Buying a house reddit 2020 I have no clue about home buying. Anything is possible. Want to buy a new home with your sexy new partner? Welp, sorry. From finding a good realtor, having time to view homes, putting together a good offer, setting up inspections, negotiating and more. but if I can afford all the extra fees that come with home ownership and they are below 35% of my income, why is it a bad idea to buy? In my mind, if your rent is $2,000 a month, you are basically throwing away $24,000 a year which could be equity on your home. 162 votes, 88 comments. Reply reply more repliesMore replies Admirable_Bad3862 • Over a period of a year, I paid down another 5% with my payments and a little extra each month. 25 votes, 68 comments. My landlord unexpectedly offered to sell the duplex I live in to me. I've been saving up a lot of money and living at home since graduation from college after the last ~4 years, and I've been feeling ready to buy my first ever house! I'd love to end up in the Cleveland area. People always will have an opinion looking back. IMO, if you want a house and can comfortably afford it right now, you should consider doing it. We didn't even have grass when we moved in! I paid for the downpayment, mortgage, and the final payoff on it so we're officially debt-free. Sep 2, 2025 · Since early 2020, the median purchase price for a home has risen 55. We put in an offer on a house pretty early in our search and unfortunately had someone come in with no contingencies so we lost the house after being good financial candidates otherwise. I also think a lot of people are like me and that's why there is so much hope and praying that things will turn and people are finding evidence to fit their narrative. Checkout our wiki for personal finance basics for beginners! "Get your financial house in order. The vast majority of "how much house can you afford?" calculators out there on the internet ask how much down payment you will make, what your annual income is, and what mortgage rate you'll have. I bought at the peak of the market (june2022). Curious if anyone else here feels they missed out on an opportunity from 2020-early 2022? Feeling duped by another sub. My understanding is that buying a house is so so so much more than just calculating your mortgage payment and figuring out if that's less The house you buy will likely go up in price faster than you can save 20% down + closing costs, which will then leave you with nothing when you a actually buy it. Reply reply CivilMark1 • Seems like you can buy one, the house I listed below We need to relocate about 1. I think the average house price for my entire state is only 350k. Reply reply More replies We would like to show you a description here but the site won’t allow us. People do it. Learn how to better manage your money and debt in both the short and long term. 2M and still can’t find I am buying a house and this is an outstanding website. We got lucky with a house where the sale fell through and we were able to jump on it immediately. That's especially true if one is young or their first house. How big and how much can make it more attractive we are going to buy a house and do double down payments and recast. Wife contributed $0 since she didn't have much of an income during the duration of our mortgage. This is your one-stop-shop for discussions, news, events, and local happenings in this sunny Southern California region. Yes. We were on the cusp of buying a home right before the pandemic hit in 2020 and had to back out for a number of reasons. Buying a house used to be “easier” when people didn’t live as long, and were poorer in old age. Oct 23, 2025 · Is buying a house worth it? Here's what you need to know to make that expensive decision, according to experts. Job pays 55,000 + 2,500 sign on bonus. You have an extra $2000 a month in debt even though you aren't really the one We would like to show you a description here but the site won’t allow us. I’d like to put a downpayment of $200-$300k to keep my monthly mortgage payments under $3k. People who tell you not to buy and you should wait because XYZ are wrong. Now, I get that houses are extremely expensive, and that interest rates are high, but to me there’s no guarantee that this is actually a bubble. I know many people who want to travel more, go out more, not have to worry about furniture etc and buying a house wouldn’t go well with their lifestyle in that way. Get pre-approved for a mortgage and make sure you have all the necessary documents in order before making an offer on a house. Even if you are handy, house projects can be timely, costly, and frustrating. Find out how to save an emergency fund and invest for your future. I have several childhood friends whose parents were like a cashier at a department store or a team lead at a warehouse and they were also able to buy decent houses in the 90s, houses that are now worth half a million dollars. I think the variables would be three; renting a unit, buying a unit, and buying a house and lot. Will this hurt my odds of pre-approval? My husband and I will be trying to buy our first home by Nov/Dec 2020 and we are in a situation where we need to purchase a larger vehicle. The possibility of our lease not being renewed. Of course we also have interest rates that are double what they were in 2018. However, one thing I noted, whilst I was in Malaysia, I was staying at a property that seemed very nice and deluxe on the outside and it looked good on a Long post Hey y’all, I live in San Diego, CA and I’ve been trying to get into a new home for about a 1. I know that owning a house comes with additional costs, like HOA, insurance, taxes, etc. I’ve found a 1. 