Home Buyers Remorse | TikTok Rants on Being House Poor

[@WhizQueen]

Thanks for watching! Share your thoughts below, who is to be blamed for a bad home purchase? The home owner or realtors? 👇

[@openmindchannel1978]

Home ownership must be the biggest lie and scam ever pulled on regular people. 😂😂 Think that you can afford it house ob your own when most people cannot even buy it car cash 😂😂

[@Raraking4796]

@@openmindchannel1978 personally I would say that these days going to college depending on the degree are the biggest money trap but realistically and unfortunately for us home buying can be and basically everything these days. Shit even groceries these days are priced crazy.

[@openmindchannel1978]

@Raraking4796 This is a lie and great advertising that has been sold to us. I checked historical data , and it shows nowhere that the world is ever in history. The majority of the population was ever able to afford to buy houses.. Actually, the reality is that people could barely afford to buy motorcycles, cars , and traveling, and at some point in history, people were struggling to ever afford to buy colored tv..

[@SamIAmJam]

Just didn't do yout homework

[@lizw2731]

The home owner ....I lost everything in 2007 for not understanding predatory lending. Some realtors have integrity but their role is to sell homes.

[@Lovely1Jay]

My now husband and I bought a home 2 years ago once we saw the price of rent sky rocketing. When looking for a home, we did not want to be house poor: 1. We bought a house that one income could afford 2. We didn't want the standard 30 year loan 15 only 3. We bought our rate down. Of course it came with sacrifice we moved a little further out, no HOA, in a standard middle class neighborhood. We did this in the event of job loss, sickness or death. And it is 25% of our income including homeowners insurance and property taxes.

[@KL-sc4qj]

You and your husband are smart!!!Most people buy what they think they can afford and not what they know they can afford.

[@mounze90]

It’s an extremely smart choice you made

[@ericajohnson7121]

My husband and I bought a foreclosure home 15 years ago. It needed work but we didn't have a mortgage. We did projects every month. Our house is beautiful and we owned it. Thank God we made this choice 15 years ago.

[@rcg224]

yeah its alot easier to do when ur not fresh out of college

[@BREEZYM6015]

Your now husband? You were engaged before you bought the home?

[@impactfully5714]

Homeownership is one of those things where you have to do your research and plan plan plan.

[@WhizQueen]

Exactly! No hasty decisions otherwise it will end with regreats

[@openmindchannel1978]

Not even that, most people can't afford car payments on time. Bu5 think they are somehow ready for something 10 times more expensive..crazy 😂

[@openmindchannel1978]

​@WhizQueen I think the government should have a program. If you show dedication and discipline, you should be a house. But you'll be responsible for the maintenance, costs and tax payments. But they make annual inspection to make sure you keep it up ., if not they take it back.

[@shanenice5380]

and fixed it by yourself

[@tjlivejaxkson231]

in my case if you have unscrupulous sellers and relators you still can loose..at least here i NC you have to pay them just to let an inspector in and they were doing a minimum of 1000 to sellers even if the house was only150,0000 houses that cost more they were saying no entry with a 3500 and more it not uncommon to loos 15,000 seller wanted to let you in to get an inspector to check it out..that 15,000 is let you look fees which is BS a lot of them have had the property "looked at 4 times" there are ways to make it new research is very much needed

[@nickysunshine8734]

Rule #1. Buying a house is not initially for an investment. It is for STABILITY. Hopefully generational wealth. A house is only a investment if it’s a rental property “If you have good tenants that actually pay” 😅

[@rockieleftwing]

💯

[@BREEZYM6015]

I would never have a rental property. There's too many headaches and responsibilities. I didn't buy a townhome to rent it out. I bought it to live in. 😂

[@truthteller313]

a house can help get tax breaks ,also.bc my taxes are high bc I have zero dependents.

[@wonderwoman5136]

A house can still be an investment even if it’s your primary residence because houses usually appreciate in value overtime. That appreciation is profit that you would not have made if you did not buy a home. Just make sure you buy something you can afford

[@jbell6852]

@@BREEZYM6015At first it can be a headache. But once you learn how to deal with being a landlord, it’s not a bad business. It’s the best generational wealth and retirement plan you can offer to yourself and family. I’ve suffered headaches but no regrets on going with an income property as my 1st home.

[@tippy06]

People are buying homes they can't afford. Thats the issue.

[@wsh415]

EXACTLY I bought a house literally 100,000 less than what I was approved for for this specific reason! I remember getting into it with my realtor bc she kept showing me houses at the top of what I was approved for!

[@13ikea]

Nobody can afford a home. If we could, it would be paid in cash.

[@lovelyone98]

​@@13ikeaThere are many people that pay cash for their home.

[@phosoa8965]

​@@wsh415yyhhhh, because ur messing with her CHECK!!!!!!😂😂😂

[@ah92vi]

Exactly! I tell everyone I know make sure you have a solid emergency fund FOR YOUR HOUSE before looking to buy and make sure that your mortgage is something you can actually afford given your worst case scenario

[@josephbanks9897]

The first mistake the young lady made, was buying a 80yr old house.

[@albinosaschoopasquatch4455]

An 80yr old duplex at that

[@kimberlymoody8238]

Right!

[@mykiea5156]

Exactly lol I’m glad we bought our home in 2012 an interest rates were really low at 3% because our mortgage is only 700. With a three bedroom two-story house, three bathroom, huge backyard and we got it foreclosed. Only paid 86 for it and now it’s worth 260 K. And we got the $8000 first time homebuyers credit from Obama.

[@marylander3798]

I have a house that's even older than that. It was completely gutted and rebuilt from the inside. I haven't had any issues so old houses are fine if they are updated.

[@JustLIkerapunzel]

NO her FIRST mistake was "living her best life having no bills buying luxury", hence not building an emergency fund of AT LEAST 3-6 months before evevn thinking about buying a house 😂 It would have been literally no problem even thou frustrating that something broke in an old house if she did plan ahead cause it's a no brainer if you're a home owner, you might have to pay for an entire new heating system or thinks alike that can cost between 25-50k easily at any given time

[@Goldenswayzee]

Y’all better quit letting social media trick you into thinking you’re ready for stuff you have no idea about. And renting is not throwing money away. It’s keeping you with a roof over your head and buying you time to get your stuff together before buying a house. It’s transactional

[@Emmere]

💯. How is renting an apartment a waste when it’s keeping you housed, safe, and off the street?

[@Goldenswayzee]

@@Emmere facts. I’ll never understand their logic.

[@RoseannaSanchez-b6w]

VERY WELL SAID. GREAT WISDOM!!!

[@deerick3109]

I rented my apartment for seven years before I bought my first house. I did my research and figured I needed the 20% down to avoid the PMI and any loan that was a variable or adjustable rate was a flat out no. I ended up getting a conventional loan with the 20% down.

[@MONEYM723]

exactly!!!!

[@ShayWilliam341]

Problem is people are buying homes when they’re broke and not doing a lot of research. Homeownership comes with a lot of responsibilities it’s not for everyone sometimes renting is better for some people.

[@WhizQueen]

Yess but society is also not doing good job by pushing the narrative that you need to be a home owner to feel accomplished. That’s why people buy homes when they are “not ready”. Parents, society and media pushes it to you as your next goal as you progress

[@Chukboss]

​@@WhizQueenDo not let society pressure you😂😂😂. This is most common amongst Nigerians. They think buying a home is financial liberation. And the way they raose their shoulder up, thinking renters are poor.....lmao. I keep telling whosoever wants to listen, ensure your emergency fund is set, atleast 50k or 100k stock portfolio in your TSFA, 50K RRSP. Then save 20% down payment towards the houze you want to buy. If possible, have a side business before thinking of getting a house. Remember, its a family home and not an investment.

