🏠 Is Buying a Home Even Worth It? 

Why I Regret Paying Cash for My House: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-GzJQHi3w4pU.html

Owning a small home is the way to go for me. You still have a home to live in and it’s much cheaper to run it (bills, maintenance, furniture etc..)

I'm 63, retired woman who lives by myself. I own a 2 bed, 2 bath condo paid in full. It's perfect for me. I can't manage yardwork, or snow and ice removal anymore so having property management handle all of that is wonderful. All of the roofs were recently replaced with the cost coming out of the cash reserve fund. My monthly cost for HOA fee, property taxes, water and sewer, and insurance is right at $650 (monthly). Very affordable and I am pretty low income. I live in a safe, well managed complex with wonderful neighbors. The landscaping is lush and beautiful. It's quiet and well maintained. Probably not for everyone, but perfect for me!

Own my house outright.Yearly taxes 400.00, insurance 1000.00 So grateful!!

I paid off my home 20 years ago! I recommend creating a budget & living to it. Pay your self first! Learn the deference between a want and a need. I bought my first home in 1987.

There are taxes and maintenance are applicable everywhere in the world. But owning a home is better than renting . With inflation everything goes up. That is why dont buy the most expensive house you can afford. Make sure you are able to save apart from paying your mortgage. Aim to settle your mortgage earlier rather than later.

I bought a fixer upper. Have 4 children in a 3 bdm home. Small but large yard so the kids have lots of room. Paid off and saving so much money. Don't you think buying another home would be cheaper then building your house as services are not cheap to put in.

13 years ago my husband and I bought our small (860 sq. ft. plus bsmt) house with the cash from the sale of our previous two homes. Best thing we ever did! We're in our 60's now, our taxes are just $1800 a year, we can afford repairs and surprise non-home-related expenses and retirement will not be a burden.

My grandparents paid $147/month to live in the house they owned, and my dad pays around $200/month to live in his house that he owns. They both had/have a few acres. Way way way cheaper than rent. I pay $500/month to live in my home, with a mortgage and that's with property taxes and insurance as well. That's less than 1/3 of what it would cost to rent a similar size apartment with no yard or garage. We haven't seen homeowners' insurance really increase around where I live. Homeownership is 100000% worth it for the savings, especially for us as a super low-income family. Yes, you have to pay for/fix things yourselves but that's still WAY cheaper than what I'd pay in rent. We can't afford to rent.

It's honestly sad that such a basic need like shelter is becoming seemingly impossible for alot of people. I think everyone deserves at least some form of shelter. Even rentable houses are through the roof. I've noticed an alarming number of houses that look run down and need alot of work done to them and yet the asking price is like $150,000+ which to me is way more than it should be. Heck I've seen single wide trailers going for $300,000 lol.

If you own a home, be sure to file for homestead exemption. That not only reduces the taxes you pay, in some states, like Florida, limits the increase in the tax base to no more than 3% per year.

I own my home outright and do not regret it one bit

I own my house and I am so thankful!!!! Paying rent is way more than taxes and ins. I keep my bills to a minimum and work part-time and enjoy life

I am a 63 year old widow. My house is paid off but my property taxes and insurance are over $11,000.00 a year. Fortunately I rent out my basement apartment to help offset the cost.

I only have 26,000 left on my mortgage, I will be completely debt-free by age 50, I will only have menial bills taxes and insurance. Split that with my husband we will only have to come up with $400 each a month, did you hear that guys I only need $400 a month to live after age 50! That is because I started to purchase a house 17 years ago, best decision I have ever made in my entire life! Taxes in Kentucky on my property are only $1,200 a year!! Insurance is only $100 4 homeowners, only $100 in insurance for both cars!! I'm glad I listened to my gut, it's always right! After 65 you can get a homestead exemption for your property taxes and they will be even less!!

Mobile County, Alabama offers a property tax exemption based on several things. Age, income, or disability.

Owning a home paid off is still cheaper than rent. Way cheaper.

