to live in it 6 months and then rent it out, but due to the current housing situation, I chose to stay put.
In NJ, if you buy a used house, guaranteed that 2-4 major things will need repair or replacement within 1 year. Sellers leave these things to rot until they can sell the house.
I deal with people that have to work overtime to afford their mortgage. Now I deal with people that just got a warning from HOA that their bill will increase from 300 to 1000.00. What a life
Although I want to buy a home in California, i just recently made peace with myself that the housing and interest rates are too high and I don’t want to be house poor. Therefore, I have made peace that I may be moving into an apartment or an affordable condo or townhouse. I would rather max out my retirement and save,than struggle as I am up in age.
@ oh I don’t doubt that you pay $2600, I was just trying to express in a nice way that you overpaid. At least in my opinion. But every contractor has their price for every person, a lot of times it depends whether they’re figuratively losing or winning at the track, lol.
Oh yes that price is about right , I live in Ga and recently helped my elderly father replace his water heater after he was quoted a price of 2k to have his water replaced , and the quote was from Lowe’s .
I bought a small house below my means. It's half the size of my friends, but I just paid it off after 9 years, while my friends had to take our second mortgages to cover major repairs.
6 of my close friends here in Chicago bought houses and now they are having a hard time saving money or spending money on things they love doing. No vacations, no going out to bars 😮. Chicago housing market, I believe is the worst in the entire country
Your friends will stuck for 30 years. This is not a dream home for me if i buy a home and can do other things. Stop listen to agents tell you, time to buy or price will go up and up. Many people predicted we will have more layoff. hope your friends is ok.
Why would I buy a large house as a single person? I bought a 2 bed, 2 bath townhome in Las Vegas last year with a mortgage of $1,550. My HOA fees pay for the water, sewer, trash, and landscaping maintenance. It's been about the same as renting so far so maybe I made a good decision to buy.
I bought a house in 2017 and almost immediately the saddle strap around the well casing gave out and flooded my yard. I called a company to get a quote and they wanted over $5000 to fix it! I grabbed a shovel and started digging a hole. My father-in-law is a maintenance man, so he was able to get the part for me for $75. He came down on a weekend and we had it back up and running in no time. I recommend to anyone buying a house to have it thoroughly inspected by an inspector of your choosing, not your realtors. Get a separate well inspection too, which was an oversight of mine, and learn some skills. If you’re not handy, owning a home can definitely be costly.
Good advice Caryn. I think these are the same people during covid bought homes over asking price when rates were at its lowest, waived inspections, didn't look at property taxes in the neighborhoods they were buying in, bought homes sight unseen, etc. I think the next wave of buyers will be a lot smarter moving forward.
insurance has gone up accross the board. i bought condo in 2021 mortgage is 2700 plus 300 in hoa. i live in california :/ but im looking at the possibilities of buying a house and i dont think im ever going to be able to afford a house
I bought a starter house 3 bedroom to whole bathrooms🏡 23 yrs ago did up grades recently plenty of land also between my neighbors in Ga now my home is worth 300k i paid nothing close to that i bought a home i could afford my mortgage is about how much a 1 bedroom apartment was 15 years ago in Ga.
People also need to take into consideration the areas they're in! The accessibility of parks, schools, historical sites/ museums, shopping and public transportation can affect home price too! Historic areas can have a pricetag AND a standard of what you can have and how to maintain a home. Big cities are always more expensive than smaller ones and towns. Theres really run down homes in rough neighborhoods in Chicago that are over $500k or $1M+ because of the type of homes and materials ( like old, grand brick bungalows) that need tons of renovation
Our county is growing extremely fast (top 10 in the nation) and property taxes are WILD. We bought a 40+ year-old home and our taxes still went up over 50% the first year before the Homestead Exemption kicked in. New home buyers in our area are absolutely panicking because they structured their budgets around their first year property taxes which were based on there not being a structure on the land, and now they are getting the updated valuations that include the brand new McMansion. I see lots of people saying their mortgage is about to be TWICE what it was last year thanks to taxes. So glad we bought an older/existing home.
Shocking to see so many people don't think of the long run. When my wife and i bought our house we refused to purchase past our means and i can tell you we live more than comfortable. With everything else being so expensive it helps not having to spend all of our money on our house
Y’all need to take into trade school or put some effort into learning how to DIY home projects. I went into Plumbing and Electrical trades back in highschool as a side gig. I haven’t called a mechanic, HVAC, Electrical, or Plumber, or appliance repair man for more than 15 years. I saved hundreds of thousands of dollars just fir having the knowledge of fixing stuff. Best part? I’m not even a tradesman as a career, I’m an engineer.
The main problem is that people often spend more than they can afford, but another worry is that they don’t feel motivated to work hard. My parents worked long hours for many years to pay off their house, cars, and other things, but these days, people seem less willing to stick to a regular 40-hour workweek.
@@mousecop0761 variable rate loans don’t happen after one year she also may have had a 1 year or two year buy down and she didn’t fully understand what that meant, but likely it’s taxes an elderly person probably lived in the house before she bought it and so she benefited from that for a year, but then when the tax assessor got a hold of her, they adjusted the price for a non-elderly person and the taxes adjusted accordingly
Sending this to my dad, just moved to a $2000 a month rental apartment & he says just get a house, thats a mortgage 😒 and i say i dont know a thing about a house! Thank you for explaining all the shit that could happen!