[@escah9150]

Right, some people aren't ready for the maintenance of a house. Actually many people aren't ready. They're used to simply paying their rent and calling the landlord when something break down, not responsible for getting things fixed and paying for repairs out of pocket. Replacing roofs, HVACs going out, even keeping the yard manicured if you don't or if you're too busy to do it yourself gets costly. I've seen people living in houses that lean and look like they're about to collapse because the wood have rotten or from termite damage and the homeowners do not get it replaced. I've seen lawns with grass so high, it looks like a blighted property but you know people live there because there are cars parked in the driveway. I used to say owning your home is better didn't understand why people would rather rent but the older I've gotten, U see that everybody don't make good homeowners and I understand why some people choose to rent.

[@tonimartin8547]

That's the problem in a nutshell. I had two co-workers asked me to loan them thousands of dollars to help pay their mortgage, like I don't have bills myself. One of these women asked me one month after purchasing her home.

[@vespaman101]

The issue is the price if homes. These people are definitely uneducated about homes, financing, and how to search for a home but the root cause is the 100%+ rise in yome prices in just a few years. These people aren't buying homes in the upper portion of home prices. They're buying homes in the bottom half or bottom third of pricing. These homes are 300k and they're still ending up house poor because in 2019 that house was 150k. People are going house poor buying "starter homes".

[@snickerdoodles787]

Buying a home literally saved me. The unit next to me rents for 1500 a month. My mortgage is 600 😊😊

[@CharletteG]

You probably were smart and bought beneath your means vs people who buy waaaay above what they can actually afford.

[@yardchesternook2834]

That a pretty good fixed price for a mortgage !. Good job 👏!.

[@lydiataylor7259]

That's good stuff. I think that the key point that this video, though, is the hidden pitfalls of home ownership. You may have a $600 mortgage payment, but you can't call the landlord when the AC goes out, or a pipe burst, or you need a new roof, ductwork, etc.... You just have to be ready for those "surprises" that are bound to pop up 😉

[@lydiataylor7259]

*key point of this video

[@sewgeekdesigns9113]

This is my point I see places that go for 2500 month. Well owning it is under 1000/month even with taxes and stuff it was a better decision

[@Laydeejay800]

Stop following others, their path is different, not better or worse, just different. Do what works for you & your family ❤❤❤❤

[@sjsmith4076]

Amen.

[@MyBrooklynLife718]

🗣️ Facts

[@Dunnpopo]

Facts ❤

[@thehopefulbudgeter]

Facts!! ❤

[@HardCoverJacket]

Having no bills and taking trips and buying expensive goods, she started off wrong, bought a house and still made poor financial decisions. She didn't have enough in savings....would be part of the issue. The next issue was her spending habits probably didn't change which was a nother reason she was destitute

[@travelnomad2128]

Yeah in other words, its her own damn fault!!

[@istillbetalkin]

This is it! The problem was thinking home ownership didn’t come with major responsibilities. It does but I love my home. We want a bigger one but we are taking our time.

[@nyasha7721]

Chile i heard she bought an 80 year old house and im wondering why didn't she have sll the electrical fixtures and plumbing in the least evaluated by an evaluator she paid for

[@6feet6figures]

They the most educated people in America relax

[@6feet6figures]

@@nyasha7721you know these black queens don’t need nothing most educated people don’t ask questions

[@os3734]

I also would suggest not having a car payment when you purchase a home. Problem is, folks buying 60-100K cars and those payments are financially stressing you over the house payment. Homes build equity and cars deprecated.

[@AUDIO2AUTO]

Until they become classics and then they appreciate as well.

[@kevinalleyne361]

I purchase a used vehicle because the properties that I could afford was way out from public transportation.

[@aloraaki313]

This right here🙌🏾

[@joypeaceandhappiness1501]

This is the realest part. You should not have a car note your first 5 years of home ownership. Too many things go wrong in the first few years

[@sandysmith71]

Exactly

[@jborrego2406]

Buying a house was the best thing ever. I lived in the van for 3 years saving up to buy my house found a cheap house in rural California. My mortgage was 867. My studio that I rented out what's 975 I just looked at my old apartment to see the price of the studio they're now charging $1,600 for it. My mortgage is still 867 but I only have two more years and it's paid off. Only taking 6 yrs pay off. My tip is if you like your state there's plenty of places where you can buy a house that's not in the ghetto. But it's not going to be close to the crazy City lol

[@Raetalkss]

👏👏👏👏👏👏👏

[@os3734]

That is it, folks getting bad mortgages and buying homes they know they cannot afford.

[@athenabarcelo9094]

​@@os3734exactly 💯 percent correct

[@IAMHERE486]

Awesome!!!

[@cynsloan-johnson6233]

Exactly me and my husband found land in rural California near reno nv. It's affordable, nice, and in our price rag. Even w him making mid 6 figures, we want to stay below the 700k mark. But did even better and found something for 150k ❤. Ppl need to leave the city

[@alexiaalcaraz1367]

My husband makes 120k after taxes, we bought a nice 3 bedroom 2 bathroom acre of land about 2 and a half houts away from los Angeles. We were pre-approved for a 500k-700k house. My husband asked me if i wanted a "nicer" house but i told him if we were going to be financially stressed id rather have our current house. We're debt free, live below our means, and have a good emergency fund set aside.

[@kiandra711]

golden rule I’ve learned: Do not buy a home that is more than 3 times your annual salary. Which unfortunately prices a lot of us out the market but if you do your setting yourself up for financial strain. Or save for a very large down payment and find down payment assistance programs. I would recommend attending a 1st time buyer’s class.

[@BREEZYM6015]

3 times my annual salary would be $180,000. I bought a townhome with a final loan amount of $203,500 which isn't too bad. I'm paying about the same or less by buying in a lot of cases than I would be paying in rent.

[@demeitres100million9]

I’m going to keep this in mind. This is a good idea.

[@kevinalleyne361]

Yes, I did pay over and above the down payment which greatly reduced my monthly mortgage. Great advice.

[@sugasweet435]

3x my salary is only $81k after taxes😭😭

[@lindaaih]

So true. Can't believe banks are now loaning people 6 x their salaries now (in the UK). It's a trap!

[@polandgreen]

We all never truly own our homes. A lien can be placed on your house if the property taxes are unpaid. If that is not paid within a timeframe, the government can foreclose on your home-even if you do not have a mortgage.

[@WhizQueen]

This is so true

[@medjonancy]

Bingo

[@BREEZYM6015]

​@@medjonancyHi Nancy.

[@RestingVirgoFace]

Exactly

[@dianad3080]

Well, in the states where you have to pay property taxes for cars, if you don't pay the taxes, you can't get a tag or register. There will always be taxes, doesn't mean you don't own the house or car.

[@tuttuttut7758]

Made a lot of mistakes but Buying my own studio appt against a low interest rate isn’t one of them. The moment I sell it of I have 200k in the bank. In ten years it’ll be paid off, no more payments. But people need to realize that there are a lot of hidden costs and homeownership isn’t all that glitters. I just happened to buy it at the right time.

[@WhizQueen]

did you do fixed rate or variable rate?

[@tuttuttut7758]

@@WhizQueen fixed rate. Will end in 5 years. Im planning on paying down a huge chunk of the remaining mortgage by then or Ill move to something cheaper

[@elainelikesboba]

People are saying buy a new home so you don’t pay for repairs. They do not make new homes sturdy anymore and it’s built with cheap materials. I live in TX with hailing and tornadoes. You need a good roof and structure, all the new homes get ruined once a tornado comes they’re done for.

