How to Avoid Common Home Buying Mistakes | WSJ Your Money Briefing
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- čas přidán 16. 05. 2024
- From not having your finances in order to rushing through the inspection process, common mistakes made by homebuyers can derail the path to owning your dream home. On the fourth installment of WSJ’s special series “Under Contract: Your Guide to Home Buying,” Sam Chandan of New York University’s Chen Institute for Real Estate Finance joins host J.R. Whalen to discuss.
0:00 Negative experiences from two homebuyers
1:24 Biggest mistakes by homebuyers in the initial approach to the buying process
3:08 What homebuyers should keep in mind during the bidding process
4:06 Why people continue making mistakes when buying a house
5:30 The risks of black mold and asbestos
9:00 Why you shouldn’t get too attached to a home
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#Buying #Housing #WSJ
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The home buying mistake I made was this: -I made an emotional decision AND I neglected to ask for the age of the furnace, water heater and kitchen appliances. In our third year Iin our condo I had to put out $10,000 to replace all of the above. Our home inspector DID catch the age of the a/c unit (30 years old) and I was able to get the seller to replace that unit and that saved me close to $4,000. I learned that mechanicals all have serial numbers on them and the age can be tracked using those. IF I had known that I would have negotiated a lower price for my condo unit based on the age of those units. I made a mistake due to my own lack of experience and no one to ask for advice. I was preapproved and I stayed within my budget, I also went to the condo communities annual meeting and reviewed two years of their financials. I share this so that other might not make this same mistake!
What's extremely difficult to predict is whether your neighbours are decent or destructive. It can completely change your perception of your property.
This is very true
I have a neighbor who always hits me with a butterfly net and digs holes around me to trap me, so I understand what you're talking about.
This example is ridiculous. Who would buy a home with existing problems and end up being disappointed because of those problems?
I thought the same thing haha. Also, I don’t understand why she’s so concerned that asbestos and black mold used to be in her house after it was certified safe. It’s not like it was Jeffery Dahmer’s old murder house, but the blood and guts got thrown away. It was just asbestos and black mold. Nbd
Exactly. This was not a general example. The issues she described were mostly in her head. They could have found a better story. She might as well not buy any home built before 1978.
Agreed, was funny
Agreed
I'm loving this series. I would love to know about the second home market and separately the future of multifamily rental properties in opportunity zones: are they really opportunities and what are the keys to ensuring success?
The agenda of the video is clear. Make buying real estate sound even more challenging to millennials, so that they stay in financial instruments and keep listening to WSJ! He never gave any advice on what to do, just kept saying over and over that it's the biggest decision!
8:20 best advice. Any home you just buy, is going to end up feeling normal after a while. If you really want a home you love, you'll need to customize it.
Remember, you just live in your home, you don't sit around staring at it, like you would at photos during house hunting
Could someone please summarise the key takeaway of this video in a sentence;
Perhaps 'you will be screwed over, no matter what you do'?
i don't have monies :(((
Right now the cost of 400k home with 20% is 2600$
A month that’s nearly double From few years ago
The first mistake was suffering through the up talkers, always a sign of an uneducated person.
First time homebuyers are a thing of the past. Middle class moving forward will only consist of people that bought during the time of low interest rates and their numbers will dwindle. We are 33 in middle TN trying to buy a home for 3 years. 77 bids all outbid most to cash. Now we expect to be priced out for 4-5 years which puts us at 38 before we start a family. Realistically, I don't see kids in our future. That's becoming more and more common.
Why must you buy before having the kid?
I own my home. Not in a million years would I ever use a real-estate agent to sell my home. In today's environment. No way. Of course I will use a lawyer. If the buyers want to throw there money away. Fine. Here in Charlotte NC my home would sell in 1 day. 6%??? For what?
Stella next time, don’t buy a home 😂😂😂
Chandan.. Chan-dahn or Shandon ?
Realtors made a loot by asking buyers to overbid and making a competition amongst all the buyers. Those who bought in 2022 are repenting.
how? do not buy instead seize a house and claim it is yours
FOMO = Greed 😂
That was a lot of bla bla bla . On both sides.
Examples are ridiculous. ( I bet she also has a giant student loan)
Remember - the only reason why buyers would give more than list price is because the realtor failed to price the property correctly.
You can always get a little more than someone is willing to give you freely.
The only housing mistake you can make is buying in todays overpriced market
bingo... either you're stupid or have stupid money.
Still better than renting in many places
@@NadiaSeesIt not unless you're guaranteed to stay there for at least 10 years.
The first 5 minutes of this video is useless info 😂😂😂
Only only 32 comments?
Am always happy working with Maskoffaid they keep putting a smile on my face I appreciate you so much guys
Am always happy working with Maskoffaid they keep putting a smile on my face I appreciate you so much guys