@wisdomandlove1661 not everyone wants to be a landlord or values the privacy and safety more. I would not want a tenant around my kids. These days is too risky being a landlord. Tenants quickly become squatters.
Remember 2000 a month right now. But I've been renting for 15 years... Was ok when it was reasonable. But 2000 is insane for something you'll never know. And btw rent increases were rare AF up until 4 years ago. Now we get a rent increase of 150 a year... It's unmanageable and you don't own it. Just my two cents
This are people that live beyond there means never buy a house just because you have a job that pays well, make sure cars are paid off and you have a bit of savings just in case you get laid off for whatever reason, use logic people when making the biggest purchase of your life
Check your state property tax laws to look for tax reductions based on primary residence. This is the main reason the actual monthly cost increases; property tax is charged differently based on whether the “home” is a true home, or just a rental. If you do not file paperwork to show it is your primary residence: your taxes will be charged as if you are a landlord making money off the property, or a rich person with several homes.
I can't believe they sell houses without making sure the buyer is aware of the real costs of owning a home. I bought a cheap house but after 30 years I could have bought a new house when you add up the repairs, interest, insurance, upkeep. Plus, anything only lasts so long. I bought 5 water heaters, rewired electric three times, replaced windows, doors. two furnaces. And then I lost my house to fraud forcing me to retire early poorly after investing in my house for 31 years. I was a single parent. Not to mention the neighborhood totally changed. Not to mention all those things needed replaced again.
I’ve owned my home for 12 years now, I bought my house when I was 24, it was difficult the first few years because all I could afford was my mortgage but it got so much better! The more money you earn the better it gets lol.
2:40 Don’t buy an 80 year old house 😂 what do you expect to happen. Nobody buys a historic car and expects it to run like it was driven off the lot yesterday.
The problem is taxes are based on the previous owner, so guess what? Once you purchase it the county is going to increase the taxes based on the sale price of your purchase amount, thus increased amount in mortgage after 12-18 months after purchase.
Our pipes broke our first year but it was because we live in very cold climate in the winter and didn't know we needed the heat on in the garage to avoid pipes freezing. The pipes froze in the garage and busted and once that happen, there was a domino effect of busted pipes. We know better now
Just bought myself a rental property. But my monthly payment is 726 not to bad. Probably gonna cash flow $600 once I get some one in there. But this is my first house owning and already had to deal with a squatter. But now it’s renovated ready to go 😀
As a guy who is almost 60 and having owned rental properties for years it’s a constant battle. Best advice is vet the renter as thoroughly as possible then strap yourself in. You most likely will still have issues with people paying on time, destroying your place and not following any rules you have, especially if you do short term rentals.
Ready to start the conversation about moving to Montgomery County, MD, DC or Northern VA? Click the link below to schedule your private Zoom video call to learn more about these areas: calendly.com/caryn01/buyer-seller-consultation?month=2024-04
I am sorry, but the first dolt specifically said that her mortgage went up (not taxes, not insurance). Hence, she had an adjustable one. If she can't tell apart 1. fixed from adjustable, 2. mortgage vs other expenses - she should not own, period.
Move to moco? 😂😂😂 that place was expensive back in the 90’s early 2000’s can’t nobody afford that
Don't have a job = can't afford housing.
Have a job = can't afford housing.
So why have a job?
I’m closing in on my retirement and I’d like to move from Regina to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach on web. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
This is exactly why my husband and I bought a house below our means. Moved to cheaper area, Texas, didn’t buy a nice car, etc.
Now, we are projected to pay off our house in 5 years (less than 8 months left to go). This allows us to go out all the time, travel, and just enjoy life. Do I wish I had a massive house? Sounds nice, but the bigger you go, the harder it is to pay and clean. Please, everyone, just: Live. Below. Your. Means. It’s that simple.
This is very sensible advise. Thank you for the reminder.
This is how I think of things too. I take this same strategy for everything including buying cars. I never know when we will be laid off so it just makes sense
I'm a child of God He didn't call me to live below my means, He call me to trust in Him & live an abundant life, abundance of joy, peace etc..
You have a lot of people that want the same dreams as you
[[ want a house ]] they lost it and so can you..
@@godzillionairezz - He called on us to pray for discernment and wisdom. We are to count the costs for everything we do and live a modest lifestyle.
I grew up on a farm and did TONS of home construction and repair. High schools need to teach basic home engineering and repair. This used to be common knowledge among citizens but knowledge threatens power.
Yes! I've been preaching this!
💯 correct! Wish I was taught basic construction & mechanical things in school. Things that actually help one in life.
No, it will make people too independent. Can’t have that lol
This!!
Yessir agree!
You don't own a Home, the Home owns you. 😱
The RENT is so hardcore also.
Unfortunately, that is a true statement. It will always own you and you will constantly feed it. It's a money pit. Since there is always property taxes & maintenance that needs to be done. Then follow by other necessities if you want to protect your investment. All of this just in hopes you are treated handsomely when you are ready to move on. Aside from that, it does provide you a shelter as part of the deal
The bank owns the home
@@natedowns Exactly! 👍
Buying a house equal to taking an additional job. But many think it's all a party..