I am glad you stressed the importance of homeowner's insurance. Ten years ago my next door neighbors abandoned their house. It was set on fire and collapsed onto my home. All I had been able to get was "fair plan" insurance, but it paid off my mortgage. Two years ago tree roots from a city planted tree grew into and collapsed the sewer pipe of my new home. To replace a 10' section of pipe in my front yard, add a cleanout plug, and clean/sanitize my basement was 20k! (Fortunately I had both water backup and service line added to my policy. I still got stuck paying $8100. ) There were years I didn't have homeowner's insurance. I will never risk that again!

People need to understand, when you go to Closing on a home and you sign the paperwork you are entering into a binding agreement with the government, you are basically saying that you will pay all of the government's bills and you agree to whatever increase in those bills the government deems necessary every year in it's budget. You are also entering into a government agreement regarding zoning laws, building codes, noise ordinances, mineral rights, water rights, easements, ect... ect...ect... You are not just "buying the land" you are buying every other legal and financial relationship associated with that land.

We downsized to a smaller 2 bedroom 25 years ago. Paid off 15 years ago. Property taxes are currently $250/month. Retired 11 years ago. Downsizing allowed us to save more . Budgeting and financial planning are great tools to have or pay for. My vegetable garden is almost all of my front yard.

.moving oit of Florida was a smart move. Salaries do not keep up with inflation 🌻

Missouri is the only state I know of that ends property taxes for elderly home owners. We are in Ohio , in the home of the motorized bar stool. Property taxes are outrageous and keep climbing with Intel, Microsoft and Amazon all moved who, by the way, do NOT pay taxes. They got a 10 some of them 30 year tax break. We heat primarily with wood and housing insurance is hard to find because of it. It just shocks me that we rebelled against a two percent tax on tea yet here we are.

Owning a home is not the same as free housing, this is true. But even with taxes, insurance, utilities and maintenance increasing with inflation, we would not be able to rent a comparable home for what we're currently paying, all in. Remember that your landlord's taxes, insurance and maintenance are also subject to inflation, and those costs get passed on to you. Home ownership locks in at least a portion of your housing cost.

Paying off your home leaves you a lot more to be able to take care of your taxes, and insurance.

Just a quick fun fact, not all states require home owners insurance if the home is paid for. In NC, we plan to build our home paying out of pocket on our paid for land (10 acres). Once it is built, there will be no home owners insurance. We will self insure. We don't have any natural diasters, it's not in a flood zone. Weather-wise, it's pretty boring. If a hurricane hits, we are so far inland that we only see fallen tree branches tops. Leaky pipes can be turned off, fires can be avoided, and emergency funds cover unexpected fixes needed. The only bill we will have is the taxes. Which will go up once we put an improvement (the house) on it. We would rather save the next 7 to 8 years and have a paid for home than to get into a mortgage and fight everything trying to pay it off early. Save so much on realtor fees, bank fees, and lawyer fees, and INTEREST! We have great credit, but have decided to be a debt free family. We don't consider credit cards or loans. We budget and save and utilize a high-yield savings (which is safer than playing in the stock market).

We bought our home in 2022 and so glad that we did. We are in Florida and rents here are insane.

You are absolutely correct! I don’t miss your single vlog

Very good video. If you expenses exceed your income....lots of grief. If your income comfortably exceeds your expenses...less stress and can save for the future.

Pennsylvania has both tax and rent rebates for folks 65+ depending on your income.

Great info. More people need to talk about this stuff.

Property tax and homeowners insurance is so minimal compared to the other housing expenses. That’s not where most peoples’ problem lies.

I bought a house 21 years ago paid it off in 14 years even with installing a new roof central air and air conditioning what I pay for utilities and real estate tax and homeowners insurance I'm ahead over paying rent. I'll stay right where I am

You’re half right. If things go down I go down. Corporate owned can sustain with access to deep pockets. It’s a home to raise my kids more than an investment. I’m there long term. They only want money.

