Should You Buy A House in 2023?

Should You Buy A House in 2023?

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[ChristopherAbelman]

In my opinion, house prices will continue down as people leave the state and prices correct due to market pressure. The problem with Florida is the property taxes increased based on the boom and the cost or inability to obtain homeowners insurance. Florida's in for a rough 5 years imo.

[kcor]

Don't property taxes, insurance, and maintenance costs go up each year on your house?

[Markscott]

While living in an apartment complex, I noticed many residents driving new cars. Instead of spending $500 per month on transportation, I chose older vehicles and saved the money to buy a house. Now, as an active duty service member with years of investing experience, I have a stagnant $160k portfolio and seek financial advice to improve it and maximize returns.

[Johnny-sehk]

I'm wondering if folks who went through the '08 financial crisis had a tougher time than I am having today, my plan was to work, save money and retire at 55, but high price for everything is now an obstacle *Sigh, I look towards the stock market to fuel my goal at this point.

[theelisaallen]

Taxes do go up, but they go up on all properties. Most Landlords will defer that cost to you in the form of a rent increase when they can. Remember, they are running a business and will protect their profit margins.

[TheFirmtofu]

We spent $300 on a ladder to clean the gutters, $400 on a Honda mower, $1, 000 on a washer and dryer… the list goes on… the initial costs of home-ownership is very high. Be prepared.

[jamesjohnson]

Everything breaks and you get to fix it !! Pros and cons to every situation.

[tammyturowski]

Except a house payment today in most cities is dbl the cost of rent. Plus insurance, taxes, down payment, closing costs and...inevitable repairs.

[crushman]

The key is to buy well below your means. There are so many additional expenses when owning compared to renting that you never think about.

[heavenisjaded]

I just watched another video of his that basically told me Im not ready to buy a home yet... So that box under the freeway is looking pretty cozy.

[mrcrowleyoz]

Taxes go up, insurance goes up, maintenance goes up, and the cost of renovating goes up.

[gardenermel]

6% on a overpriced home. Please wait. It’s great to be a homeowner at the right time.

[Androth]

When the value of the house increases, your mortgage can go up, because, you know… taxes.

[opsecalpha]

This why I paid off my house. In fact, everything I have is paid off and I never carry a balance on my credit card. My jeans may be 10 years old, but they are paid off too.

[antoniodg]

He forgot that, interests, repairs and taxes goes in your house.

[johng]

I pay $1200 per month for my apartment. That $1200 wouldn't even touch the principal on a house in my area (homeowners insurance, property taxes, mortgage interest, utilities).

[NicholasBall]

Back in 2007, during my time working in real estate, I witnessed people purchasing newly built homes from builders with the plan to sell them before the closing of escrow to another buyer for a profit. The crash hit hard and fast, and I vividly recall many of these units ending up foreclosed upon, with the builder's plastic still covering the carpets.

[alexkennedy]

Not with a 6% interest. It’s not a “wealth building tool” if it’s your only house and you don’t have rental property. It’s a glorified savings account. Your best bet is to pay cash for a house or limit as much as possible how much money goes to a bank.

[anndeecosita]

There are pros and cons to everything. I chose to rent for multiple reasons. I don’t want to deal with maintenance whether it be shoveling snow or an HVAC system replacement I am not responsible for it. My complex takes care of it. 2nd) I like that it’s easier for me to move. I moved to a new state three years ago to further my career and will likely move again this year. If I owned I would have the PITA task of selling my house and perhaps paying a mortgage there on top of my new place for a while. As a renter I give 30 days notice around the time my lease is up and Hasta La Vista. 3) Easier to get away from bad neighbors. I moved once because a bunch of noisy, deadbeats moved in. My mom, a homeowner from inheritance, had noisy deadbeats move in next door. The previous owner died and her daughter rents to whoever because she doesn’t live nearby and doesn’t care. The people started renting out rooms and letting people camp in the backyard. Also had lots of dogs. My mom ended up going to stay with her bf then moved out of town for a while. Then when she did move back to the city she got an apartment partly because she didn’t feel good about living next to those people. My great aunt and second cousin had similar issues. Old neighbors died. Their kids move in as neighbors whose teenagers were harassing my elderly family. Shine lights through their windows at night and stuff. My uncle a cop had to go threaten them. In retaliation they also left water running continuously flooding my relatives’ yard and caused them to have foundation problems which cost thousands to repair.

[cattmahal]

2024 do your pros and cons.
I bought my house 🏠 2021 with 40% down 3.75%. I had to buy all new appliances and replace the water heater. Every extra dime I make goes into the house. Every year my property tax has gone up almost $500. My neighbor stated his insurance company would not renew him until he replaced his roof. And even if something happened to his house, he had to opt out of them replacing the roof.

That was the last draw. I put my house up for sale in hopes I can invest it in something else. It’s exhausting owning a house in these times.