You must endure your job your wifes neurosis your kids mantenance and more and more and more🤪
Don't buy the house of your dreams
Buy the house you can afford
Yes exactly, sadly everyone is trying to keep up with the Joneses or at least the younger generations are
Amen
@@seleneartsy9008 I dont think most of the younger generation will ever be able to afford a home. Even a modest one, and i am talking about the ones that are working hard and have a decent job.
Or have your dream home be the one that you can afford. 😉
That part 💯
Purchased my home in 2017 and sold in 2023. With what I made i bought a smaller home cash. Ty Jesus
Yes due to inflation people paid for your home which no offense, likely isn't worth what was paid. It's happening everywhere.
Good for you….
That will be your forever home.
That’s how you do it 👍🏼
Glory to God that it worked out for you
Now that's good timing my friend...
Shocker…. Minimum wage is $17/ hr, houses are $1M, vehicles are $65k, corporations and governments are gouging us all…. And people are shocked they can afford life?!
What the hellllp minimum wage is 17 I thought it was 15 damn time flying on me I'm making 18 I gotta step it up..
But anyway you gotta have numerous sources of income to live descent out here this ain't the 50s no more moms gotta work too
In NC minimum wage is$7.25 an hour 😩
It’s 7.25 buddy
@@nataliedawson8801
It is everywhere. It’s not paid in many places and no skill isn’t worth anything. Get trained in something other than “do you want cheese on that?”
in Texas it’s 7.25 damn we can’t afford to breathe
I’m house poor but by gods grace it’s been better then being rent poor
Rather be rent poor!! If I buy it will be a vacation home. At the end of the day. I would rather not have the burden for 40 plus years!! Half of yall will not live that long!! Enjoy! 😂
@@matthewbullock5133 house poor is for life. Maintenance cost, utilities & property taxes are through the roof (by design). You will own nothing & be happy.
Rent - you can walk away at any time. We’re heading to S/E Asia where you can live for $1500/ month and it’s safe.
@@taraking8555Well the difference is if the house poor falls behind they won't get kicked out until a long time meaning they have time to get the ish together to keep it if rent poor falls behind an eviction will come in 30days 🤦♂️. ..And you say they won't live that long for the mortgage well they will have something to pass down to they kids unless the kid losses it like my dumb @$$ did...
But either way owning a home is a bit of a damn scam if you ain't rich.
@@taraking8555but when you do live that long you won’t have shit owned
@@taraking8555 yeah but unfortunately, you've been the same amount of money as paying, but nothing to show for it
A small advice to young married couples..dont buy a house with 2 persons income. Use only 1 persons income to check eligibility and affordability. Buy a home based on the amount granted by 1 person salary. If its too low and u cannot buy a home..then keep saving until you can. I say this because once u buy a house..ur family will expand. One person may get only 60% income. There may be maintenance cost. Grocery cost. Phone, tv and wifi bill. Car payments. Home maintenance etc..if u buy based on 1 person salary..u can still ride through the time until the other person is able to work..otherwise its very stressfull. Ur marriage can also hurt. U may end up selling ur home. U will lose respect for each other. So live within ur means if u want to be happy. There is a lot of joy to he found in little things.
Good advice!
How much should you save to put down on a home
@@Cogic In a perfect world I would say 20%. However when u pay rent it’s not easy to save a lot. So if u follow what I have written above and u can manage only 10% down that will work too but you may have to take the insurance for either the bank or credit union to give u the money which means u have to pay more or longer but the good part to this is that usually ur interest rate is better than 20% down. I had only 10% when I bought my home. Took it for 25 years but finished it in 10 yrs. But that’s also because I got a good job with better pay later in life.
@felix842002 Yeah that's the only problem you can't manage off a average income anymore the mortgage is my whole check before taxes
@@Cogic Hmm..yes and no..u can always find a second or third job to increase ur income or you can try and reduce ur spending and save more..or try doing both. U can buy a trailer for 10K if u are single and live in it while u invest ur money into growth MF for your down payment. Initially ur life will feel miserable but slowly as u get closer to ur target..that will become ur motivation to get up and go for work. U dont need more than 6 hrs of sleep. Rest of the time u are either working making money or you are breathing fresh air which costs no money. No cigarettes, no beer, no drugs and defintely no women. Not until you make something of urself. The other option is to work days and study nights or weekends..say for becoming a plumber, welder, carpenter whatever u fancy..and then getting 2 or 3 years experience learning ir craft and then starting ur own buisness. I dont know buddy..u cant say i have no money for down payment and then not work 2 jobs.
I’ve owned 3 homes including the one I currently live in. These are great tips at the end. I would add one more. Don’t empty your whole bank account on the down payment. Starting off with a 2-3 month mortgage cushion alleviates a ton of stress.
Although homeownership may not guarantee financial stability, it is important to consider the rising cost of rent when making housing decisions. While insurance and taxes may increase over time, so does the cost of renting. To ensure financial stability, it is crucial to adhere to a budget and plan for unexpected expenses.
Agree!
Well said!!!! Currently I’m a renter, but looking to buy my first property soon. Reading these comments don’t give me much hope. I’m glad someone can put it into perspective. Thanks.😊
I had to buy a house, I couldn't afford to rent
.
You may need to buy a house that you can afford not what you want.
Most renters don’t understand….property taxes going up and home insurance going up means YOUR RENT is going up. Your landlord is not paying more property taxes and insurance premiums without making sure pay YOUR share 😂. So yes, always best to buy/own if you can afford it and plan to stay 5+ years.
