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BIGGEST REGRETS:
1. Not being prepared for maintenance and other “Extra” costs associated with home ownership.
It’s important to realize that, with real estate…your payment doesn’t just stop with your mortgage. You’re also responsible for property taxes, insurance, regular maintenance, and the strong likelihood that something is going to break the moment you buy it thanks to Murphy’s Law.
2. 13% of millennials say they have regrets about their mortgage rate being too high, or paying to much to buy the house
To me, this sounds like a mistake of not shopping around, and not doing enough research to make sure the rate you’re being quoted - is actually the most competitive rate. Even from my own experience buying properties, 9 times out of 10…the first loan estimate you get is NOT going to be the lowest price, and it’s up to YOU to shop around for a more competitive offer.
3. A significant portion of millennials say that the home was NOT the right fit.
Now, it’s important to realize that - in a highly competitive market like this - there will be some compromises, and unless you have an infinite budget of money to create the perfect fairytale dream home in a good school distract without noisy neighbors…you won’t get EVERYTHING, especially as a millennial. But, these regrets listed are….in my opinion…not something that should be happening.
4. 9% of millennials who say the house they bought WASN’T a good investment.
The traditional rule of thumb says a mortgage is a great way to act like a forced savings account, because every single month you make a payment, you’re building equity in an appreciating asset…and that’s true. But to really come up with an answer, you need to compare it with the cost of renting, and the opportunity cost of investing your money somewhere else.
So, overall…here’s my take on this…as a millennial.
I generally encourage ANYONE who’s buying a home, to do so with the expectation of living there at least 5-8 years…otherwise, the closing costs of buying and selling eat away at the potential benefits of being able to build equity with a mortgage. It’s also INCREDIBLY important to understand WHY you’re buying a home in the first place, and what problems that’s going to solve…like, is it a way to save money? Have more space? Put down roots? Or, is it just a good investment? If it doesn’t fall in one of those categories…chances are, you probably should be looking elsewhere, or perhaps holding off from buying something until you have a clear solution.
I also recommend, ANYTIME you’re buying ANYTHING…never max out what you’re able to buy. That way, in the event of a job loss, or a reduction in income…you don’t have to worry as much about unexpected repairs, or a higher mortgage than you would’ve liked…because you’ll KNOW you prepared for a buffer to make sure you have enough to continue making payments.
And when you begin putting all of this in perspective…from every single one of the 63% millennial homeowner regrets… it sounds more like an issue of poor planning, than it does as a fault of the home itself. Almost all of these regrets could’ve been avoided with about a day of research and planning, and even more than that could’ve been fixed with some evaluation of whether or not they were buying a home for the right reasons.
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By Stock Chat

where the coffee is hot and so is the chat

35 thoughts on “Why you’ll regret buying a home in 2021”
  1. Avataaar/Circle Created with python_avatars Angus Lockwood says:

    I am in real estate and don’t seem to have time for much between work. How do you find the time to do these videos? What is your daily timeline?

  2. Avataaar/Circle Created with python_avatars Pedro says:

    This must be only in the US. A home is one of the best investments you can make, it immediately appraises higher as soon as you've bought it.
    You do however need to be rational and responsible with the costs, which doesn't happen always.

  3. Avataaar/Circle Created with python_avatars Jason Terry says:

    “Garbage disposal… A few weeks” haha definitely clicked the like button!

  4. Avataaar/Circle Created with python_avatars mauro hernandez says:

    I was gonna leave video…but then baby giraffe came out had to stay.Had to

  5. Avataaar/Circle Created with python_avatars Kari Shawnice Amor says:

    Ok that part about buying a house with a blindfold caught me off guard 😂😂😂

  6. Avataaar/Circle Created with python_avatars Sloan Oliver says:

    I bet ppl that bought a house thought about it for more than a day and that “one full day of thinking” wouldn’t solve their problems

  7. Avataaar/Circle Created with python_avatars Ray Weiss says:

    I realized that the secret to making a million is making better investment . I always tell myself you don't need that new Car or that vacation just yet and that mindset helps me make more money invest : ng . For example last year I invested 70k in blue chip stocks and crypt0 s ( with the help of my advisor of course ) and made about 380k , but guess what ? I put it back and traded with her again and now I'm rounding up close to a million . Delayed gratification always pays off

  8. Avataaar/Circle Created with python_avatars imapineapple15 says:

    A shitty fixer upper house in Vancouver is now like $1.6M. Something like Graham's here would be like $5M

  9. Avataaar/Circle Created with python_avatars jacob huggins says:

    I just watched your "How to buy a house in 2021" video that was actually in 2019 but you changed the title for views

  10. Avataaar/Circle Created with python_avatars J T says:

    Piss poor planning usually what mistakes are made from

  11. Avataaar/Circle Created with python_avatars Noumenon4Idolatry says:

    “Why is this guys mouth always open in the thumbnails?”
    Hahahahaha! 😄

  12. Avataaar/Circle Created with python_avatars Joshua Zandron says:

    Close on my first house at 21 monday… thank you for your information b4

  13. Avataaar/Circle Created with python_avatars Chris Buccieri says:

    You also need to look at are you putting anything down? My purchase last year required 0% down and still a fixed rate 30 year loan.

