3 Things I Wish I Would Have Known Before Buying My Home
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- čas přidán 9. 09. 2024
- More like 3 Things I Already Knew But Decided To Ignore.
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Lost sound from 2:50 to 3:10.
Did CZcams censor it🧐
Yea I lost sound too. Wack.
Had me thinking my Bluetooth dropped 😅
I thought my phone speaker died and was panicking 😂
I kept rewinding the video and restarting YT thinking it was my connection😭
Thanks for your honesty, and transparency. This took guts to reveal, especially with you being a realtor. I’m sure you’re gonna get some flack from the “know it alls” but I appreciate the vulnerability.
I used to be that way, like try to be the nice person, etc., now I’m very direct and not afraid to ask for some and then some more! I do speak my mind and I get looks like, “you’re supposed to be nice and stay quiet”
Yep. My wife taught my this actually…and she gets the same reactions
Paint asap, then do repairs every 6 months to spread the cost and to make sure you make progress bit by bit
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone wants to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?
Jessica Lee Horst is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
thank you for sharing, I ran a Google search for her name and came across her website.
I appreciate your honest approach to home buying.
Your videos helped me hold off from buying prematurely.
For now, I’ll keep saving and investing indefinitely.
Stay with what you can afford even in the worst time or plan for it, that's the best advice
All jokes aside, nobody talks about closing and wire frauds. I would lov a video surrounding that part!
Wire fraud? Are you buying without a loan?
@@xephael3485 no
We paid lender fees directly to the lender as we went along. We got money back at closing and from the post closing audit.
I would imagine this is reality for good portion of people that have bought in past few years. Prayers for everyone's success
There is no better teacher than real life experiences shared. Thank you for this!
I'm sitting out till rates lower and more houses hit the market. If that means I need to rent for 2 or 3 more years than that's fine. That's just more money to put towards savings and investments.
That’s a misguided stance though. There’s no guarantee that these two scenarios will happen especially at the same time. Timing the market is a bad time. Time in the market will forever be king.
Start building the equity now, refinance the interest rate later. Most people with a 2.25% interest rate already owned their home by the time rates dropped.
@@Ty.88 Unfurtuantely inflation has eaten at whatever equity one would have attained during this time. The housing market will pull back and folks will be left holding the bag for property they paid too much for. Sure you can refinace, but you've already spent a good chunk of money on the appreciated interest. I suggest renting and spending that money in the market.
@@shoalins55 This just isn’t true. On my property I have over 300k in equity. Inflation just feeds the equity more. And sure, even if it crashes a 100k I’m still up significantly.
What you are describing is not actually happening. While everyone is sitting on the sidelines all these corporations and investors and buying up these properties. I know this because I represent them. You also have to remember that you aren’t paying the entire purchase price up front. So for the 100k I’ve spent over 4 years of mortgage payments and the closing costs I will net around 200k and that’s without doing simple renovations.
Buying a home is spending money in the market as long as you’re not buying in a bad neighborhood no one wants to live in.
@@Ty.88 It’s great that you’re doing well, and it might even lead you to believe what you’re saying is entirely true, but that’s not the reality for the majority of people. Many new home owners are buying property at inflated prices, and they will not get an investment on their return for a very long time. Also, some areas will show slower pull backs and that’s mainly because they are in highly sort after areas. A lot of people FOMO’ed, and will be left holding the bag as the equity in their house slows to a crawl for the next 10 years because they spent $450k on a house worth 300k.
@@shoalins55 The problem with what you are saying is that the statistic show something completely different. If you look at a graph from the last century you will see that property values have almost entirely increased. You’ll also see the period with the largest drop off was a time when a baby could come out of the womb and get 3 mortgages at a variable interest rate. There will never be a time where that happens again unless our current laws completely change.
And so what if the equity slows? You have a fixed rate and a fixed payment. Unless you plan on refinancing or selling it really doesn’t matter. You pay the same amount every month for your mortgage. No one will be left holding the bag except for the realtors that won’t have nearly enough inventory to keep their business going.
Appreciate the candor but there is no perfect house buy. There no perfect house. There’s no perfect financial situation(for most of us). But what u can afford. U will face some kind of issue. U can do it with a house of without a house. Never wait. If you can afford it, whatever that means to u, then buy. But don’t wait for rates to drop on anything. U could be waiting forever or be priced out like most are. My 2c
Praying for your family
Bought a house last month. I was fine the way it was. It was in great condition. Some things were old like sinks and cabinets and popcorn ceilings. But the wife, wanted to redo the floors, bathroom and ceilings…😭😭😭 almost 1 month since closing and we haven’t started moving in yet.
This has been so far the best video. I am in a similar situation. Your videos has been a lot help 🤞🏻
Hmmm... Well, I'm a 9 to 5 who's in a "bad" situation, meaning, I bought above what I could safely afford, but I did it knowing full well that if this 9-5 job went away, I'd probably have to get two jobs to make up for the income... and I was okay with that... therefore, moved forward with the purchase. This wasn't an investment for me, this was our dream come true... call me a dreamer.