[@wsh415]

Some of y’all complaining about buying houses but have luxury vehicles and luxury brands and I can tell you one thing putting money into a house is far more beneficial than putting it into a depreciating asset! Very few ppl can afford both the home and the luxury items, choose wisely!!!! The cost of one Chanel bag could be the down payment on a house in some locations!

[@certifiedg7927]

Did u notice most ppl that complained are actually women ? Cos they really do not want the responsibility it takes to be a landlord and probably discard that babygirl lifestyle

[@carinaadams6797]

@@certifiedg7927Aren’t women the majority of homeowners in the US? I saw a study saying they were.

[@certifiedg7927]

@@carinaadams6797 oh yeah, that's very correct

[@kevinalleyne361]

Nope, sorry, I still believe in home ownership, however you have to PLAN for it. Shop around for low interest rates or negotiate with your bank for a low rate for a period of time They want your business. I paid over and above the required down payment. to reduce the monthly mortgage payment. Do I live like a cheapskate in some areas? yes, i do. I dont have cable, nor landline, and I hardly turn on the lights etc. You have to do, what it takes to be comfortable.

[@so.many.obstacles]

The problem is, people have bought into the that renting is throwing away money. Keeping a roof over your head is ever a waste of money. Also, if you are living in the home that you have a mortgage on, it’s not an investment. It’s a liability.

[@MelanatednNature]

Exactly

[@TexasMade903]

So what is it when you pay it off?

[@SynterraSteen]

@@TexasMade903still a liability. The roof could need repairs forcing you to borrow against your paid off home or any number of things.

[@TexasMade903]

@@SynterraSteen That's why you have homeowners insurance.

[@brandyheartqueen9326]

Or you don’t pay taxes then the government take back your home. Fact remains you never own anything in America .

[@luxboss2388]

Most people can afford the mortgage and not the home, homebuyers can’t comprehend this!!

[@juliedickson1721]

A lot of people don’t realize they have to buy a lawnmower etc. that stuff costs a lot.

[@krn2683]

Never paid more than $25 for a mower.

[@SpaceCityBallers713]

@@krn2683exactly 😂😂

[@carinaadams6797]

😂 a lawnmower is the least of a homeowners worries 😂

[@TFlowers]

I’m in the DMV area. I had no choice but to buy a home. The rents kept running up. Now that I can see the finish line, I can kiss myself. We have to have shelter, but we don’t have to buy a “Lap of Luxury.” Nor overpay, or try to keep up with the “Jones’s.”

[@justbeingme01]

Same here. I live in PG County.

[@WhizQueen]

Do they have something called rental increase control over there? We have it where I live, rent only increases 2.5% a year

[@spacecadetsmiley]

Even Baltimore is high now, people are paying $1000 more for cramped apartments in higher crime area than I pay for a house, and the landlords aren’t repairing anything so you still have to pay

[@bigelowkaryn]

Yep. People say it’s cheaper to rent but I know I’m paying less in my DC condo than the average place. I got first time homebuyer programs and was fortunate to get a lower interest rate. Until recently I was paying less than $1500/month for my condo with HOA fees with minimal investments in the unit

[@arh1234]

​@@WhizQueen I think only specific buildings in the DC area have rent control. Not sure how they decide which ones.

[@artofficial2010]

My water heater died as soon as I moved in. Homeowner insurance jumped $300 a month with no warning. Yet I am fortunate to have 2 acres .

[@coleworldcole9438]

Yessss that land

[@dp-mcfly5158]

The land is more important than the house itself good thing you have 2 acres

[@novellprice132]

One needs to hire a home building inspector ALWAYS before one buys their house or property. And please, one should never buy a house with variable rates. Always buy with a fixed mortgage interest rate. And one should always buy within one's affordability based on their one's income and\or debt Simple as it is. Peace...

[@WhizQueen]

I’ve seen people cheapen out on home inspection and realtors assuring buyers that new build don’t need inspection. In the end the buyer would regret not doing inspection that barely would have cost $500 before finalizing their offer. Thanks for sharing

[@novellprice132]

You are welcome regarding sharing the knowledge. Glad to read 📚 and know from you. Peace 🕊 and God bless 🙌 🙏.

[@MizzzYasmin]

Home inspection doesn't always catch every issue. This is a known risk that all home buyers have to consider.

[@JaeBTundra1]

​@@MizzzYasmintrue but you should never waive that right.

[@afrprincess07]

How do you suggest finding a good home inspector? I know there are a lot of bad quality ones.

[@ieattofu68]

Not only do I not desire to own a home, I have told my siblings not to leave me their homes if I outlive them. I do not want to stress out and die early over home ownership. Not for me, but I am happy for all of my friends and loved ones who are enjoying their homes.

[@mss350]

Im trying to learn to be content in not owning a home but kind of hard.

[@MelissaLona]

I bought a home 4 years ago and it’s been the best decision ever. My mortgage is less than my friend’s rent. I think the key is not buying a fixer upper or an old home that has no updated renovations. Secondly, don’t buy a home that is more than you can afford. I know HGTV is fun to watch but if you can’t afford a 3000 sq ft home with the huge kitchen. Buy a house you can afford and stop looking at a home as an investment. It’s a place to live.

[@mss350]

@@MelissaLona you got alot of points. They always make hurdles even with the affordable homes I have tried to get. I wish was talented enough to build myself.

[@dalilagonzalez5839]

​@@MelissaLonaI have understood that mortgages go up right? Just like tent goes up? Correct me if I'm wrong

[@MelissaLona]

@@dalilagonzalez5839 not exactly. If you have a fixed mortgage rate, the principal and interest will remain the same for the duration of the loan. Your property taxes and home insurance is included with your principal and interest as one payment. Property taxes and home insurance can go up and down. If your home is worth $300,000 in 2024 but the value goes up in 2026, the property tax will go up because the value of your home goes up. Home insurance is like auto insurance. It’s low when you first buy the home and then they slowly increase but just like auto insurance, you can always shop around for a cheaper deal.

[@emptynester547]

Just listening to this is stressing me out!

[@iramrafiq5075]

Same!!

[@postagirl26]

😂

[@justechos]

I think the society is to be blamed for this bad home situation. The idea that owning a home is the definition of success and also the constant comparison of live now to live 100years ago. Also most people don’t know why they need a hose as they believe renting is paying another man’s mortgage. It’s just a crazy situation we are in. Welldone

[@Queen_EL11]

‼️‼️‼️

[@WhizQueen]

Thank you! I also blame the society to an extent. If not for social media we wouldn't know that some home owners are full of regrets. It will continue to be this aspirational life that we keep chasing without realizing it might be a facade

[@msliberated3899]

@@WhizQueenindeed it is

[@JacoyaJordan]

That’s why it’s so important to crunch the numbers yourself if being house poor is not the goal. I brought my house at the end of 2018 for a good price that I could afford. It needed cosmetic work but I cared more about not going over my budget and struggling. At the time I was a single mom of 3 and the market was much different. I could say now in today’s market I would be torn and so unsure if I could afford anything at all. Looking back I’m utterly grateful and happy that my mortgage is nowhere near the cost of renting today.

[@ludens1526]

My girlfriend is 24 put 20% down and has $10k+ emergency fund it takes time and sacrifices she’s consumer debt free

[@Leighannsayswhat]

Bought my home for 106k, 4 bedroom, one bath, hardwood, fenced in yard, beautiful old world charm, woodwork… high ceilings.. 3% interest 6 years ago. Now listing for 235k…. Mortgage 500, taxes 200, 700 monthly….