I so glad I'm one of those people that knows how to fix and has fixed just about everything. Owning a house is a thousand times better than renting.
I decided to build a off grids cabin in the back of the woods. I refuse to live in a system that is rigged against me.
Not a good idea. That means you are not subject to property rights and anyone can tear down your home
Me me me me me me meeee…
I moved off grid this year
I live in a teepee in my neighbors yard
@@idliketosayMe too 😎
Better to buy well below your means but everyone wants to be Instagram ready and show off.
Insta ready 😂😅
Exactly that’s all people want to do
Nope you’re wrong depends on where you live a house that is 10 years old will cost the same as a new one. Also you forget about 1st time home buyers it is not cheap or easy.
It certain areas buying “well below your means” is not possible. I live in Toronto and the avg. price of a condo in the greater Toronto area which includes several suburbs is about $1,000 per sq ft. Moving an hour out of the metro area does not even reduce your cost significantly and the money you on the mortgage you will just end paying on gas and the time you spend commuting to your place of business or work.
@3questionspodcast Move to Alabama
I bought my house for $120k in 2000, I was pre approved for $360k always live below your means! I paid it off in 2015! Taxes are for ever but I don't have the stress of a mortgage! I was so lucky my property is a duplex now my house pays for everything! Truly passive income!
Paid off my house-paying only $1,600 yearly in property taxes and LOVING IT!!!!!!!!🎉
What kind of hotwater heater are you buying that doesn’t have a 3 year warranty? If you are paying $2600 for a water heater it better have at least a 6 year warranty
Agreed another tip is to change out the anode every two years and doing a water flush annually!
Most if that cost isn’t the water heater as much as delivery and installation , i recently helped my father replace his water heater after he was quoted a price of 2000 dollars to replace his water heater .
Came here to say this…
The one that came with the house and you didn't personally buy so you don't have the receipt.
Too many people think they do it all alone without ever giving God a simple thank you!
I cry and pray to god everyday to help me
I always thank God for all the blessings. 🙏🙏🙏
God is not real
Preach
This too. He would warn us against this lol
Our house cost 400k. We had home buyers remorse for a first year because it's brand new and responsilities that you're learning but now we feel blessed and highly grateful to have our home and no longer deal with renting, not knowing how the future may go while living under someone else's roof.
I bought my 4-bedroom house in 93' for $268,000 and its worth $1.6 million in this down market. I paid the house off in 2011 and plan on living in the house for another 25 years.
May I ask where do you reside?
Why would you think anyone gives a shit?
Good for you Boomer 🙄
@@kcor4, 😮 Goodness gracious, why are you being so rude?
@@kcor4lmfao 😂
One person stated in the comments... "I bought my 4-bedroom house in 93' for $268,000 and its worth $1.6 million in this down market."
Me: Correct me if I'm wrong but isn't what people view as appreciation really miserable inflation? And then there's the property taxes on 1.6M vs 268K. Money creates some powerful illusions. I bought my first home in 1973 in California. It cost $21,000. Today Zillow has it valued at $706,000. My old house is simply not worth that much and not even close. Today's home buyers are getting royally ripped off. Inflation is mostly caused by our insane, irresponsible government allowing the unrestrained printing of our fiat currency and wasting our tax dollars.
You pay taxes on the assessed value, not the listing amount or the selling price.
@@Axrover Yes, I know that.
@@cmackscott761 appeared u were arguing the opposite.
OK so go sell your house for $100,000 what's your point?
@@BigRedVeteran I'm more on the side of a house being a home as opposed to a stepping stone to wealth. The younger generation is getting screwed by this economy. With all of this technology, life should be easier not ridiculously harder for someone just wanting a roof over their head.
I did too at one point, but I just picked up a 2nd job working part-time at lowes. People want nice things but dont want to work hard for them. I grew up poor, and I will never go back to that.
💯 💪🏼
That’s what’s up. I did the same thing. I picked up a 2nd job at CVS. I too was poor growing up and I’m going to try my hardest not to ever be there again.
I wish someone would have given me your advice. Ended up with 3 jobs but was very fortunate to be able to pay our mortgage off. What a nightmare, but the amount of weight that's off our shoulders now is such a blessing.
Thank you so much. You made me feel so much better on my decision to back out on a house I was in contract with. The house was $345k and the monthly mortgage was $2,600. I’m a first time home buyer and honestly say wasn’t fully acknowledge able on what I was getting myself into. But I’m planning on pursuing my goal on buying a house after I put myself in a better financial position.
Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.
Wow that's awesome investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should do?
Cryptocurrency/stock investment, but you will need a professional guide on that.
Facebook 👇
Evelyn C. Sanders
Excellent video and great advice. Life is very unpredictable. Job loss and medical issues are few things very few plan for. 30 year is a long time commitment and be prepared for such events.
If you can’t afford your “dream home”, buy a home you can easily afford the mortgage payment on.
My “dream home” would’ve cost me $5k-10k a month…so I bought what I could afford. I pay $1600/month…and after 8yrs of payments my monthly mortgage payment is $5-$600 less than market value rent. And I’ve grown to like the house, and my equity in it is substantial.
Living within our means is important & choosing a comfortable mortgage payment is very important, because who wants to be uncomfortable for 30yrs?
Buying a home is the best investment you will ever make. Ever!
Anyone who bought a house after 2019 is having serious issues. From 2021 to today houses are “worth” 2x-5x what they should be.