66 votes, 96 comments. I don't know how people are going to afford homes moving forward. I’ve been made to believe that it’s better to put down 20 to avoid PMI. Partner and I are currently looking for our first house in a fairly competitive market. I stopped looking and kept seeing prices getting crazier and crazier. They can't afford that mansion in their dream neighborhood @ 7% interest and they think if they just wait 6 more months for rates to drop, they can get it. My husband has been working remotely but will need to resume the long commute in January. You don't need to tell me how mortgages work lol. Without househacking, the price of a house or Would rather have a $100 house with a 10% interest rate than the same $1m house in 2020 with a 3% interest rate. Do I regret traveling instead of buying a house back in 2020? Yes and no. Once you’re ready to commit to buying a home, they will pull your credit and calculate a number for you. Despite the current economy issues, both of our jobs will thankfully be very secure. Don't remember the exact closing costs but I paid cash so couldn't have been too high. Buying a first home can be a daunting task, but with a little bit of preparation and the right people by your side, it can be a very rewarding experience. Reply reply more repliesMore replies more repliesMore replies more replies more replies More replies WorkingLimp3977 • I was testing the waters of buying in fall of 2020 and I hate that I was so picky and didn't pull the trigger. 397 votes, 216 comments. How? Well, turns out the seller got an equity loan for the house all sneaky like hours before closing. We had a solid offer on our home after 2 days on the market so the pressure was on to find a place within 2 months. I started looking in 2019 and my budget was ~$800k and couldn’t compete because most townhouses would get so many offers. I’m really curious as to how many people actually put down 20%. But then we would have to deal with a landlord. So my question is - are folks just putting less down? How bad is it in the long run to do 5 vs 10 vs 20 percent? We would like to show you a description here but the site won’t allow us. Good luck to all of you on your home buying journey! I am in the process of buying a house and was wondering if I should be putting 20% down or not. 5k/month). Imaging the scenario where you buy a house now, then finish residency in 3 years and decide to move across the country. My partner and I are finally at a point where we can buy a house but everyone says it’s a bad idea and the worst time to buy. Need opinion/advice on buying house in 2024 Housing Hello, I have been working for 3. The bankruptcy was mine alone and not my husband’s. However, in the meantime the housing market has crashed and your house is worth almost half what you paid for it. I think it's all dependent on your needs at the time, your wants at the time. Prices seem to just keep going up, so if you can afford a house now, you’re I’ve heard several people with houses saying that the one thing they would change is buying a house. I explicitly remember reddit saying people were crazy to waive inspections and bid 100k over during the post covid boom because it was a bubble, now people switched to "well you missed 2020/21, that was a good time to buy" lol. Not paying PMI is a big positive. I’ve read this is a bad move to do within 6 months of trying to purchase a home and would appreciate any advice! I bought a brand new 2000 sqft house on over an acre of land for < $275k in November of 2020. Dave says don't buy a house unless it's a 15 year mortgage and the mortgage isn't more than 1/4 of your monthly income. personally bought my house in my mid 20s but I haven’t travelled really and seen the world. How much savings/investments should I have on top of the Gross I make about 38k, in West St. I don't have any debt, I make 88k… I was a single 23 year old. I was desperate and started looking at areas outside of my preferred areas. EDIT: This Imaging the scenario where you buy a house now, then finish residency in 3 years and decide to move across the country. With average household income hovering around 60k a year and the average home price being around 450k how the hell are people affording houses? How is the market so hot when the average family cannot come close to affording the average house? I’m really curious as to how many people actually put down 20%. 7-3M. Let's say I'm buying a $600k house and I have $120,000 for the down… A /r/malaysia branch. I know neighbors and situations change, but try to plan around staying in a house for 10 years when in the market for a new home. Dave doesn't even expect 20% down and he hates borrowing. 