I believe in owning your home free and clear. My trash pickup is covered by my property tax which is about $700 per year. Where I lived before my trash pickup was about $45 per month. If you take that into account I'm paying about $160 a year for property tax. Yes, there can be a lot of expenses with owning a home but as long as you don't borrow against your equity you will eventually get it paid off. I agree with a smaller and cheaper home. It's less to repair, less to pay taxes and insurance on, and less to pay utilities on. I think it's wise to find out if the city/county/state has any zoning changes in the works for the home you're looking to buy. Try to talk with potential neighbors and see what they know about the area and what it's like to live on that street and/or in that area. Also look around. Does this look like an area that may be desirable for the town/city to repurpose in the next 15-20 years? I also believe in learning how to do basic home repairs. Can you unclog a toilet or sink? Can you paint the walls? Can you tighten a hinge or a knob on a cabinet? Can you tighten a hinge on a door? Can you change a lock? Can you stop a toilet from running?Can you mow your yard and service the mower yourself? Do you know how to change the batteries in your thermostat, smoke detectors, etc? If you don't know how to do these things look at youtube videos on how to do them. Once you own the home free and clear you will still have maintenance/repairs and property taxes. At that point homeowners insurance is probably optional but in my opinion it's wise to keep it as long as the company has a reputation of paying their claims. If you've kept your property maintained and you add up the cost of maintenance/repairs, property taxes, and homeowners insurance over any 5 year time frame it will probably be substantially less than what you would have paid in rent over that 5 years for a similar rental space. We paid cash for a house that had been poorly maintained almost 5 years ago. We had a major unexpected repair to the sewer line that was $19,500 2 1/2 years in. That came out of our pocket because our home was too old to get any major water/sewer line coverage on. The minimal coverage we could have gotten didn't make sense. We've done some other things to it too. Last year we replaced a very sagging gutter. We've also painted the front of the house and the inside of the house. We've done some floor repair and some miscellaneous internal repairs. We've replaced a thermostat. This year we've spent about $1700 on venting piping in the attic. We're looking at taking care of about $7k in deferred maintenance later this year. Only about $2500 of that has to be spent this year. Our house is paid for but even spending $9k on it this year plus the expenses we've had over the last almost 5 years we are still below renting a similar space by about 50%.

Yes it's worth it but you need to buy a fixer upper. A shell of a house away from others so you can build onto it without permits. Make sure you are in a state like Calif which limits property tax rates increasing. Luv your channel!

Good advice to go small. Real estate agents want to max out your budget and earn a higher commission. You should be secure even if your pay is cut in half.

I’m 18 months from paying it off. Yes there are property taxes, insurance, as a retired handyman of 35 years. I’m not worried.

I bought a townhome in an HOA and they're pretty chill regarding the rules. I keep to myself and don't get bothered.

Thank you so so much for this video 🙏

Very informative! All good items to consider when you're purchasing a home.

I live in California...high desert southern Calif...property taxes $2100 per year.. my house was built in 1956...hubby passed away October of 2022 at 68 from brain cancer, thinking of selling but so much to consider.😔

The other thing is that owning your home provides stability. Yes, you have to pay taxes & insurance but your home won't be sold under you because your landlord died. You won't be evicted because your kids were running in the hallways. Also, all the zoning issues she's mentioning? Those also apply to renters. Everyone I know who rented ended up being screwed. The next door neighbor lived in the house since the 1960s on a month to month lease and her landlord died. She had sixty days to move and she was surprised at how expensive rents were. Buy something smaller than you can afford, but please buy.

So difficult to buy a house in Ireland prices are outrageous it is very disheartening for people

Much of this depends on where you live - not all of this is good advice. People need to do research. It is still relatively cheap where I live.

Wow thanks for the reality check. Life is hard but reality helps cushion the blow of life 🏡🌹

Interesting video ; we are all still living in a feudal system . But at least when you own property you are not making somebody rich with your hard earned cash.