Not anyone. We bought our home in July 2020. The kicker is we didn’t buy outside of what we could financially handle.
@ Way to reply to a comment from 5 days ago.
Older generations just don’t get it. These days putting yourself in debt destroys your ability to build wealth.
I regret buying my house. Yes I was living out of my car but I was able to save my money and invest it. I couldn’t believe how fast I was able to build wealth and now my house slowly is chipping away at it
You clearly bought waaaay above your means.
Get a roommate to share expenses, maybe a friend in an apartment. You will be surprised how quickly you can build wealth without a mortgage when you pay the house off.
Your story touched me because this is my biggest fear. I know others who feel the same, and they are renting out their rooms.
I rent, and i love it.
I travel, go out, eat whatever i want, and no debt.
I'm totally free!
Free to pay someone elses mortgage for life
@chriscrawl3732
Yup.
And I travel 4 times a year.
No fucks given.
@@chriscrawl3732And your mortgage pays all of the bank's CEOs, investors, and everyone's mortgage. Drop the false sense of superiority over renters.
And homeless when they want you out!
@joedeschamps8732 lol.. you think owning a home bars you from traveling? I own my home and travel all the time. I can also never be asked to leave my home. To each his own I guess,.I'm certainly thankful for my tenants in my rental house. I charge them twice as much as the mortgage, and then reap the benefits of their work.
Becoming house poor is a test of intelligence and compulsiveness. Despite the state of cost of living you can still buy a home within your means if you are both intelligent and non-compulsive.
In 2019 we closed on our first home….. my wife hadn’t worked in 10 years….. she still has no job… it’s a struggle….but she’s in nursing school ..help is almost here …. RN🙏🏿🙏🏿🙏🏿👍🏿👍🏿
When she will be making 6 figures income. Pray that she won't leave you.
@ 😂😂😂😂…. Boy I wish…. .. I make $250k… I’ll be fine
@@2pat2008nurses and women in general tend to be extremely promiscuos once they have a little money coming their way , I hope his lady is the exception
@@Trtrucking79....but crying over a mortgage.......😂
@ wife in college.. 2 kids in college… one kid in middle school….. 1 income…..another kid just left for the Air Force
If you can comfortably afford a 1.5k rent, the maximum mortgage you can afford is 1k.
People dont realize all the extra monthly coats, from. Tax, insurance, home warranties, maintenance, and everything else under the sun.
Then it goes up every year.
Home buying isn't for the weak.
I have 3 friends who boight homes and sold them a few years later to gonrent again.
@MyWitsEnd190 rents here in CA for a 3 bedroom house is 3k. New house with 3 room, mortgage is 6,500k
Not true
That’s why you should learn DIY and buy within your means.
I get what you’re saying here….but going by numbers on paper My husband and I have been house poor from renting for years… at this point a mortgage would at least stabilize our housing costs from going up drastically.
True!
Thank God I paid off my home. Took a lot of work and sacrifice but the effort was worth it! This video is a huge eye opener.
I live in a country where people buy some of the most expensive houses relative to their income. One of my best friends has the largest house and the nicest car in my friends group. But when we ask him to come out to eat, he tells us he's tapped out... It's a very rich looking kind of poverty.
Here's my advice on buying a home in todays market and economy. Don't do it unless you're a top money maker. This woman is absolutely correct. It's not just your mortgage amount. It's the other things that come with it. The house insurance is killer and I don't ever see it going down. In fact, it'll continue to go up year after tear. Property taxes. There's another big ticket item. Maintenance. Wow! $12k for a new roof? $15k for a new heating system. $10k for a new septic system? These are some of the expenses I've had to deal with in the last few years. Home ownership is not for the faint of heart, believe me. And please, don't be fooled by the 'First time home buyer' scams!!! It's just another way of saying 'predatory lending'. Don't get caught up in the FOMO mentality. That's my advice. 🙏🇺🇸✌️😎
$2,600 for a water heater? Mine was $500 with a 5 year warranty and took me less than an hour to install. Its literally 2 pipes...
Yup she got robbed 😂
@Brandonhistorymakerz There are some fancy water heaters you can get with a million functions you'll never use. Change the water temp with wifi and you can schedule use periods for saving energy. She might have bought a $2,200 dollar heater and the install guy didn't get her too bad.
If she has a regular old Rheem 55gallon then the install guys ate good that week.
@@BrandonhistorymakerzMore or being dumb than robbed
The cost of living has gotten way out of hand in the US. 👇
(Meamwhile, the Federal Reserve is devaluing the dollar)
Welp 2020 a lot of free money was given and a lot of fraud was going on towards the government form the citizens..
The government gotta recoup time to pay up with interest
I rather make be house poor, than make a landlord rich
@ I Got a House and 50% paid down. The struggle is real and my mortgage is cheaper than some people rent here in Hawaii.
@ how about you? Or You paying off your landlords debt?
@artisdrawing
If u bought when prizes were low and good I won't argue with u...but if u want to buy now this days not worth at all rather make a landlord rich because literally all b paying half the price and no property problems
And when you pay it off like we finally did … you then have a large tax bill due at the end of each year you need to budget for… it comes quick.. we owe 1300.00 by March. You never truly own your home.
But you'd still be paying rent and substantially more than $120/month that you have to "budget" for. You're correct about never owning our homes because of property tax. Government agents will come to your door and remove you by force if you don't pay it.