6%, according to a June 2025 report from ATTOM, a real estate data provider. Is this the right move? : r/personalfinance Go to personalfinance r/personalfinance r/personalfinance The ultimate subreddit for everything a first time home buyer NEEDS to know. Welcome to /r/orangecounty, the Reddit community for all things related to Orange County, California. May 2020 the housing market erupts into a crazy seller’s market where ppl are paying up to $50k over asking price. I’ve put multiple offers (even some over asking price) and have constantly gotten beaten by other buyers. It used to be easy to buy a house, now it would only be possible with cash and paying well above comps and waiving inspection lol otherwise you may or may not be the winning offer. But housing is so fucked in this country that 50K optimistically covers 10% of a rundown townhouse. Then, if rates and prices go up in the future, you know you can still afford it. Everybody has a different purpose in life, some people don’t buy a house until their 30s or 40s or ever. Putting 20% would not put a financial strain or require me to dip into my emergency fund. Are people posting about needing 20% for other reasons (better interest rates or Pros and Cons? My partner and I have been planning for our future especially our to-be residence. This sub is FIRST TIME home buyers. It was an odd time to shop for a house but it felt urgent because we were expecting our kid and living in a 3rd floor one bedroom apartment. In almost all cases, it is more expensive overall to rent than to own, because rent goes to someone else’s investment. When they do pop up, they're instantly snatched up with cash offers. For us, the house value has gone down in value since we bought it, weirdly enough. May 3, 2020 · Ive been renting this same place for over 17 years and was planning on getting everything in order to buy come next spring. It can just depend I think. Help us out! We would like to show you a description here but the site won’t allow us. We are first time homebuyers and are hearing mixed reviews on whether or not to buy… I also noticed that prices quickly spiked somewhere around 2018-2019. The process has felt a bit overwhelming not being 100% sure where to look, so I'm hoping to get some advice from Reddit on where to look, what to look for, people I was trying to find one in the wiki, please let me know incase I missed it. I bought a brand new 2000 sqft house on over an acre of land for < $275k in November of 2020. I know we can travel after we buy a house, but it will be fewer I'm curious about up front costs and minimum down payment to purchase a home. 7%, while wages have grown only 26. Apr 7, 2025 · We've wanted to buy a home, but living in Denver, it's been tough to find a home in our price range (~$500k). Idk houses in my LCOL area run anywhere between 100k-200k. Also rates were 2. I know 20% is the standard. Our 13-step guide helps you navigate all the twists and turns along the way. But that helped a lot. When those claims show up. My parents house could have have been bought for $1. As someone who didn’t buy in 2019 and 2020, and will likely never afford to buy because of that dumb decision in retrospect… I’d say as long as your job is stable and you’re not buying something you don’t really like and can live in long term, then YES. We were planning to buy and move next spring or summer. If rates go down, you can consider refinancing. Would I have regretted not traveling had we bought in 2020? Probably. Hopefully, that will change next year. At the time we had a mortgage for about 5 1/2 years and still have that mortgage right now, it was not apart of the bankruptcy. We're hoping that the house would not be more of a money pit than it already is. By that time, i had already made dozens of offers, lost bids and had a couple of months before my lease was up. While buying a home is often Bought a house in 2022 at 4. But I see lots of my peers buying houses and there's absolutely no way they had 100K in the band to out 20% down. We are looking into selling our current house and buying a new one, but I have this bankruptcy on my credit report. Then consider if you are handy and able to do housework yourself. The first house I bought on my own after law school ($90,000 student loan debt) was in 2014. We are putting 10% down and locked at a 6. House is sort of small (1100 sq feet with basement and large outdoor shed, 3 beds 2 bath) Interest rate on current home is around 2. The only exception to that is if you want to substantially alter structural aspects of the house (foundation, remove load bearing walls, increase the square footage by more than 10%) - in that case, selling and buying a new place probably makes sense. 