Thanks for talking about this! I only learned about this from watching RU-vidrs who have paid off homes 🤦‍♀️

You have made a very wise decision

You are absolutely correct, I totally AGREE with each point you have made. Being able to see things is a curse as well as an awakening because usually you/we are often not believed and mocked. I hope for your continued success.

I wish you all the best in life!

Owning your own home is still worth it to those of us who are debt free. I like getting by as cheap as possible. A double wide on a couple acres and a truck I bought new 18 years ago is all I need. The new home and new car prices certainly aren’t worth it in today’s market.

We own free and clear. It’s a relief. Obviously, we still pay taxes, insurance, repairs. It’s way cheaper than renting. Renters pay property taxes, by the way. My grand parents, great-grandparents, great-great-grandparents all owned apartment buildings. You best believe the tenants covered property taxes, insurance and the mortgage. Thank you for renting! It has been lucrative.

Always enjoy your helpful and informative videos. I’m surprised home insurance is so expensive. I live in upstate N.Y. which is known for having high taxes and I only pay 74.00 a month.

I was married 2000.2009 we became debt free. 2017 she wanted to spend the saved I didn't. She stole all the money in retirement and we sold the paid for home. I had to restart my life with $25K. It's a slum in a decent town. Trying to get things done with the city and permits is more $ than I expected so I live less than I should. My bills are

There's cheap houses for sale in Kentucky.

We bought in 2022 and our mortgage is still cheaper than rental for the same size of a house. We’re hoping to pay it off in 4 years now that we have four incomes coming in.

Some places are out of reach Florida, California, Hawaii are examples. I live in Arizona and it’s not bad here.

Buying a home has risks just like any other investments

It is important to be educated about home ownership. Talk to people. Research the pitfalls and benefits of an area. Educate yourself on personal and property taxes and tax incentives. This goes for all aspects of life. Homeownership is not for everyone. Renting is not for everyone. Example - my state, you make $50k and under your children go to college tuition free. Don’t take a job for $50,001 if you want your children to go to college tuition free. Before buying do your due diligence. What lifestyle do you want? What are your financial goals? What are your skills? What is your age/health, how will pay for and care for your home?

It seems many out here are jealous of your lifestyle and living in fear what will happen to them if life becomes difficult! You should live your life as best suits you. I love this kind of life- simple living and a life without unnecessary stress and drama!

I own my home and i am glad i do. Yes i pay taxes and insurance and do have upkeep of it. But i think its worth it. You can sell your home with a lean on it. You would have to pay the lean when you sell or the buyer can take on the lean( the buyer would be crazy to do but people do it). Hoa's can be good and bad

People owning outright is extremely rare. Most own a mortgage and property taxes and HOA and keeping it fixed, up to date, maintained. It’s such a ball and chain. Never attach yourself and your life to people, places or things. It’s a misery. Most of you will suffer along the way and never pay it off. Plus we are currently in an inflation bubble and a crash is coming.

At least in the US homes are still affordable, the average house price in Auckland NZ over one million - average salary $54000 😂

I dont believe a low income person like myself is not a good idea financially living on a pensiin i prefer to keep renting the government rental i live on

When you a senior you LOCK in your property tax rate. There is a lot to learn still - some good advice but also some poor advice.

I Find it interesting that we think we own our homes when they're paid off. But we have to keep paying taxes on our property, and if we don't, the government will seize our home. So you never really own on your home!

Property tax applies to vehicles in some states too. I bought my car in full in a separate state and the state I currently live in STILL charges me yearly property tax!!

Also, electric, water, cable costs rise all the time. The electric costs are outrageous

Also look at different states that have lower taxes & Insurance. I live in NJ 63 Retired house on 1 acre is paid off Taxes are 11K Home Insurance 1200 Auto Insurance 1100. Looking around at some states where you can get 10 acres and taxes under 1000 per year.