I may be house poor right now but I’m a carpenter and am good at all phases of construction so eventually when the house is finished I’ll have peace of mind and low energy bills with the energy upgrades being my focus instead of expensive finishes.
2:04 I ran into the same problem with my water heater . I large home heating and plumbing contractor wanted 3 grand for the water heater installed . I said thanks but no thanks and bought one at a big box store and got a craigs list plumber looking for side work paid him 300 cash. He was done in an hour or so and I use him to this day. I'm not good with math but 900 beats 3 grand
Only thing is the contractors are 95% guaranteed to the job right and if it's done wrong you can get reimbursed or sue with no problem...Unlike the craiglist or flyer guys he long gone and you just wasted your money on a poor job
But in your case and many others its a truly a blessing when you have a side street me mechanic you can trust and negotiate a good price 🎉
@@Cogic I suppose I'd be out the 300 but I would get another in but he did a good job and is a full time plumber moonlighting
I keep reading about fixing things themselves. One of the biggest issue is property taxes and insurance go up almost every year especially if you're in a hot growing market...
These are prime examples why we saved $100k on a down and made a huge plan to pay 3x, at least, a month. We did and payed of a $150k mortgage in 3 years. Not only is it payed off but the housing market in Mesa, Arizona doubled in value and has stayed. Hope someone can learn do save a huge down so the mortgage can be low.
When I was renting I was in top of the world money and freedom and the minute 2 after I bought my home I being living pay check by pay check and I hate it!
Suffer now so you don’t have to suffer when you are old. Imagine how much rent will be when you are old?
I used to think the same thing. I bought a home two years ago and quickly regretted. Serious buyers remorse. I was in literal tears 6 months in. Not because I can’t afford it, it was the fact I was doing it alone. When I was renting I had a ton of money in the bank, now I’m living paycheck to paycheck due to relocating. I have no regrets now, especially with the cost of rents here in California that keep rising.
@@jesseurizar7146Interesting since a lot of old people end up moving into income based senior housing anyway. Most people get mortgages because they feel like they have one up on renters. They get a false sense of superiority over everyone who rents. That's all they bring up is well at least we're better than those renters down there
@@jesseurizar7146 And that is what I do not get, why would one suffer in the peak of their live so they have more to spend at an old age when getting healthy out of bed is your first priority.
I am live in CA, and I work for a company that provides a service for new home buyers (new track homes) for one full year. I hear the same story every time! They are paying too much, they are not happy with the mortgage, the solar panels are too expensive, the new house needs many repairs, they want to sell, etc. Something is very wrong with this country.
Capitalism =corruption =debt=poverty =inequity=mental illness =the destruction of a society.
Bought a house only 20 years old, had to replace entire central air system, cost $9,000, water heater went one year later, cost $3,500. Plus windows, deck, door frames, paint, etc… lost all my savings. Owning a home, especially the way things are right now is absolutely ridiculous.
I replaced all the major appliances in my old fixer. New ac unit new furnace new kitchen appliances new sump pump remodeled kitchen. Just had the home insulated by city for free have to fix the walls now but the work done worth thousands I didn’t have. I paid 20% down so no PMI. If you only have down payment you can’t afford to buy. Bought in 2018:before pandemic my second home will never rent in Chicago.
Now imagine renters remorse where you're losing 100% of your money 😅
There’s so many shadow cost homebuyers are unaware of rising utility cost, water, electricity, gas / heating. Insurance and tax increases, maintenance. Not to mention food cost etc. I’m shocked this process isn’t taught in schools. Smh
This makes me feel a little better. My wife and I have been trying to buy a house since early 2020. The types of houses we were looking at have gone up 100k-200k in the past 5 years. Ontop of that, our budget hasnt changed and a lot of homes that were in our budget are now unatainable. We have been intimidated by taken the big leap with fear of becoming house broke. We know 3 couples personally that have bought their first home in the past 4 years, one of them lost their home and are back with their parents, and they other two are really struggling. Meanwhile our rent of our apartment has only gone up $135 in the past 7 years. So I guess that softens the blow of us being turned away from 14 offers on houses over the years. It's almost a blessing in disguise at this point.
Ugh. I’m sorry. I hope you’re having a happy holiday!
Most people need to start off with a small condo it is the perfect starter home. You do NOT want to buy a single-family structure, that is the most expensive housing you can buy.
NO🤣🤣. Condos are terrible
I would suggest a townhouse. That’s what I did and I don’t regret it at all.
@@tarrilb AGREED !!!!
@@tarrilbwhy a townhouse?
@ they tend to be more affordable with the exception of the HOA dues. I had a very hard time trying to get approved for a condo, way too much hassle depending on the type of loan you get. Condos were being snatched up like hot cakes by cash buyers when I was in the market to buy and there are too many stipulations. Being a single woman, it was the best decision for my situation at the time. I only planned to live in it 6 months and then rent it out, but due to the current housing situation, I chose to stay put.
What hot water heater costs $2600? Did you have to get a gold plated one?
House poor?! Man it’s house poor, apt poor, living poor, everything poor when you are worrying that much 😂.
In NJ, if you buy a used house, guaranteed that 2-4 major things will need repair or replacement within 1 year. Sellers leave these things to rot until they can sell the house.
