Don’t Do It! When Buying Is A HUGE Mistake
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- čas přidán 11. 07. 2024
- Knowing the market and knowing where YOU fit into it is critical. Get ready because I'm going to tell you exactly WHEN you should NEVER buy a house. Contrary to what so many Realtors say, it is NOT always a good time to buy.
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You seem like an honest realtor mam. Most realtors i've dealt with ultimately care about one thing: THEIR COMMISSION!
And that right there is what is wrong with the profession’s reputation. 🙇♀️🙁
Due to your great honesty I have decided to subscribe to your channel...
Thanks! Welcome aboard!
Hi. Love your videos. Do you have any exp. with buying with a HUD HCV (Voucher)? Are you accepting new buyer/clients?
No I sure don’t, is it a down payment assistance program?
You give the BEST honest advise! So thankful to you! My lender is actually the one pushing the buy now buy now, but I want to save more for furnishing the home and not being totally broke after down payment and closing. Mortgage $3,600 on a $430,000 house is not cheap!
Thank you! Real estate is one arena where you should never feel pressured.
Thank you!!
Anytime! I hope it was helpful!
Great video! Thanks
Anytime! Hope it was helpful!
great info. Thanks
Anytime! I’m glad it was helpful!
Totally agree w your analysis. There are a few exceptions that don’t apply to most probably.
My parents gave me and my brother most of our inheritance early a decent home each fully paid. I got last summer. This and a cash purchase. Are a reason to buy. Especially when I don’t want to move. Or buy another home.
Yes we found a major electrical problem no ground and signs of singing in the attic and minor roof damage and had to check the foundation.
What a wonderful gift by your parents!
Great info! The homes in the DFW area are extremely overpriced. Many of the new tract housing developments such those in Celina, Frisco, Denton, etc are cheaply built. I wouldn’t buy any of these new homes, renting is the best way to go.
I have definitely seen my share of both. I’ve seen some seriously cheap houses but also some very nice ones!
My line of thought is at the end of the day, which prepares you more for your future, which is the better investment. If you can save $600/month through renting, a home probably won’t go up in value that quickly. On the other hand, if you were able to own an asset for the same price or less than the rent, then that makes sense. As long as it’s a well built home of course. You make a great point there!
You are spot on, anyone who disagrees with you is living under a rock or so rich that they can't even relate to the average person.
Thanks! There are absolutely seasons where it makes more sense to rent than own. The end game is to get ahead financially and if renting means you can put $500 a month in savings do it. It used to be you could always own for less than renting but it’s a weird market we’re in nowadays!
@@WendyPannell facts
People don't consider insurance costs, repairs / maintenance costs, property tax costs. Top it off with inflation and unemployment rates going up and companies, like their own, laying off people such as themselves............ cheaper to rent for sure right now.
I did include insurance and taxes in there but you’re right about repairs and maintenance. I didn’t mention that. With new construction you’ll still have maintenance even though you won’t have repairs.
Inflation thoughts…an argument could be made for owning instead of renting on that. We bought a rental in 2004 that rented for $895. Now the market rent is somewhere around $1,700 but the mortgage on it never changed. Taxes and insurance did, but not the mortgage.
@@WendyPannell that's true as long as you're assuming that the cost of living like food and car instance gas and whatnot rising cause of inflation doesn't take you out cause you to not be able to pay for your low monthly house payment
I get it , just save some money before you buy . But long term you should buy
Well…I gave six scenarios, none of which are completely what you’re describing.
If you can buy (even if it was with no money down) and comfortably afford it and pay less per month than rent then go for it. On the other hand, if it costs $600 less per month to rent the same house then rent and put that extra money in savings. That’s why I threw in that example of the new construction interest rate incentive. With the lower interest rate suddenly the same house costs less than renting it.
You just ignored her and tried to push your own narrative lol 😂
buy later, after the price doubles then spend all that extra savings right back on it?
Nope! If you can save $600/month renting (that was the example I used) save up for the bigger down payment. Homes don’t go up over 7k a year in the post pandemic era. The goal is to improve yourself financially and secure a smart investment that makes sense. In the example I used your best bet was to buy the same home with a 4% interest rate offered by the builder. With that approach the monthly payment is less than the rent and you have a home going up in value.
I would like to buy a second home in the North Texas area, but I can not find the down-payment assistance program because it's only for first-time home buyers.
Have you considered USDA loans?
@WendyPannell but I can't use USDA loans to buy in Frisco/Plano/ McKinney areas.
@@Alex-xh7dm True enough! You’d have to consider another area.
Wow. Not sure where your hypothetical insurance costs came from. I wish my home insurance was that low. Mine is 4-5x that per month. It’s ridiculous now. That alone is a reason not to buy. You would only need to get renters insurance instead. Also factor in all the home maintenance costs too. I live in McKinney. Too damn expensive now
Purely an estimate based on the least amount of coverage possible (super high deductible, etc.) I definitely hear ya though!
If anyone wants to move to McKinney. We plan on selling our home soon. Let me know. :)
Hold off until spring/summer! Better for sellers, worse for buyers. 👌
r u staying in Texas?
@@LadyOrion2012 for now yes. Until Daughter graduates HS in 2 years. Then we have more flexibility.
Renting is not cheaper, $2200 for 1 bedroom.
It definitely depends on location and it definitely depends on your interest rate. The comparison I did in the video wasn’t hypothetical. I looked up a leased home, then did a market analysis on what it would sell for. From there it all depends on your interest rate!
Exactly here in California 2 bed bedroom apartments 3k a month in a decent area lol
@@kevinkidneyy So much depends on the area for sure.
Are you smoking Crack? You can find 1 bedroom apartments for $1,000 or less all over the place, you just want the nicest brand new apartments if you're paying over 2 grand 😂😅 currently I stay in a 1 bedroom apartment for $950 a month. Renting right now is DEFINITELY cheaper.
I disagree with the taxes and home insurance. The taxes are going to be more like $1000 per month and the home insurance is going to be more like 250 per month. This will definitely make renting more economical.
I actually ran the taxes through the tax calculator and at that property value that number is accurate. Property taxes differ wildly throughout the metroplex though!
The margin isn’t that much in owning than renting.
You might be surprised! In the example I used in the video it was a difference of around $600/month when using today’s interest rates. However, when using a builder’s discounted interest rate the difference evaporates. Interest rates have such a huge impact!
@@WendyPannell thanks will do more research
@@violatebahAwesome!
Own nothing and be happy
Well that’s not exactly the point of the video 🤣😂 Just that there are seasons in life when it makes more sense to rent!