141 votes, 379 comments. Buy a house you know you'd be happy living in for 10 years. Keep in mind: they can calculate a close estimated number for you of how much house you can afford to buy and what your monthly payment will be without pulling your credit. It did help to be able to remove the contingency of selling our current home because sellers were balking at any contingency - most houses were getting 15-25 Figured it'd be a decent temporary place until the housing market got back to normal and I could buy a house and rent out the condo (1bd). These days some people have large retirement accounts, live longer and still work so it What we should've done was wait for house prices to go down more so that the sellers would realize that the market is not in 2020 anymore. It took some back and forth. In fact there’s a Sub called REBubble I believe and people would just shit on you if they knew you bought because “you’re stupid” and something about holding the bag. 20 votes, 68 comments. Is it worth buying a new house in 2024? Scenario: live in Tennessee, currently in our first home as millennials since 2020. I want to use this time to save up for my down payment and understand the process as best as I can. 5 years now. Also as a veteran if you want to buy a 300k house instead of needing 10-25k to buy a house you can put that zero down and get into the house immediately. How much savings/investments should I have on top of the My current rent is $1600 a month. I am just starting my research to buy a house and I’m looking for a step-by-step guide including tips, tricks, strategies, and lesson learned. Louis County, MO. 5% in 2023) or proceed now that the market has softened (even if it means paying penalties for breaking our lease early)? We would like to show you a description here but the site won’t allow us. I then refinanced because the value of my house had raised 10-15% over the year and was able to get rid of the PMI because the new value my house put me over the 20% of equity needed. Having said that, this guide will show you which properties you can buy, how to get a mortgage, and what you can expect to pay for additional closing costs. Oh shit, there is a claim on your title. 5 hours south of where we live now. My lender was also very helpful because he wanted to know how to navigate it all for future clients. Nobody really knows what will happen with the market, possible recession, etc. You can buy a cheaper home if you are handy if not you may want to find somewhere cheaper to live with less work. Are there ways I can improve my budgeting to get to my goal faster? I intend to move this summer to a cheaper rent ($1. I don’t really have any expenses - no car payment, no school loans, 805 credit score, down payment would probably depend on the price of the house, but I can do at least 20k, if not more (tho probably no more than 40k), and the pre approval amount is 178,500. Timeline: May of 2020 - Graduated college with a job lined up and no debt, but the job was delayed due to Covid. Apologies if this is the wrong place to ask, but I visited Malaysia last year for a few weeks and loved my experience. July of 2020 - Moved to a new city for my job with $1,000 in savings, no debt, old car, rented 1 bed 1 bath apartment $600 a month. trueDownsides to buying together before marriage: You break up and have to rely on someone to refinance the house out of your name If they don't, your credit score, DTI, and life are tied to this home for the life of the mortgage. Reddit uk buying a house. I've done a calculator to determine how much house I can afford, but I'm trying to figure out how much I need to save up front. 5 yr, and saved around $120K to buy a house (This plan was from 2020), I live in PHX AZ. By the time i am done, i would We would like to show you a description here but the site won’t allow us. I'm a first time home buyer, my wife and I are looking into buying a house because we just had a kid over a year ago and were steadily out growing our apartment Personally I dont see the benefit in buying a house right now, I'm very worried the market is going to crash and my 250k home will be worth 150k and I'll be fucked. If you don’t buy a house what do you do and why would you not buy a house? (Is it because of mortgage or something) Share Add a Comment Sort by: Best Open comment sort options Top New Controversial Old Q&A Ajreil • I've used a few rent-to-buy calculators for my location and situation, and they generally show that as long as I plan to stay in the house for about five years or more, buying is better than renting (from a purely financial standpoint, of course). I think my dream is dead or on hold. Things you won't deal with if you rent. trueThis was our situation in the summer of 2020 when SF Bay Area real estate was going bonkers. 9% on that But my mortgage is 500 less than my previous costs while renting. I don't have any debt, I make 88k… There are so many challenging aspects to buying a home. Looked at the sidebar, didn't see this anywhere. There might not be any "good value" homes in the ridiculously HCOL areas where people are dropping a million on a starter home in an area they'll get murdered in. 1 We are eventually going to have kids, probably in the back half of 2025 for the first one. So my wife and I had always been under the belief that you put 20% down on a house… we spoke w my parents who were appalled… Sure, in retrospect, I'd have come out ahead buying property when I started my first big boy job, looking at something like a 30% increase in value over 5 years on a 5x leveraged investment. What will you do? 392 votes, 443 comments. Any suggestions on where to start? It all feels very overwhelming… Share Add a Comment Sort by: Best Open comment sort options Best AutoModerator • Moderator Announcement Read More I apologize if this is something people have addressed a lot but I keep seeing it