I deal with people that have to work overtime to afford their mortgage. Now I deal with people that just got a warning from HOA that their bill will increase from 300 to 1000.00. What a life
300 to 1000 where is this at?
Utah
@ is this real 300 to 1000?
There's no way that 700 shift is justified
Look it up it's even been in the news! I talk to these people since it's my job to hear their problems their mortgage payments @@zachariahestepp8527
Although I want to buy a home in California, i just recently made peace with myself that the housing and interest rates are too high and I don’t want to be house poor. Therefore, I have made peace that I may be moving into an apartment or an affordable condo or townhouse. I would rather max out my retirement and save,than struggle as I am up in age.
As someone in home service: a lot of companies have stopped canvassing middle class neighborhoods altogether
Water heater costs about $900…if you can’t install it yourself, installation should be about $400.
(In coastal Southern California)
Not here. Cost me $2600 depends on the size obviously
@ oh I don’t doubt that you pay $2600, I was just trying to express in a nice way that you overpaid. At least in my opinion. But every contractor has their price for every person, a lot of times it depends whether they’re figuratively losing or winning at the track, lol.
Oh yes that price is about right , I live in Ga and recently helped my elderly father replace his water heater after he was quoted a price of 2k to have his water replaced , and the quote was from Lowe’s .
She just enjoys getting ripped off 🤣
Not everybody wants a budget hot water system.unit.
I bought a small house below my means. It's half the size of my friends, but I just paid it off after 9 years, while my friends had to take our second mortgages to cover major repairs.
6 of my close friends here in Chicago bought houses and now they are having a hard time saving money or spending money on things they love doing. No vacations, no going out to bars 😮. Chicago housing market, I believe is the worst in the entire country
Your friends will stuck for 30 years. This is not a dream home for me if i buy a home and can do other things. Stop listen to agents tell you, time to buy or price will go up and up. Many people predicted we will have more layoff. hope your friends is ok.
Ugh. I’m sorry
@@JoeyOlin are your friend single women, it’s harder for a women to do it by themselves
Not true I own 5 houses, moved when I wanted too. No one is stuck
@@JoeyOlin
Location location location.
Why would I buy a large house as a single person? I bought a 2 bed, 2 bath townhome in Las Vegas last year with a mortgage of $1,550. My HOA fees pay for the water, sewer, trash, and landscaping maintenance. It's been about the same as renting so far so maybe I made a good decision to buy.
vegas real estate ❤
The more i look at it, owning a home sounds like a headache.
I bought a house in 2017 and almost immediately the saddle strap around the well casing gave out and flooded my yard. I called a company to get a quote and they wanted over $5000 to fix it! I grabbed a shovel and started digging a hole. My father-in-law is a maintenance man, so he was able to get the part for me for $75. He came down on a weekend and we had it back up and running in no time. I recommend to anyone buying a house to have it thoroughly inspected by an inspector of your choosing, not your realtors. Get a separate well inspection too, which was an oversight of mine, and learn some skills. If you’re not handy, owning a home can definitely be costly.
Good advice Caryn. I think these are the same people during covid bought homes over asking price when rates were at its lowest, waived inspections, didn't look at property taxes in the neighborhoods they were buying in, bought homes sight unseen, etc. I think the next wave of buyers will be a lot smarter moving forward.
insurance has gone up accross the board. i bought condo in 2021 mortgage is 2700 plus 300 in hoa. i live in california :/
but im looking at the possibilities of buying a house and i dont think im ever going to be able to afford a house
I bought a starter house 3 bedroom to whole bathrooms🏡 23 yrs ago did up grades recently plenty of land also between my neighbors in Ga now my home is worth 300k i paid nothing close to that i bought a home i could afford my mortgage is about how much a 1 bedroom apartment was 15 years ago in Ga.
People also need to take into consideration the areas they're in! The accessibility of parks, schools, historical sites/ museums, shopping and public transportation can affect home price too!
Historic areas can have a pricetag AND a standard of what you can have and how to maintain a home. Big cities are always more expensive than smaller ones and towns. Theres really run down homes in rough neighborhoods in Chicago that are over $500k or $1M+ because of the type of homes and materials ( like old, grand brick bungalows) that need tons of renovation
Ty you made my mind. I’ll keep saving for new opportunities but not buying at this moment.
Same here!
Our county is growing extremely fast (top 10 in the nation) and property taxes are WILD. We bought a 40+ year-old home and our taxes still went up over 50% the first year before the Homestead Exemption kicked in. New home buyers in our area are absolutely panicking because they structured their budgets around their first year property taxes which were based on there not being a structure on the land, and now they are getting the updated valuations that include the brand new McMansion. I see lots of people saying their mortgage is about to be TWICE what it was last year thanks to taxes. So glad we bought an older/existing home.
Houses are a big responsibility
Don't forget, HOA can also raise the price of your monthly payment. That's what they did to us, went from 900 to 1200 the next year.
I feel you, I live in an old building, and I was paying 500, next year it’s gonna be 600, it’s insane
You will own nothing and be happy. They are using extreme weather to raise insurance prices.
arson wood fires
Shocking to see so many people don't think of the long run. When my wife and i bought our house we refused to purchase past our means and i can tell you we live more than comfortable. With everything else being so expensive it helps not having to spend all of our money on our house
Y’all need to take into trade school or put some effort into learning how to DIY home projects.
I went into Plumbing and Electrical trades back in highschool as a side gig.