[@MONEYM723]

got in at the right time....people now dont have that luxury

[@neldeandra1425]

That barely covers the cost of land where I live unfortunately

[@honeybbqwings2664]

"My mortgage doubled" So did everyone's rent.

[@SavingWithKay]

A friend of mine just got a letter in the mail stating her payment is going up $800 a month due to homeowners insurance and property taxes increasing. It’s insane!

[@BREEZYM6015]

I bought a 2 bed , 2 bed townhome in September of 2023 on a 60k salary. My mortgage is $1,550 with an additional $253 on top of that for HOA dues. Rent was going to cost me upwards of $2,200 at the time so I decided to buy.

[@WhizQueen]

how is it going now? did you get fixed or variable mortgage?

[@TheChariot99]

Ok so …?

[@kathleenepugh9495]

I was just wondering🤔....you didn't mention Homeowners Insurance, assessments, and state taxes that will rise going forward. Of course, repairs and replacing appliances could be in the future as well.

[@brittanyr1456]

They just slowly increased my mortgage but it was really my taxes and home owners insurance increased. Rent and mortgage can both go up.

[@Neesha242]

@@brittanyr1456I didn’t know mortgage could still go up

[@machinesnmetal]

We bought our house in 1987 for 168,000 and sold it in 2016 for 872,000. I checked it's value a year ago and was over 1.2million. Buying a home is definitely a great investment!

[@TexasGal.]

I live in a rent controlled building. It’s my second one. I realize I don’t need a ton of amenities, just a safe neighborhood. I pay $1400 a month in rent for a one bedroom apartment in a city with a high cost of living. I have owned two homes in the past. In both cases, they appreciated in value and I cashed out at closing on both homes. So you can build wealth owning a home if you sell. So there are pluses and minuses on both sides. Do what’s best for you and yours.

[@porschemoore6252]

I have never been interested in owning a house. I like knowing what my rent will be, calling my landlord when something goes wrong and being able to move if something in my lifestyle changes. If you can truly afford a home I think it's a great idea if it will increase in value but there are so many people buying homes that still live pay check to pay check, absolutely not. I am interested in buying real estate eventually but it'd be a income property.

[@os3734]

You can do that buying a home and building equity. It is all about buying a home with you can afford with the right type of loan. People become house poor because they go out and buy that "big house" and getting a bad loan.

[@msliberated3899]

Exactly! Income property is better, with a property manger. It truly also depends on what you want out of life. I met a lady on a flight with her children traveling to Costa Rica with her husband, and she said we decided to wait on purchasing a home because we want our children to travel and learn culture and different languages than settle and commit to one area. They were a beautiful educated and lovely family. Decide what you want before committing to neighborhoods that are toxic too.

[@Crispy26]

This only works if your landlord is decent. I have seen some horrible landlords. Landlords around here will tell you a/c isn’t a basic need. Meanwhile it’s 90 degrees plus outside. I have seen landlords spray for bugs and then pass that cost off to the tenants. Having a landlord is putting a lot of trust into another human to behave ethically and responsibly. Thats just not a risk I am willing to take.

[@HeatherBoo916]

I'm with you. I don't make enough that if major repairs are needed, I'll be so screwed. Also, I wouldn't be able to afford anything more than 500sq ft which is what i rent right now anyways. I like living in my studio.

[@porschemoore6252]

@@Crispy26 Most laws favor the tenants. You can't control the cost of property taxes that's a much bigger risk for me. I can buy an a/c and rodents are a easy out to break a lease.

[@chitowndiva93]

I am a broker and I always advise my buyer clients that even if the bank approves a loan of $500,000, doesnt mean that you should spend that much for a home, especially if it doesnt aligns with your budget and long-term financial well-being.

[@abumaalik9272]

People in US literally buy homes that are timber and chipboard. In Europe our houses is made of bricks and mortar.

[@bigvalley4987]

In some parts of the USA. They have brick homes as well. Earthquake areas can not sustain brick. In the western parts. Brick will collapse during shifting grounds.

[@macjrc]

I’m a real estate agent and I never fully explain taxes to my clients besides telling them what the current taxes are on any particular property for the last year or explaining the differences between taxes in certain counties and how that will affect them . The financials of what they feel comfortable with paying and what they are approved for are usually discussed with their lenders and I have a few very good ones that I recommend if asked. I will try and more fully explain how taxes work when working with first time homebuyers from now on. I never thought about them not knowing that it’s on an assessment basis. Also it’s not the mortgage that went up it’s the taxes that are being held in escrow and paid along with your insurance and mortgage payment. You can change this at any time and pay your taxes once a year outright. And your monthly payment is lowered. Same with home insurance.

[@XyThree]

People keep talking about buying within your means is key. No, the key is the government not allowing these OUTRAGEOUS prices for homes that people cant comfortably or realistically afford unless they're wealthy 🙄

[@buBbly4lyfe]

I feel like they bought houses the bank said they could afford and not what they personally knew they could afford. The bank has more nefarious motives than you when giving you a loan you can't handle. As far as renting there are pros and cons with that too. It is also a money pit and you CANNOT move when you feel like it because there are hefty penalties for breaking your lease.

[@tippy06]

The bank doesn't want the house back.

[@HawaiiBlueMermaid]

Dude is correct. Buy rental homes FIRST and then buy a house with the passive income for yourself!

[@WhizQueen]

i always say this! people don't grasp it.

[@athenabarcelo9094]

​@WhizQueen do you think tiny homes are more affordable to buy?

[@mandypdx]

I hated being a landlord, i will never let another person dictate my stability again

[@Simplelivingslowliving]

@@mandypdxthis is my fear. I feel like we can’t win.

[@Pinnfeathers]

My husband and I were in our 50s when we became first time homebuyers, after years of renting, paying off debt, investing, and saving for a down payment. We spent a long time looking at homes well within our budget and waited until we found the right one for us, one that we could comfortably afford on one income. I am so glad we took our time and waited until we were financially ready and found the perfect home for us. I am surprised by young adults feeling societal pressure to become homeowners before they’re even 30 years old, before they’re really ready for that financial commitment and responsibility. No one should care if and when you buy a house but you. No one but you is paying that mortgage, insurance, taxes, and maintenance. Don’t keep up with the Joneses, they’re probably up to their eyeballs in financial stress and debt. Do what makes financial sense for you and your specific set of circumstances.

[@leesmith3917]

the young people are already in debt . fancy car 80k-90k payment 800 a month insurance 200, designer clothes and all . credit card debt from trips 10,000 and still they will sign off for a mortgage of 350-400 thousand . then boom here comes the problem

[@Tina_O]

Well said 👏🏾👏🏾👏🏾

[@jenniferbond7073]

My husband and I considered buying, me 53 yo, he 57 yo……we are in San Jose, California. Decent homes in ok neighborhood are going for on the low end are $800k….im not talking luxury, just middle of the road townhouses in safe neighborhood. The lower the cost, the scarier the neighborhood and the quality of the homes would plummet.

[@tbk01]

Baught a house 3 bedroom. Renovated 1 room into a studio with all amenities with a separate entrance. Rented it out. Now it covers 60% of the mortgage and i'm living live! :)!!!! What about the fixes? I'm super handy, fixed the fridge, fixed the dishwasher, fixed the heater, fixed the garbage disposal, fixed a simple hvac issue, fixed a crack in the bathtub, replaced a broken window on my car. Now i need to fix the garage door. Landlord + being handyman. Awesome money saver. I also do have a electrician, a plumber and a hvac technician on speedial for bigger issues.

