Property Brothers: If you're going to buy a house, get something you know your family can grow into

Scott Brothers Global co-founders Jonathan Scott and Drew Scott join 'Squawk Box' to discuss the state of home ownership in the U.S., impact of higher interest rates, property taxes, insurance, and other expenses, housing supply outlook, and more.

[@GriffinNotary]

Almost 20 years ago we bought a home that we could grow into. Now that our sons are grown we still have enough space to live individually but come together as a family

[@DaleH2o]

Convert garage for over 200k? This conversation only applies to places like New York City and LA. I renovated a 1926 brick bungalow while living in it in Denver for $50,000. Did all the demolition and much of the renovation myself except the electrical. Granite counter tops, new cabinets, new bath. Most people underestimate the time it will take by 100%. I did. They also underestimate what they can do from drywall, framing, plumbing to hanging cabinets. Doing all that with a full time job is hard no doubt. It is the only way to get equity. You will be extremely lucky to get any equity in a home paying someone else for every part of a renovation. You also need to know if the market in your area even supports what you plan to do.

[@Donkiko-bz1lv]

I thought it was Luis Suarez from Uruguay 😂😂😂

[@markeasley6149]

No one is staying in a garage for rentals in sane markets and it also decreases your value to not have a functional garage.

[@mocheen4837]

In San Francisco it is difficult to buy a larger home unless you are spending over $1.6 million.

[@user-ho1pj8vm8l]

The math on this is funny. 250k loan at 8% interest to make your garage rentable. You need to charge about 3k /mo rent to pull 5% yearly ROI to beat a savings account. Seems like a lot of effort and risk but what do I know. I'm not selling real estate dreams to morons.

[@NeoSoulCrew]

Youre a lifelong basement renter

[@user-ho1pj8vm8l]

​@NeoSoulCrew
Nope, try again you failing house flipper. When I bought my home I did it cash because I could. Best you can do is post D-tier troll comments to anyone pointing out how hairbrained your investment schemes are. How many hot potatoes you holding rn?

[@JC-dt7rn]

Actually you’re both right lol😂, depending on location and individual circumstances.

[@022100bmlotus]

Hey boys..... money market pays 5% on liquid cash:)

[@MrMountain707]

75% of Americans cannot afford a home in this market and with these rates...

[@KK-pm7ud]

People shouldn't be guaranteed a home. Affordability shouldn't be a government priority.

[@josecuervo3351]

@@KK-pm7ud- This was the mindset of the French monarchy just before French Revolution,,“let them eat cake”. Ignoring one of the most basic human needs to the majority of the population is not going to end well.

[@KK-pm7ud]

@@josecuervo3351 People have shelter. They just don't require a 3 bedroom home. If you want that, work hard and sacrifice.

[@josecuervo3351]

@@KK-pm7ud - Define shelter. Homeless living in tents have shelters, and I wouldn’t call that situation adequate. If the expectation is to limit family formation (also not healthy for society/economy), then sure single bedrooms apartments would be fine. Nobody is asking for 4 bedroom McMansions, but small three bedroom single homes (or townhomes) at attainable prices is reasonable. Telling folks to work hard and sacrifice at the current affordability index and median incomes is unreasonable.

[@KK-pm7ud]

@@josecuervo3351 Homeless living on the streets in tents is not shelter. It is illegal camping. It is up to people to figure their own stuff out. If they have to live with six family members to live in the state they want, then so be it. Otherwise move to a place you can afford based on the job you can get in that location.

[@brodieobrien-pickering2202]

Short the banks, gentlemen. We have idiots like these guys hyping up bad renos. Negative amortizations are basically defaults. The banks are just playing some tricks to keep the party going

[@crhoads13]

Find listings with l assumable loan. FHA or VA or USDA.

[@sushilsehdev6613]

Home prices will fall for long time. Low interest rates party is over

[@face4me]

These two lost their minds talking about a garage is 100.000 or more they are the reason housing is so high

[@Donkiko-bz1lv]

Yup because they make easy money.

[@geevs2005]

Thank you, Dr. Fung. You have gave me and exposed me to a great tool in fasting.

[@Alpharizzchad]

You can trun your garage into a rental.Remeber. they charge your tax rate. Its a win for the tax man only. You will lose money

[@MrMountain707]

Illegal if not properly renovated. You cant rent it out with a concrete floor.

[@blipblop92]

Detroit is the next up and coming 😂😂😂 UAW money

[@face4me]

Don't listen to random idiots huh! 😂

[@fabianmanuel6432]

The male presenters’ eyes are “unique”.

[@IproPvP]

housing shouldn't be for speculation lmao....what a joke

[@Nate_K111]

Detroit? Lol what a dump

[@briankim1466]

Too much makeup on the man host. Embarrassing.

[@AdolfMitler-ch8ns]

Property Scammer s.