Monthly taxes and insurance would be about 500 to 1000 a month plus hoa if you have that. That is for a very small modest, old home. Then you have repairs and maintenance costs which trust me add up like crazy. So $1,000 to 1,500 for a small paid off house which is crazy and that’s if it’s paid off. That is a crazy high amount. I’m renting a 1 bedroom apartment in my area for $1,500 a month. With my 2 kids because houses seem ridiculous high. But they only love me 1/2 time and we have lots of parks and things to do in our area. I don’t feel bad living in a 1 bedroom. 2 bedroom apartments are over $2,000 a month. Rents going up yearly. I’m ready to travel and live in my car. All my bills would be insurance, gas and cell phone.

I have my mortgage. But it's locked in, and I'm paying less than renters now.

If you’re over 35, don’t bother buying. It’s a terrible investment and it’s not anywhere as stable investment as it used to be. There’s a lot of instability ahead and you will lose. We live in a time where being detached from financial commitments is prime to peaceful existence.

When she says the government, she does not specify that this is not the federal government. This is your state or county government. The people who provide your roads, your schools, your fire & emergency services.

I would say this question is contingent on where in the country you are buying the home

Nobody ever actually owns their home free and clear after you get done all those years of pain of mortgage you still have property tax if you're still paying on it do you actually own it

Real estate is way overpriced right now, if you want to buy wait until the bubble pops and buy a foreclosure.

"You cannot get away from paying property taxes." Veterans in most states will disagree.

Dude, you both get a full time job, and you can afford a home. Plain and simple 0:42

What you're saying....If you're thinking of buying property/a house....do some serious research without rose-colored glasses...it's a jungle out there...don't get screwed

5:12 doubt this is the case in California.. people literally buy land to halt public projects..

And I live in nyc everything a million dollars

I own 6 houses in the Midwest. And one county, I own 3 houses. My total property taxes are $284 for all 3 houses. And that's all I pay. I'm not required to pay for trash or other user fees. This is a very large country with lots of opportunities. And what you're saying is not true and very discouraging. For most people that don't understand the facts. I can beg 200 or $300 a year and pay my property taxes and grow a little something on the land of each house.Or rent two out and live in one and b o k so this is not a doomsday solution to pay rent for the rest of someone's life let's be honest

3400 up 600 bucks

If you build a tiny house on your land can you avoid taxes. On that thin?😊 like if younhave 10 acres who would know if it out of sight

You can't sell your rent receipt

Once corporations own most of the properties, you are their property. They will regulate everything about you, including your speech - or else. They can cancel you.

If a homeowner has defaulted on credit card debt, has a major unreimbursed medical expense, or a judgment is taken against the homeowner, the creditor can put a lien on the home.

NOT if you buy a home with Allodial Title!

madness madness at its peak.

Homes are way way inflated and overpriced currently. No one should be buying houses right now. A crash is coming like 2008

What a Debbie downer. We have owned our home for several years now and the burden it removes from your life is WONDERFUL. Yes yes yes I know I have to pay taxes. But we live in Georgia and things have not gone crazy here like in other parts of the country. The younger generation thinks this is the first time it has been hard to buy a home. There was a time when interest rates were 17%. Yes the homes were lower in price but so were the wages. But people still bought homes, like my parents did.

In next 6/12 months all your critics will come to you to seek advice what and how they should do about living frugally!

There’s no such thing as home ownership here.

Elderly sd not rent unless wealthy because they cd put up rent or sell 😊

Own or rent?🤔

I’m sooooo with you I rather invest and rent btw you rock!!!!!!!!!!

We’re currently in a looming housing bubble that’s going to crash as boomers die off. Or it will rupture soon with higher unemployment

In NV, assessed taxable value is based on the year the house was built and cannot increase more than 3%/yr for owner occupied homes. You must file an owner occupant affidavit. My property taxes on my charming 1942 bungalow with good bones are $770/yr, and no HOA. I think these older homes are built better than the new homes they are slapping up. My insurance is $600/yr.

I love our HOA. Keeps our neighborhood into turning into a slum as some others have.

It's sad what's going on, people who work there hold life to pay off the home , but! to be pushed out because property taxes and home own in insurance.. corruption