[@tbk01]

Lifestyle, I work from home, so I get to live 3 month in Canada every year seeing Family, then 8 Months in the USA at my house. The month left I spend it travelling everywhere . 😂!! You can manage a house if you smart about it. ;)

[@apollo105]

This is what needs to be on front street. This isnt a "buying a home is bad" problem its a "People are buying homes and dont know shit problem" These expenses/problems are all manageable if you're actually paying attention.

[@EsiriE]

Yeah renting out a room or two makes it waaaaay easier but then again…having housemates can be draining

[@jessicatillman800]

Hope you are using that as a tax write off. Since a portion of your house is used for business, that room can be used for a write-off! Not sure if you knew this but it is helpful info

[@dxp96]

you seem to know what you're doing, but i urge you to get a professional to look at that garage door if you haven't already.

[@KL-sc4qj]

I’m guessing these people spent their max budget. So I’m not surprised to here them complaining. Tip of the day buy a nice house in a great neighborhood just below your minimum or at minimum and you’ll be fine, and have extra money to save.

[@blackworldtraveler3711]

Yup. Better to focus on personal needs and not to impress others. My goal was to buy a home I could truly afford which means to pay a mortgage off quickly while still saving,investing,maxing 401k/IRA,building emergency fund,taking more time off on top of paid vacations travel,retirement before 50,etc.. I was pre-approved to buy a $150k home in the 90s and the lenders tried to persuade me to spend $150k(or higher) for my first home. Was making around $80k at the time (and they knew where I worked and would be making over $160k in three years) Ignored them all and bought a very nice $70k condo paying it off in nine years and my only debt.

[@Vmb256]

What if there’s not a nice house in a great neighborhood that you can afford. Thats the issue a lot of people are facing. They aren’t overpaying because they want to. They’re overpaying because they have to. Prices are simply too high for the average earner, unless you want to live in the ghetto.

[@tmc4471]

Buy the worst house in a nice neighborhood.

[@Pinnfeathers]

@@tmc4471Did this nearly 10 years, still fixing up our fixer upper but it’s no longer “THAT house” 👀🫣💪🛠️😂🤑✨🏡✨Got a great deal on it, well within our budget, in one of the best locations in our favorite neighborhood. It’s nearly impossible to find another gem at this price in this neighborhood now.

[@traceydean2803]

You don’t own the home until the mortgage is completely paid off. Best believe that if you fall behind on mortgage payments the bank will take their property back

[@ShayWilliam341]

You do own your home it just served as collateral with the bank because they paid for it you just borrowing the money that’s how a mortgage works. Of course if you don’t pay they will take it back. It seems like you’re not educated about home buying.

[@polandgreen]

We all never truly own our homes. A lien can be placed on your house if the property taxes are unpaid. If that's not paid within a timeframe, the government can foreclose your home-even with no mortgage.

[@tamarastone141]

You all are focusing on the NEGATIVE. The point is BUY WHAT YOU CAN AFFORD AND YOU WONT HAVE TO WORRY ABOUT NONE OF THIS. Knowledge is key . I bought my home and had zero issues . If I want to sell, I pocket 70k. My money, not the landlord's!

[@allthingschanice2485]

​@tamarastone141 ikr, the negativity is really getting to me.

[@GHO5tMod3]

Even the property taxes too let your house get paid off but if you don’t pay the taxes for the land it sits on they’ll take it too, technically you don’t truly own it

[@AuntieKnowsKitchen]

People don’t do their research when considering home purchasing. The responsibility lies ALWAYS on the buyer, unfortunately that’s the rule of the game. If you are approved for 400k, don’t buy 400k. Dont buy an old house, follow that inspector around! Research how the values fluctuate, pick up a home warranty plan. Home ownership can be great for some and a bad experience for others. Research so your dream doesn’t become a nightmare Homeowner insurance and property insurance can go up or down yearly

[@sandysmith71]

Amen ! Truth

[@msmichelej]

Home warranties solve everything the First Lady had an issue with for a 50-100 dollars. Everyone get a warranty when you purchase property, after I had a $5000 plumbing issue, I got a warranty and it replaces appliances, ac, electrical and they show up immediately and will bill you the copay if you are broke!

[@VanillaButtercreamFrosting]

And the average home warranty costs only $600-$700 a year. Well worth it.

[@Gigi_of_3]

Right! Always get a home warranty, it will save you alot of headaches. I was very fortunate the seller covered the warranty for the first year. I've been in my home over 20 years, strongly advocate for home ownership.

[@The_Philly_Bruja]

I brought my 1st house at 24 at 4% fixed. Fast fwd i have 10 years left and i have tenants now and the house pays for itself. It was a struggle here and there. It paid off in the end. Now i have another home as well. Its a lot that goes into it especially when i have to repair something. However i dont regret it.

[@WhizQueen]

no one is getting 4% anymore you know. even fixed rate is starting at 6% and home cost is 2-3x it was 10 years ago

[@tippy06]

​​@@WhizQueenI bought mine before the feds raised the rate at 3.5%. The Feds have started dropping the rates as of last week.

[@leesmith3917]

@@WhizQueen 2024 interest rate is 4.50% or lower choose wisely

[@LA-Will]

I’ve heard horror stories about renting. My mom been renting for over 20 years and ppl can come in your home for “inspection” and be stealing your stuff. I think there’s pros and cons to everything. Just choose wisely and hand what you can🤷🏿‍♀️

[@VanillaButtercreamFrosting]

I’ve rented all my life. I am 53. Someone burned my apartment unit down, maintenance has stolen from me, tenants have brought in bedbugs and roaches into the complex, cars sit out in the parking lot to get broken into, you can hear noise from other units 24/7, rent goes up every year $50-$100. Yeah, it was time for me to take the plunge to put an offer on a house. Renting is NOT easy. There are as many downsides to renting as there are to home ownership.

[@LA-Will]

@@VanillaButtercreamFrosting yup I def know. My mom is going through something now…her neighbors are smoking weed and it’s getting through to her house. She can’t report it cus the lady over the unit isn’t going to do anything. So she’s getting a contact high and she’s not even a smoker

[@KK-ur7zz]

This still doesn’t deter me from wanting to be a homeowner. All these rants are things I will consider when making my decision but I DO NOT WANT TO RENT FOR THE REST OF MY LIFE‼️

[@islandpersuasion4690]

People don’t realise when you’re buying a house, you’re BUYING a house. It’s like paying monthly for an Hermes Birkin. You can’t focus on anything but buying that house. You can’t buy an LV bag because you’re buying a house, you can’t buy a new car because you’re buying a house.

[@leesmith3917]

who needs a brand new car or overrated designers bag made in Taiwan for 5 dollars and you pay 7000

[@os3734]

You have to do really research in buying a home. The first young lady looks like she did not get a home inspection or purchased a home warranty. Secondly, a lot of people do not understand how mortgages work and get suckered into bad loans.

[@suzetterod5391]

The issue is that when the bank gives the range for what you can afford, most people tend to go towards the higher end of the range. The rules of living below your means does not change whether you are renting or owning. Live below your means and always go towards the lower bracket of what you may qualify for

[@NarcissismSurvivor]

Wait. These people are complaining that issues came up that they didn’t expect and now they have to spend money on repairs that they didn’t plan for??? Holy cow! It’s called adulting!

[@SandyLovesMarc]

People don’t even know how to budget! AND buy houses they CANT afford! We bought the smallest house ever…after selling and buying a bit bigger home our now house is paid off. It IS an investment. It wasn’t to SHOW OFF it was with a goal to PAYOFF a house in the end with everytime we made money off the house we sold. Took time and patience and sometimes being ok with not having the most beautiful house.