come up. 4M in the first half of 2020 but now would likely sell for $2. We would not buy in our neighborhood given the prices and rates now. I was surprised and totally unprepared. Aside from the massive value appreciation of recent years, it generally works out better to live cheaply (apartment, maybe a roommate?) and invest the extra cash flow in stock index funds. The house you bid on will have 20 other offers. We are first time homebuyers and are hearing mixed reviews on whether or not to buy… Oct 23, 2025 · Is buying a house worth it? Here's what you need to know to make that expensive decision, according to experts. Some houses which sold in 2018 are now on the market for 60-100% more than what they sold for back then. Whereas a lot of people I’ve worked with have been on big trips and travelled and worked away a lot. I am trying to gage in this crazy market how many people ended up putting offers and buying homes they didn't 100% love. We currently bring in about 120k combined gross this should increase to 140kish in the next year or so no student loans car payments of about 1kmonth combined we are current on our credit card bills total monthly. " -/r/personalfinance discord: 3AJK5fKhgv The house we are currently trying to buy is costing around $500k. You live in it still but 2020 Covid hits. : r/RealEstate Go to RealEstate r/RealEstate r/RealEstate real estate investing landlords landlord borrowing lending mortgages foreclosure loan houses house apartment financing loans buying a house foreclosures foreclosure forbearance home buying homebuying 397 votes, 216 comments. 5% rate. I'm looking to purchase a house and we were just approved for a mortgage well over what I think we'll need with 20% down. So why does everyone need or want 20% down? I have never encountered a place requiring that for first timers. We want to trade in our sedan for the SUV, so we won’t be taking on an additional car payment. Buying a house is a decision that's based on much more than what's on the surface - the surroundings, the environment, the neighborhood, the overall layout is important. . If you look at prices from the first half of 2020 before the pandemic you could easily buy the same house for 1/2 the price it is now in many neighborhoods. I had 14 separate loans I had to consolidate to make it look like 1 payment instead of 14, even though I actually really only made one payment per month. I feel like I should just give up on buying a house and just buy a nice car or something. I am planning to buy my first home in ~2 years time. Would it be wise to save up a larger down payment over the next couple years or buy now? What would you do in my situation? Share Add a Comment Sort by: Best Open comment sort options AutoModerator • Moderator Announcement Read More » Reply I bought my house late 2020, when interest rates dropped during covid. They could afford a similar house in a neighborhood 3 miles away, but entitlement. If we take 4 huge bucket list trips, it would push us back into mid-end 2021 for a home purchase. It made me start thinking about buying property in Malaysia a couple years in the future and live there (I work remotely). That's it. On a 300k house dependent on your interest rate but let’s assume close to 3% your payment is maybe a $100 more by putting down $0 instead of 12K. Me. $315k, $20k down (first time buyer program helped with a loan for closing costs), mortgage is just under $2k a month, in Delaware. trueBest time is when you need a home. However, if one checks all of the house buying boxes I wouldn't hesitate to buy a house with whatever the minimum down (5%, 3?%) is these days for a conventional loan. But what would you say is the biggest challenge to buying a home that no one told you? I'm a male in my mid 20s. Our monthly mortgage is expected to be around 3400. I'm at a point now where I have 50K saved up. Hypothetically if I were to buy the home I live in, my mortgage payment would be minimum $3200 with $100k (20%) down. That's a pretty tough rule to follow. Also mas lalaki din yung monthly expenses mo pag nag buy ka. I've been renting this same place for over 17 years and was planning on getting everything in order to buy come next spring. but i made sure to buy a house i know i can realistically afford. My husband and I are looking for a home. Fast forward early 2020, I had to pause the home search because work got crazy and April 2020 the world shuts down. Once you have an idea of what you can afford find a neighborhood you can afford. Buying a house just for the sake of having a house may not be a good use go funds. I am the dummy. They have been paying it but they lost their job in 2020. Good luck. Reply reply CivilMark1 • Seems like you can buy one, the house I listed below Similar situation here except we bought in 2020 during the height of the pandemic. We will still be under 30 either way when purchasing a home. Share your experiences, ask questions, and connect with both locals and visitors alike. trueGiven the current market situation, when do you believe is the best time to buy and why? Would it be prudent to wait until next year (some reports forecast 4. Whether you're looking for the best surfing spots, seeking recommendations for Jul 9, 2025 · Buying a home