  14. Avataaar/Circle Created with python_avatars Archduke Dammit says:

    I bought my house in 2021. literally best choice of my life

  15. Avataaar/Circle Created with python_avatars Rich says:

    Why would you ever sell it, just rent it out to hit that 5-8 year mark

  16. Avataaar/Circle Created with python_avatars 9timomancil says:

    Hey I had I'm 26 had 40k saved up so I bought a house and am now renting my first house out I think am doing pretty good for a millennial

  17. Avataaar/Circle Created with python_avatars Anthony Corless says:

    I bought one earlier this year gonna cash out refi n buy another

  18. Avataaar/Circle Created with python_avatars Defending the faith. says:

    No one should ever regret buying a house. Unless it’s a pit.

  19. Avataaar/Circle Created with python_avatars Side Hustle Vikki says:

    ugh I hate being a millennial. at this point I will never be able to afford anything more than a struggle.

  20. Avataaar/Circle Created with python_avatars Tim says:

    Buy a home in 2021, or give up $12,000-$20,000 In rent. I think I’ll buy 😂
    You think landlords are gonna say “well, the market is down so I’m lowering everyone’s rent”
    😂🤣

  21. Avataaar/Circle Created with python_avatars Kevin D says:

    Nothing like living at home still waiting on the market to atleast be close to reasonable. At this rate I’m probably gonna just build a house

  22. Avataaar/Circle Created with python_avatars Tee Jay says:

    you mentioned millennials in third person around 30 seconds into the vid, so I spent like 10 mins searching for generation names and date ranges to figure out you yourself are a millennial, only for you to admit it yourself the very next second into the video. smh

  23. Avataaar/Circle Created with python_avatars Trenton Cook says:

    Mortgage is almost five hundred dollars cheaper than the typical rent since I'm in a college town so. I might as well get a house and atleast build equity on something

  24. Avataaar/Circle Created with python_avatars Joel Scott says:

    If you're to scared to buy a house then you can always rent from one of the rest of us.

  25. Avataaar/Circle Created with python_avatars K3ogh1989 says:

    Do a video on Australian housing mate, love to hear the take.
    Most properties return about 4%, 1.3m wouldn't get you an above average house in most non regional cities and you'd be lucky to get a mortgage fixed for 2yrs before the rate climbs quite a bit

  26. Avataaar/Circle Created with python_avatars K3ogh1989 says:

    WHAT WHAT WHAT? Your mortgage is 2.85% fixed for TEN YEARS?
    HOW?

  27. Avataaar/Circle Created with python_avatars Anders Madsen says:

    Good video for people who don’t plan, but doesn’t seem to have anything to do with the video title

  28. Avataaar/Circle Created with python_avatars Inga O says:

    That intro had me rewinding…”Come again Graham?!?!

  29. Avataaar/Circle Created with python_avatars M M says:

    Don't buy now. Be patient and keep stashing the cash away💵💵💵💵

  30. Avataaar/Circle Created with python_avatars For the wages of sin is death says:

    Dont forget, he gets paid by major home selling sites like redfin, zillow and realtor. So of course he wants to keep the hopium up and get you all buying. it will crash, unlike this guy calling it going up forever

  31. Avataaar/Circle Created with python_avatars Luis astudillo says:

    I am NOT paying a single 💲 in interest to banks never again. Rather live under the bridge.

  32. Avataaar/Circle Created with python_avatars Kevin says:

    I'm a Millennial, graduated college in 2010, bought a house in 2014 and sold for 100k cash in pocket after all was done( in end of 2020). I think most of us did well with the housing market. If you didn't, that means you would have waited from college and rented…waiting 10+ years to buy.

    So we're renting now and saving 4k/month to drop as a down payment on the next house. I'm waiting for prices to drop in 2022 and hopefully have a nice down payment BUT who knows when the freaking prices will drop.

    I want a minimalist 1500-3000 SQ ft but drop 50% on land. 15, 20 up to 100 acres is the goal

  33. Avataaar/Circle Created with python_avatars Anthony Perez says:

    "Garbage disposal a few weeks lol"

  34. Avataaar/Circle Created with python_avatars Kate August Lim says:

    Graham where do you get your info? I want to start reading what you read!

  35. Avataaar/Circle Created with python_avatars Giovanni Vargas-Machuca says:

    Isn’t it a bad idea to buy a house now that prices are higher? $400k for a house that will depreciate later and be worth say $350k in a year or two?
    Will house prices go back down? And should someone wait until then to buy?

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