[@noconsentgiven]

If you don't actually do the math BEFORE entering into financial contracts you can over-pay for anything. On top of easy lending. Alot of problems with these mortgages is the lack of simple math, proper research, and good advice.

[@Cream_theRabbitCheesechao]

People in these comments are still preaching about homeownership. Now they're saying "Well you gotta do this and that. Make SURE you do this AND that." The people in this video are describing unforeseen circumstances. Like a house suddenly needing major repairs, taxes and rates rising rapidly. Some people may not experience these issues but the cons that come with homeownership shouldn't be brushed away because someone had a positive experience.

[@StrawberrySweetart]

It's because they didn't watch the video lbr 😂 like the one about the mortgage going up $1000 is a very real situation for many people! Especially in booming areas. Idk why they're so worried about if someone never wants to own and convinced they know nothing about it.

[@sarahmwandira]

Please clarify that being a home owner where... Here in Malawi, you buy a house and the land its on no other charges. After that your only house expenses are utilities. Home improvement and maintenance are literally just personal projects

[@katrinabaker581]

ppl will get enough believing in what society says. u have to go off what ur financial says u can do, period! take a class on homeownership n get the blueprint. renting n owning has pros n cons n each individual has to serve which is best for them. stop listening to society.

[@WhizQueen]

📌

[@nosey32]

To the first lady with the burst pipes, I'm sorry but those pipes were not busting on their own. either the seller already knew that they were about to go or someone was bursting those pipes so that you can move out. You can burst pipes without having to go inside your house.

[@chellejohnson8880]

Question is...did she hire an inspector?

[@petuniafuzz9083]

In the mid to late '70s, my parents rented an apartment. The leases became shorter and the price went up with each new lease. They bought a house because they didn't think they could keep up with the rent increases.

[@MarieAlvarez-r5g]

If you all live with in your means then buying a home is good, why rent the rents go up 100 dollars every year that’s what is making people homeless.

[@brittanyr1456]

Taxes and home owners insurance premiums can go up the same amount or more every year. AND you have to pay for every repair so renting can be a better option.

[@blackworldtraveler3711]

@@brittanyr1456 Seems many of you bought a home and have a lifestyle you truly could not afford. In the 90s a bought a very nice Italian style 2bed/2.5bath/2car condo I could truly afford in secure gated community of an upper middle class area of Oklahoma and paid it off in ten years ***and the only debt i ever had*** Currently my total household living expenses(including HOA,taxes,insurance,etc) are less than $1400/mo. while everyone around me is paying $1800-$4k/mo. or more just on mortgage alone. Since buying my home my property tax went from $800/yr. In the 90s to $1650 currently and been this amount for over ten years. Also there is double homestead exemption and senior freeze for people over 65. My $1650/yr. property tax was less than two days take home pay when working, Through all of this I still saved,invested,traveled to 65 countries,contributed over $40k/yr. into mega 401k,maxed out Roth IRA, bought an apartment/rental in Rome Italy with cash in 2001, two small local rental condos and a beach condo after housing crash in 2008 with cash. Retired debt free and FIRE in my 40s. I forgot to mention I’m a guy that was working, saving, and investing with a Schwab account since 15 years old, lived within means, and avoided marriage and single mothers. Renting is just convenience and goes up as well. You are still paying the landlord (or corporations) property taxes,insurance, mortgage,maintenance,repairs, etc. and whatever “greed” fees they charge. Don’t understand why so many of you didn’t do the math,research,and due diligence beforehand.

[@MONEYM723]

@@brittanyr1456 they forget that along with utilities too. Everything is going up.

[@kendrataylor9867]

Rent does not go up $100 every year. Usually it’s about $25. Sometimes it doesn’t go up at all

[@diasporaexpress9799]

@@kendrataylor9867😂 seriously?!

[@saritamoorebansa4485]

I said this regarding another post regarding regretting homeownership. Homeownership is not just the down payment, closing costs and any special program that gets you in the home. It is so important that you have long term money saved ( 401k, IRA, Saving account( s), paid off car in good condition….) beside your new home purchase cost. Yes, it will take you a long time to save and sacrifice BUT you will get in your home AND stay in your home.

[@Girl-Supersonicboy]

My partner and I bought a house within our budgeting means. The house was paid in full, so no mortgage, and the taxes/bills in our area arent terrible. The house isnt great, we just had to put a new roof on the house, but we are thankful for no mortgage. People are "buying" these big houses without thinking about their budget. You have to think about your jobs pay, the bills final amount, and how much the upkeep is going to be.

[@supermom7]

I am homeowner myself one thing you should consider before you buy a home is the price of the home. if you choose a home that have multiple rooms, you can rent them out, then you will basically be living mortgage free

[@WhizQueen]

living with strangers? with your kids and family 🥲 Nop! not for me

[@blackworldtraveler3711]

No thanks. I bought a home I could afford in an upper middle class secure gated condo community. Don’t want to be dependent on strangers in my home. They have no financial stake or responsibility like I do.

[@KK-ur7zz]

Yea if you don’t have kids

[@nederahpollack]

Rent is as high or higher than some mortgages; however, buying & maintaining a home on your own can be extremely overwhelming. I strongly suggest considering your lifestyle & income before buying a house.

[@13moons-24]

in the process of trying to buy a new home, mostly to get away from horrible rental neighbors, and the yearly astronomical rental increases, that and renting doesn't help your credit score, i know my mortgage will be high cause i dont have the typical 20% to put down, but, the stability far outweighs the constant unknown.. renting a 2-3 bedroom apartment in the Raleigh/Durham area your looking at a 2500-3500/month rent, that will rise every 12 months, pet fees, forced trash pickup fees, and ignorant neighbors,

[@histreasure3189]

💯....At certain points in life, having the stability that comes with home ownership becomes a very important motivating factor for consideration in decision making regarding home purchases/ownership.

[@vicki26xoxo]

I bought almost 10 years ago in a buyer’s market. I have 5 bedrooms and 2 full bathrooms for $1500 a month and that is with the taxes included, fixed mortgage. The prices of rent is astronomical in this area. A 2 bedroom is in the $2,500-$2,800 range and that does not include electricity and heat. So yes, in some areas it probably does make more sense to buy.

[@bigvalley4987]

We bought ten years ago. Because the rental market was soo competitive. So we definitely had no other choice.

[@Mauiwik3]

So I’m about half way through this video and I’m beginning to notice a trend. Buying older homes, not knowing what comes with home ownership, and buying outside of one’s means. I’ve owned a home for what will be five years in Feb. I love it. I bought a newer home, I sought out information before purchasing, and I bought well within my means. I actually wouldn’t even let the loan officer tell me how much I qualified for… I gave them my margins. Which for me was simple, “I do not want to pay more than 2k a month”. I have had the roof replaced due to storms but other than that I do all my maintenance while working fulltime and being a student as well. All of that to say. Being a homeowner isn’t for everyone. But if you want to go down that road be informed! Let me keep 100, most people are going to need to be coupled just to survive financially. In this economy being single for most people is being an expensive luxury.

