Stop Buying Too Much House!

Americans are over-leveraged and buying things they can't afford. Viewer John wants to know about buying a larger house than he needs. Should he do it with these low mortgage rates?

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[garrettseidel]

I bought my house in August. I completely agree to Everything you said. I was approved for a $450k loan. The house I bough was $190k. Starting small gives me the ability to pay this house off in 5 years. I would have loved a $450k house but my kids and I don't need it. It allows me to afford everything they do need. People need to learn to look at things from a better perspective. Keeping up with the Jones's won't make you happy

[nelsoncopo]

This hits home. I was looking at a way bigger house than I need. He humbled me🙏🏽

[lincmerc]

Our manufactured home and land is paid for. It has appreciated in the 10 years we've been it. We made a few improvements. Covered parking, porch, deck, screened porch, updated kitchen, etc. We spread out cost of improvements over time. So, no debt. No mortgage, no auto loans, credit card debt, etc. We have considered selling and paying cash for a site built, small home. But, as you mentioned, every cost from maintenance to insurance to taxes all go up. And, stay UP. We decided we like the freedom more.

[brittanyfehlings]

The thought of anything over 800-1000 gives me anxiety. I dont want to clean, heat, cool and upkeep all that space

[stephp]

This is real talk. Much needed conversation. Too much house, too much stuff and crying broke. Hopefully the reality of not NEEDING so much is catching on. You spoke a good word here brother!

[alphaj]

3800 sqft...that’s double my home size and I couldn’t imagine the upkeep and cleaning

[lkofie]

She must've gotten that idea from Tori Spelling's mother who actually had a "present wrapping" room.

[patriciam]

I could not stop laughing when you said “A present wrapping room, ” but then again that could also be a seasonal small business. 😆

[JoeDoe]

Time to think outside. Unused space can be allocated to a home based business and space for inventory. The kid(s) can be encouraged to stay home as long as possible to cut down on college room and board expenses or get them involve in your business to get them ready (money wise) leave the nest.

[michelleburkholder]

I would love to just have a tiny house

[TheFabbLife]

I needed this & didn’t even know it. Thank you

[MR-txig]

I agree. I don't need a bigger house. I want to have a happy life

[markbrown]

Also, your water bill, electricity and property and school taxes will go up.

[alyon]

Taxes go up, insurance and upkeep. We are trying to downsize, so we are selling. Kids are almost grown.

[nursevinyl]

People forget the word contentment. It does exist people. Try it and you’ll be happy.

[foolishcoyote.]

Buying too much house??? I know someone graduated from high school seven years im in Seattle/Tacoma...he just purchased his first house for over $365, 000. Now adays everyone 1st house IS TOO MUCH when the housing prices are 'off the planet!' Its sad that a young person has much debt these days. Dont even get me started about non forgiveable student loans. America needs a Universal Basic Income....nuff said.

[DistrustHumans]

Most people that own these McMansions do not clean their own house. They do not mow their own yard. They don't perform their own house repairs, even simple tasks. And they have no problem using their easy access to credit to fill up those extra rooms. This will not change, regardless of what this pandemic will throw at us.

[davonjohnson]

First, I am always a fan of using any additional money to invest in more real estate! Loved that point.
But how does your perspective change if the needlessly larger property still falls within 25% of their income?

[HeatherHanderson]

25% of your take home pay on mortgage. Then you need to make at least $375K a year to own a fixer upper shed in an okayish neighborhood in the Bay Area.

[ecclairmayo]

Oh I get it. An office space is okay because thats something YOU find value in...but the woman who has a gift wrapping hobby is wrong? People should use the space how they please.