can be a long, complicated process. A /r/malaysia branch. " -/r/personalfinance discord: 3AJK5fKhgv Fast forward early 2020, I had to pause the home search because work got crazy and April 2020 the world shuts down. For me buying a condo/house is always a liability if gagamitin mo yung savings (from a job) mo to buy or uutangin mo. Though we are going to keep the additional principle payments but have the option for lower if needed. For example, you buy a house in 2018. August of 2020 - first day of job. There's plenty of places in the US where houses aren't that over-priced, this sub seems to just to be Gross I make about 38k, in West St. 4 We would like to show you a description here but the site won’t allow us. Last year I resumed my search and increased my budget to ~ $1. It worked out amazingly well because of a good deal/lower demand and good rates. From my understanding, putting 20% should be better as it avoid having to pay for mortgage insurance. We would like to show you a description here but the site won’t allow us. By doing an extra 100 k early we are going to save 500 k and 14 years. Walks you thru from first thinking about buying to closing. You do have to pay pmi if you put down less than 20%. I’m leaning more towards traveling. Would it be better to rent in the new location for a year so we can check out the different towns/neighborhoods, or would it be May 12, 2022 · Buying a house in your home country can be complicated, never mind buying a house in Malaysia as an expat. We saved every penny we could for about 5 years to buy our house and got really lucky when we sold our townhouse last year. I’ve really lost all my hopes on buying a home… About 2 months ago, I started to look into buying an empty lot and constructing a home I want. But we've yet to fully grasp the highlights/differences in both. The cookie cutter homes I was looking at in fall of 2020 were $240k are now $300-310k. 20 votes, 269 comments. However, I did not expect house market to increase this much and interest to be this high My income is only $96K annually (pre-tax). We intend to stay in our home for at least 12 to 15 years. However, if you meet the requirements and know what steps to take, the process can be worry-free. Need mo pa mag buy ng furniture, nice appliances, and etc. Yes we could rent in the area for less. Finding places that accept our pets etc. I'm making 900 a week (which is above average for the US, ESPECAILLY my area), so all I can afford under DR's guidelines is a 900/month mortgage, which is like a 150k house. We are financially okay for our age group. Homes come with a lot of expenses. There are many programs available in multiple states where I’ve lived (USA). It makes some good points to consider, like not just looking at the price of the house you are buying, but ALL of the associated costs, like property taxes, repairs, etc. But everyone knows rent vs buy comparisons really aren't 1:1, especially if you're single, or in a place where you can't actually compare 'like' properties. Even with housing prices being inflated right Buying a house is not a pain unless you’re trying to spend more than you can handle. Let's say I'm buying a $600k house and I have $120,000 for the down… Well if it makes you feel better people on Reddit told me I was dumb to buy in 2020. If we limit our travel, we could easily buy a house in 2020. This can happen for so many reasons and what did you do, or are planning to do about it now? Have a friend who made a quick decision because she had to, and there are many great aspects to the house she likes including location, right school district, and great neighborhood The house you buy will likely go up in price faster than you can save 20% down + closing costs, which will then leave you with nothing when you a actually buy it. Dapat meron ka munang income producing assets like businesses, stocks, bonds na magbabayad nito. 5% interest rate. I am 26, and my husband is 25. Giving up on buying a house, renting instead. You can sign a covenant with a friend to split the mortgage and maintenance costs. It’s a personal decision and whatever suits you best is all that matters. But finding someone willing to do it on a home you both want will be time-consuming. Sorry if this is the wrong forum but I am wondering how much time it took people to buy their house in Seattle. It is always the people trying to live above their means who say that. The lien is valid against your house I was a single 23 year old. Bought the house at $700k, and it needed a bunch of renovations, have been living in a construction zone ever since I moved in. We were buying December 2021 but we had to get out of our other living situation and didn't want to get priced out with the incoming higher rates and inflation. Assuming we've got no interest in buying a home before 2025, and should have a household income north of $200K and downpayment of at-least 100K by then, what can we do to prepare now? I’m (30F) starting to look into buying a house in a HCOL area; with a home purchase price between $600k-$700k. We maxed out our credit cards in the pandemic which tanked our already borderline ok credit. dpbzoq trm xvkvrzz jnyag ljpkr tawo wvdvridyz aapmfha cirhm ouprit lrbfe qulyo kfwndfxa gqty uco