[@yvonnepoole141]

Most people dont realize that their note will likely not stay the same. If property taxes go up, so does your note. If your insurance rates go up, so does your note. I bought my house in 2019 with a great 2.75% interest rate. I turned 65, and in my state, you have a 75K homestead exemption and the ability to freeze your property assessment. That means that my taxes would go up only small amounts if there were speciall millage rates. It doesn't matter how much the property value increases. I froze my assessment as of the 2019 value. What I 😅 count on was my insurance going up sky high. I also needed a new HVAC system, my insurance company also threatened to drop me if I didn't replace my roof because it was over 10 yrs old. Even though it was supposed to be at least a 25-year roof, this is Louisiana, so we have hurricanes to wory about. So my HVAC system is costing me $100 a mth because I didnt have the cash to replace it. I had a rental condo that was costing me more to keep than ii was getting in rent. I sold it and used the equity, which wasnt much, to pay sone unexpected medical bills and a new 12K roof for my house that I live in. I had about 35K left to put a new roof on my small rental house that I am only making $350 a mth profit on. I am hoping to get a better rate on my insurance on both houses with the new roofs. I need to make sure that I keep at least 25K of the money that I have left for any other unexpected expenses. I am retired and counted on this note staying the same. It has gone up $500 a mth, $600 if you add in the $100 for the HVAC system. I also replaced the HVAC system on the rental house 2 yrs ago. I had to pay a special assessment on the condo that I just sold because the roof got damaged from Huurixane Ida 3 yrs ago, and the condo association just finally got the new roof on it. I couldn't rent it out for 2 yrs because the roof was leaking in my unit. The note on the rental house has gone up $300 per mth due to the insurance company leaving the state, and I now have Louisiana Citizens Insurance, which doesnt even have liability coverage. I pray that my tenant doesn't get hurt on the property. I am going to have to raise her rent some. I try to keep it minimal, but I need to make some profit. I am retired, my hsband is still working. We thought we had things set up with income from 2 rentals and a low house note. Having rental properties is not always great. They always need something repaired. Sometimes you get a tenant that doesn't pay or tears the place up. We have been lucky with that. The lady in the rental house keeps it up like it is her own home and always pays on time. She has been there over 7 yrs. She has a special needs child and I want to keep her as a tenant. I could charge her at least another $300 a mth market rental but I don't think she could afford it, and I don't want to lose her as a tenant. So I have had my home note go up $500 a mth, my rental house note go up $300 a mth and done well.over 30K on necessary repairs. I only made 50K on the condo sale that I would have been losing money on each mth if I kept it due to rising condo fees because of insurance cost and a new assessment for the roof. Not to.mention my 2 years of rental income loss, while I had to keep paying my note on it and my condo fees. Owning a home and even rental property doesn't always protect you. I thought we were set up pretty well financially. We were not. If I don't get a better rate on insurance on my house and the rental house, we may have to sell it all and just rent somewhere. Or I may have to try to work from home. I have health issues and can't work a full-time job. Sometimes things dont work out like you plan. If something happens and my husband can't keep working, we are in trouble. He is younger than me and plans to work another 10 yrs, but who knows what can happen. Don't ever think the note you start out with will remain the same. Taxes and insurance are going up almost everywhere.

[@tippy06]

Rent goes up too.

[@yadeweired3874]

People who rent and believe the property taxes aren’t being passed on to them are crazy. When people rent out homes or apartments they are accounting for those expenses when calculating the rent price. Why do people think their rent goes up annually… cause those property taxes most likely went up and guess who’s going to cover it. It’s a shit situation both ways.

[@dinmavlogs]

Home buying is different in Ireland, seems a bit more complicated out in the Americas. I would say please do your research on insurance, rates/fixed rates, solicitor fees etc.

[@khalilgiovanni]

My mortgage was $1,040 when I bought my home. About a year and a half in, it jumped to nearly $1,500 because of an appraisal that increased property taxes in my city. I had to make up the backpay, so I paid that for a year. It went down, but now it's $1,214. The problem is that folks are buying up homes in my neighborhood (specifically the homes that are structurally the same as mine) and renovating them. One's on the market for $180K right now. My home went from being worth $127K to over $160K in four years, and that's without me making any renovations. I know for sure that in the next few years, there's going to be another jump in my mortgage. I'm thinking about making some necessary renovations and either selling at a pretty decent profit or renting it out as I don't need all the space anymore.

[@p.d.6888]

My home was my best investment, I was very intelligent in what I bought. Owning is a good investment if you think about worst case scenarios BEFORE u buy. 17yrs later, I have no regrets buying my home.

[@islandsun8235]

Own our own land; two acres. The taxes are like three hundred US bucks a year. We have no mortgage. We plant our own food. We have no electric or water bill. We have no HOA. We do whatever we want in our home. We paint our homes with beautiful Caribbean colors. We walk half a mile down the hill and we are on the white sand, clear blue Caribbean beach. Y'all can keep the stressful west. I will enjoy my coconut water and my blue ocean. We have family time. We look forward to parties and church on the weekends. Life is good, away from the west.

[@WhizQueen]

I love it for you but this is not realistic for most people. They are somehow trapped in a capitalist economy and have to keep paper chasing

[@TheChariot99]

Ok that’s in your island, we are talking about American ffs

[@athenabarcelo9094]

@islandsun8235, so do you have a well to get water from and solar panels to take the place of paying electric bill?

[@leesmith3917]

the issue is that people are buying houses bigger than their saving and salary just to impress people who don't care. and buying a 80year old without full inspection is a burst . people will buy a home, then go buy Mercedes or Audi 80k then expect to pay all their bills . on the other hand if you have kids , you can not keep moving from one place to another , you need stability for your children too

[@Aliensanonymous_]

Great topic!

[@sasukesuite1]

Welcome to homeownership, where YOU are the maintenance crew. You should have a *BARE MINIMUM* of 3-6 months of TOTAL HOUSING COSTS + DOWN PAYMENT + CLOSING before buying a house. That includes PITI, all utilities, and projected maintenance. So for a house with say a $3k PITI payment, + extra $750 in running costs you’d probably want to have *AT LEAST* $35k saved up before buying the house. Ideally, you’d want $50k+ in cash.

[@sarossamitha8094]

Exactly, but hardly nobody will buy, And that is best...buyers are slaves to the lenders.

[@tf1677]

That is why I took three homeownership courses, education classes, would anticipate mortgage I would pay but the difference went to savings (meaning my rent was $650 and I thought I could handle a mortgage payment of $1500 so I paid rent and out the remaining $850 in savings to get used to paying that amount. Did this for a year before purchasing a home), did research, had emergency fund (outside of that savings). By the time I bought my home, had a nice cushion. Bought new HVAC system and replaced fencing…did not hurt me financially. Also in 15 years, it’ll be paid off and all I have to deal with is property taxes and homeowners insurance.

[@realToby]

Buying a home is not a bad thing if the mortgage payment is not more than 30% of your family income. Houses will always appreciate in value. I bought a new home with my spouse in 2017 and I never regretted it. My mortgage payment is less than what I would be paying for rent now. Unless you are a very handy person or have lots of money for repairs, My advice is to buy new homes only becomes it comes with Tarion new home warranty and the brand new appliances also have some warranty. Also make sure your mortgage is not more than 30% of your combined income. Incase one of you becomes unemployed, the second person can cover the mortgage until the other spouse finds a new job. The problem is people going for big houses (sometimes with fake incomes statement) and ending up with mortgage payment that is more than 50% of their income. Also buy freehold only.

[@zeanibanks3950]

Or they are single and fall into the same issue you made. Owning a home is a huge responsibility. As a realtor. I hear ALOT of people buy homes because that’s what they’re supposed to do. Instead of it being something they actually want. People tell me and my Fiance we should rush to buy a house. But we know that we can’t afford it. So we don’t. Idc what other people think. They aren’t paying our bills. 😂. People need to take accountability for their decisions lol

[@WhizQueen]

When you say 30% of combined income do you mean gross or net income? Also did you buy a home under the value of your mortgage pre approval amount?