This is what I can’t stand about his advice. People who were “irresponsible” and bought a house at their means 5 years ago are now sitting on a $1,500/mo mortgage on a house now worth $400k.
In my area used homes are just as much as new construction with a 10 year warranty, and our mortgage is practically the same is the rent we’re already paying. No brainer for us.
@@palomaquerida You are not a dreamer and if you ever fall on hard times remember to contact your mortgage company. It’s not like renting where they will just evict you. There are programs for you to be able to stay in your home like forbearance and loan modification etc. It is a lot easier to keep a home than lose one.
Good luck I wish you the best
If I move into a new house I'll be so broke and I equate being broke with being miserable. It's already hard saving 20% knowing it'll be all gone at closing so I need to save 30%. Probably not happening in this economy.
I'm sitting out on buying a house until I can afford to get the 9 dollar pack of chicken instead of the 7 dollar one 😂
People are finally selling but fewer buyers looking at least in SD Cali
Cuz the prices are outrageous for the avg salary of SD
#3 is huge, bought last year with high income(lots of OT) and then my industry took a hit and I’m probably making 25% less than I anticipated making. Thankfully I have savings but definitely an eye-opener.
Thank you for sharing!!
Youre such a G! Thanks for sharing, with your perosnality my husband actually listens to real estate asvice lol. I want a home and he doesnt care 😂
I wish I would have known 1. Our attic was infested with bats, 2. a crack in the basement would start leaking, 3. A pipe in the master bathroom that goes to the toilet was ran through a space in the wall that shares a spot with our chimney and it freezes every winter, 4. The taxes doubled three years after buying. Yes we had an inspection before buying and literally all of the issues we’ve had with the condition of the home were not mentioned at all. There were issues with our electrical also, not really safety issues just annoying and none of that was ever mentioned either.
Great comment, we just bought and we are going to be very financially conservative…seems like everyone goes crazy and finances new furniture etc without watching for repairs instead!
@@andil.1309 absolutely make sure you have cash set aside for repairs. You can ask the owners to come down on the price, too if something does come up during inspection. We had to rip out all of the carpet right away when we moved in and have the whole house painted and that is surprisingly expensive. Homeowners insurance actually covered the expense of the bat problem somehow but it would have cost us thousands. Luckily we keep an emergency fund and do not spend a lot at once on furniture and things like that so we didn’t have to put anything on credit cards or anything.
Do you have a video regarding a contingency situation? Any advice on this? Thanks
I would have bought a house with an hoa so the neighborhood is better kept up. We did ok with our first house that had no hoa and the one before this had one that was a great neighborhood. This one in a great area but no hoa, has too many renters I think and is not well kept.
I guess I do have a question, we’re thinking of buying in a new community in their final phase of construction, but we’re buying a home from phase 2. Should we focus too much on the Builders if people have already lived there for 3 years? Or do we just let inspections do its job?
Wife already teasing me to upgrade our new house that’s only 3 years old
tube tops are for everyone!
Did you hire an inspector to do the inspection?
Hi Javier, do you think your inspector missed some items?
I have no debts and have saved 80k. You think I should buy my first house already, 20% down, or just wait and keep saving? Im in TX and lookn at houses between 300-450k. My current rent is 2.5k and I like it, but tbh im mainly wanting a house for a backyard for my dog and for potentially renting it out a couple years out.
3:07 did you have to mute and sensor some vital information? 😜😜
No, for some reason, Adobe continues to mute that little section, even though I’ve exported a different ways.
@@JavyVidana Time to switch to Davinci Resolve lol
@@chriswhitaker9720 that was my comment exactly but I failed to post... It has some learning but it's also free so....
Custom draperies + $5000
Haha its true!!! Its expensive!
Your channel helped my husband and I buy a home last year. We stayed within budget and regret very little. Now I'm just hoping Project 2025 doesn't come for my steady 9-5 job.
First, to comment, Chat, don't hate 😂
You mommy must be so proud.
@@Omar_Zazzle haha good comment
Pro tip: Join the military (active duty) and get at least 10% disability. Suck up your first contract and you’ll thank me later in life.
My advice is BUY! because INFLATION never sleeps. Today's expensive is tomorrow's unaffordable.
Thats pretty terrible advice
Buy when you're ready...
@@skippyskipala When was it bad advice? Do you think the cost of living will be cheaper in 5 -10 years?
@@ykdavid if rates drop even 1-2% that would save a person 10s of thousands so Its better to simply save buy when you are ready financially and within means
@@chriswhitaker9720 If rates drop you can refinance and get the lower rate. The reason the rates are so high right now is because the fed knows if they lower the interest the price of the houses will absolutely go up.
Thank you,Javier for being honest and sharing your experience. Hopefully your video will help many people out there to avoid going through this. Respect 🫡
Thanks for sharing your experience and offering transparency Javier. Sorry about all the life that ‘lifed’🫤