Think about relocating? Experts say: don’t buy a house in these states:
You can save money by taking into account some factors when purchasing a home, such as the cost of living, crime rate, climate change, local issues, and property taxes.
Researching the market now can help you choose where to invest later, whether you’re saving for a home purchase, anticipating a drop in mortgage rates, or making a major move in the coming years.
Although there is no foolproof way to forecast the market, the trends we are currently observing provide some useful hints. We spoke with a few experts based on current market trends, and they say don’t buy a house in one of these states in the next 5 years. Why? Continue reading the article to see the answer.
Florida
Let’s be honest, Florida is a paradise for retirees. If you were living all your life in a place in which heavy winters were always a pain in the neck, in your retirement years you want to take everything slowly and enjoy more of your free time well in a sunny place. And where else if not in Florida? But in the past years, things changed here, and even real estate experts have warned us about it.
All nice and sunny, but because of its location, the state is particularly susceptible to hurricanes and climate change-driven sea level rise. Rebuilding expenses, interruptions, and rising insurance rates as a result of storm damage are all significant factors. If rising sea levels make coastal properties uninhabitable, their value could drop significantly.
Think of Florida as a great place to spend a vacation or a getaway weekend but don’t buy a house here.
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