[@realToby]

@@WhizQueen My mortgage agent used our combined gross income. They have a calculator .They also look at your debt payments and bills. Our home cost was under the pre-approved amount. Before even going for mortgage pre-approval, we made sure we had our downpayment and closing cost ready. We also took advantage of first time homebuyers credit.

[@monapharms8888]

People do not want the home their incomes can afford. The average salary is $50000 therefore the home you can afford is max $150000. I made sure my home didn’t exceed 2 times my salary.

[@Chukboss]

You can lose your job. Build a business first in addition to your 9 to 5. Ensure you have reasonable amount in your tfsa and rrsp. Also, have a 1 year emergency fund. I pity some Nigerians bragging with their home as if it is a financial freedom 😂😂😂

[@fanngurl164]

i own my home, and i will NEVER rent and pay someone else's mortgage if i can avoid it.

[@WhizQueen]

Even if it costs you more than renting?

[@TexasMade903]

She owns her home. She's sitting on a bunch of equity.

[@LavenderDream-j5h]

You don't own anything.

[@TexasMade903]

@user-hw9kr5md2z How's that? I'm a 100% disable veteran, so I do not have to property taxes. So when my house is paid off, it's all mine with the equity.

[@friedfrawg]

​@@TexasMade903 do you have an allodial deed or a fee simple?

[@TheTeresamori]

People are buying homes they can’t afford and this is making them house poor. They go into unreasonable and unrealistic purchases and then pay the price

[@joykish7342]

This is the best video on homeownership I’ve ever seen. Thank you so much. I will watch and rewatch this!!!!

[@VanillaButtercreamFrosting]

I am in the process of buying a house as a single woman only earning $60K in a scary economy. I am 53. Why? Because my rent goes up $50-$100 a year. So I am supposed to keep renting indefinitely, eventually paying over $2K for a tiny one bedroom where there is a potential for others to bring in bedbugs, roaches, burn the place down (already happened to me, lost everything) and be obnoxiously loud? It’s a toss up and even though I am scared sh*tless about buying a house this late in the game on an OK salary, I just can’t see paying more and more and more rent every single year and dealing with people on all sides of the walls. I even considered van life before I placed the offer on a house…it’s just a mess out there. I hope for the best for all, whatever you choose.

[@dianad3080]

My parents were in their early 50s when they bought their first home about 25 years ago. They have always rented. Between both of their social security checks, they can still afford the mortgage. They have a few more years to go. Just make sure you have funds to fix stuff as needed. Find out how old the roof is. Most last about 25-30 years (less if you let tree branches hit it or don't take care of any leaks right away. Make extra payments towards the principle whenever you can to reduce the amount of interest and be able to pay it off sooner. If something needs to be repaired, find a you tube video that shows how to repair and try to do it yourself whenever possible. I bought my home at 25, paid it off by 40. I'm now 52, mortgage-free, no car note, no debt.

[@kimmcdaniel4190]

I'm 49 and in the same situation. 1st time buying a house. The rent is crazy and just doesn't make sense anymore.

[@cooleesha]

It is never too late to buy a home. I do not know your real estate market but many markete are still way overpriced. A possible crash is inevitable. If this is your home for life, this is not a concern but if you may want to sell down the line, the house may be worth less in the future. Wishing you all the best and good luck.

[@VanillaButtercreamFrosting]

@@cooleesha Luckily this is my forever home, has new major parts and pieces like roof, hot water heater, furnace, HVAC, etc. and I am able to make an extra payment here and there plus I am paying extra on principle each month. Just signed closing docs! I feel I am doing the very best thing for myself at this point in my life after decades of renting. I want a garden and chickens!!!

[@VanillaButtercreamFrosting]

@@kimmcdaniel4190 I wish the very best luck to you!!!

[@86Kera]

We also need to improve spending habits as well before buying a home. Working on that myself.

[@donellmans6546]

I’m so glad I live in Ohio my mortgage is 1300 and we have a 2500 sqft home

[@ahischak]

Idk… I bought my home in 2022 and it’s already increased in value by over 50k. So if I sold it today I would make a good profit. The key is you have to buy a house you can afford, really something under your budget bc of tax increases every 3 years.

[@tymeckacaines4288]

Homeowners is a great way to build wealth. I suggest purchasing what you can afford & not living over your means.

[@OnyekaAsamaka]

Those hidden cost💀💀💀💀

[@kiki13450]

This is why after several months of looking, I decided to not buy a house and just rent my first place outside of my parents house. I could barely even afford a good down payment for a nice place let alone closing costs and furniture. Hell some of my friends are house poor cause they moved out during or immediately after college.

[@TwinMomKrystal]

This is why we bought a younger home. No issues , no surprise costs NOTHING. We have ZERO regrets and we bought at 8%. We have a home warranty and when little things happen we pay our $75 and they send somebody out to fix it.

[@TerryOnDemand]

Sounds like they all bought a home that they could not afford. Always stay within 25% of your take home pay. (Mortgage and utilities included). This way, 75% of your income remains for lifestyle, savings, and living.

[@virgo_hershey_kisses2990]

I work as a trainer for a bank and we tell customers this ALLLL the time, especially with new construction. The same customers we tell, will come back and say they didn’t know and we didn’t tell them anything when we in fact did. The problem lies in customers not listening because they’re so excited to purchase. It’s waaaay too many free home buying seminars and programs out here that explain this. At some point consumers need to take responsibility. And I don’t own a house for this reason. I know I’m not financially ready right now.

[@s.stewart8113]

So they bought a house they couldn't afford. You gotta be able to afford maintenance. I bought brand new.. Bills and groceries are okay. Of I lost my job today, my emergency savings hould be able to fully cover for the next 5 months. Enough for me to find a quick job while looking for one better. Btw i still travel. Its not the once a month travel anymore, more like every other month.

[@keke6738]

Given this inflated market, it may be best to rent until the market stabilizes. Rent can also go up. I have family members who had to downgrade from luxury to below basic apartments due to rent increase. Live with family while saving if at all possible. This is my advice to my young adult children.

[@PeaceLoveAndJoy]

So what is the recourse? Paying someone else's mortgage by renting their property? Yes homeownership is expensive but so is paying someone else's mortgage and helping them get rich. People don't want to talk about their own spending habits or how they may have quickly got into a home to keep up with the Jones. Homeownership comes with it's own set of issues BUT when you sell your property you make money as compared to when you rent someone else's property you lose money.

[@elainelikesboba]

this is what im confused about because renting isnt cheap nowadays it’s the same amt or lower for a mortgage payment. i feel like i need a better explanation

[@JudgeyJudgeyable]

I did think this way too, but I've come to realise that you're very unlikely to "make money" on the house. Maybe after being there for 20 years and the world has changed, but definitely not anytime soon. It's not like when you invest your money you get some kind of return every year. Also, you may be helping the landlord with their mortgage, but you are probably not helping to cover all the costs and you did not help with the downpayment

[@SavorAndSleep]

Quality of life is higher.

[@Ice_Solid]

@@JudgeyJudgeyable my home value double in 5 years.

[@TheFablous202]

When you factor in that you should be saving every month for maintenance on top of your mortgage and that mortgage should include taxes and HOA, no way is renting often times more expensive, that’s just not the case in most cities. Ppl are not totally ALL of the costs

[@thejullycabral]

The problem is not buy a house the problem is paying morgage and not knoowing what it takes to maintain a house house. If people that lives with their parents without no bills, living a luxurous life, with good salary, saved or invested to buy a property morgage free, they would not being crying on social media. Don´t finance, save first, buy within your means that works to everything.