Property prices in my area are very low currently, it's a great time to buy, really.
This, although about 2 hrs away and a different market, is still a really good example:
Quote:
Originally Posted by g35gabby
Paid 100k for 4b/2B/2 car garage. 1550 SQ ft and a big back yard w/ screened in patio. was all redone inside when we bought it and metal roof.
Had options to buy decent homes above and below in the same or less price range. There were a lot of houses on the market at the time, and interest rates were stupid low. ended up buying at 3.75%.... Couldn't be happier to own my own home. even with insurance rates going up a little I still don't pay $800/month and have a 2 car garage for all our toys and tools.
Florida may fail a lot, but property is dirt cheap right now.
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While I sit here spending $1,000/mo in rent for a 900 sq.ft. 1/1 apartment and single detached garage, I could be owning my own "NICE" house.
If I had a SO to split bills with, I would most definitely purchase a house. However, I have worked in the foreclosure and bankruptcy field of law for 7 years now (always defending the creditors) and it's a little scary to imagine having that burden. But then again, people here are getting away with not paying their mortgages for years. Like, literally enough time to save enough money for a down payment on a new place.
Also, as someone mentioned about how all people are concerned about is image, you are totally right dude! You would not believe how many people are in bankruptcy with BMW's, or 3 or 4 cars...even 3 or 4 properties.
You can actually get away with a lot right now if you are willing to go through bankruptcy....lien strips and cramdowns are ridiculous