I have lived in a rented apartment for some time, while contemplating whether to stay in this area long enough to buy a home. Some friends have been telling me that I could recuperate the mortgage paid for the house, if I sell it after 5 years and the value of the property has went up meanwhile.
But I am not sure if those friends have thought about the money paid for property taxes or property insurance while owning the home. In this case the property would be my main and only residence.
Is it possible that the increase in value of a private home is eaten by property taxes or property insurance? Meaning that the amount paid for these expenses while owning the home would be nearly equal to the increase in the value of the property?
(If it matters, I currently live in Florida and this is where I was thinking of buying the house.)