I haven’t called a mechanic, HVAC, Electrical, or Plumber, or appliance repair man for more than 15 years.
I saved hundreds of thousands of dollars just fir having the knowledge of fixing stuff. Best part? I’m not even a tradesman as a career, I’m an engineer.
The main problem is that people often spend more than they can afford, but another worry is that they don’t feel motivated to work hard. My parents worked long hours for many years to pay off their house, cars, and other things, but these days, people seem less willing to stick to a regular 40-hour workweek.
I thank God for my $1,030 mortgage payment. This allows me to pay extra on the principal.
Just bought a house and I need a new roof. I can’t afford a roof. I am stressed the heck out guys. 😮
Do you recommend buying a house at auction?
Imagine being excited to sign a loan for 30 years. The marketing canpaign for home ownership is insane.
Cmon bro, its the american dream. Being tied to a money pit is where its at.
1:00 - how do "they" raise your mortgage without you knowing?
Taxes
Variable rate loans too
@@mousecop0761 variable rate loans don’t happen after one year she also may have had a 1 year or two year buy down and she didn’t fully understand what that meant, but likely it’s taxes an elderly person probably lived in the house before she bought it and so she benefited from that for a year, but then when the tax assessor got a hold of her, they adjusted the price for a non-elderly person and the taxes adjusted accordingly
@@sh0wg0hardso your saying the homeowner in the video wasn’t aware that property taxes could change?
@@mousecop0761so you’re saying the homeowner in the video possibly signed up for a variable rate loan without knowing what it meant?
This has been the most solid advice on buying a house! Everything she said was factual
Sending this to my dad, just moved to a $2000 a month rental apartment & he says just get a house, thats a mortgage 😒 and i say i dont know a thing about a house! Thank you for explaining all the shit that could happen!
Your dad is right. Buy a house with another room at the back and rent it out to reduce your cost. More ideas if you ask. Stay blessed 🙏
@wisdomandlove1661 not everyone wants to be a landlord or values the privacy and safety more. I would not want a tenant around my kids. These days is too risky being a landlord. Tenants quickly become squatters.
Remember 2000 a month right now. But I've been renting for 15 years... Was ok when it was reasonable. But 2000 is insane for something you'll never know. And btw rent increases were rare AF up until 4 years ago. Now we get a rent increase of 150 a year... It's unmanageable and you don't own it. Just my two cents
We bought our house in 2016 for $200k. Now it’s appraised at $400k. New apartments in our area are renting for twice our mortgage!
This are people that live beyond there means never buy a house just because you have a job that pays well, make sure cars are paid off and you have a bit of savings just in case you get laid off for whatever reason, use logic people when making the biggest purchase of your life
Check your state property tax laws to look for tax reductions based on primary residence. This is the main reason the actual monthly cost increases; property tax is charged differently based on whether the “home” is a true home, or just a rental. If you do not file paperwork to show it is your primary residence: your taxes will be charged as if you are a landlord making money off the property, or a rich person with several homes.
Everybody knows that right now it’s not a good time to buy a house. Everything is still overpriced.
Everyone keeps saying it's going to crash for several years now, it has never happened.
In Canada the people live all their life paying debt
I can't believe they sell houses without making sure the buyer is aware of the real costs of owning a home. I bought a cheap house but after 30 years I could have bought a new house when you add up the repairs, interest, insurance, upkeep. Plus, anything only lasts so long. I bought 5 water heaters, rewired electric three times, replaced windows, doors. two furnaces. And then I lost my house to fraud forcing me to retire early poorly after investing in my house for 31 years. I was a single parent. Not to mention the neighborhood totally changed. Not to mention all those things needed replaced again.
This is why I rather to be renting !😉
Rent way to high for crap they have
@MadamsTrapHouse same with buying a house. Crazy monthly cost and maintenance for small square footage. Renting is cheaper.
Home prices and maintenance way to high for little square footage.
I’ve owned my home for 12 years now, I bought my house when I was 24, it was difficult the first few years because all I could afford was my mortgage but it got so much better! The more money you earn the better it gets lol.
that never happened.
2:40 Don’t buy an 80 year old house 😂 what do you expect to happen. Nobody buys a historic car and expects it to run like it was driven off the lot yesterday.
In Colorado, those pos-war late 40's and early 50's 2 bed one bath homes still start at $450k and usually need work
The problem is taxes are based on the previous owner, so guess what? Once you purchase it the county is going to increase the taxes based on the sale price of your purchase amount, thus increased amount in mortgage after 12-18 months after purchase.
Nothing like working hard to pay for your own prison.
Our pipes broke our first year but it was because we live in very cold climate in the winter and didn't know we needed the heat on in the garage to avoid pipes freezing. The pipes froze in the garage and busted and once that happen, there was a domino effect of busted pipes. We know better now
Student loan , child care cost, mortgage, healthcare are burdens our generation
Late boomers had the same. Now we get the medical bills…
Just bought myself a rental property. But my monthly payment is 726 not to bad. Probably gonna cash flow $600 once I get some one in there. But this is my first house owning and already had to deal with a squatter. But now it’s renovated ready to go 😀
As a guy who is almost 60 and having owned rental properties for years it’s a constant battle. Best advice is vet the renter as thoroughly as possible then strap yourself in. You most likely will still have issues with people paying on time, destroying your place and not following any rules you have, especially if you do short term rentals.