For your chance to win a dream house in Austin, Texas OR become an instant millionaire – all while supporting a great cause – enter at https://omaze.com/GrahamS - Enjoy! Add me on Instagram: GPStephan
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THE NEW PODCAST: https://www.youtube.com/channel/UCMSYZVlQmyG8_2MkIKzg0kw
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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.
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/
GET YOUR FREE STOCK WORTH UP TO $70 ON PUBLIC & SEE MY STOCK TRADES - USE CODE GRAHAM: https://gstephan.co/public
JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/
THE NEW PODCAST: https://www.youtube.com/channel/UCMSYZVlQmyG8_2MkIKzg0kw
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
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.
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/
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?
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.
“Garbage disposal… A few weeks” haha definitely clicked the like button!
I was gonna leave video…but then baby giraffe came out had to stay.Had to
Ok that part about buying a house with a blindfold caught me off guard 😂😂😂
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
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
A shitty fixer upper house in Vancouver is now like $1.6M. Something like Graham's here would be like $5M
I just watched your "How to buy a house in 2021" video that was actually in 2019 but you changed the title for views
Piss poor planning usually what mistakes are made from
“Why is this guys mouth always open in the thumbnails?”
Hahahahaha! 😄
Close on my first house at 21 monday… thank you for your information b4
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.
I bought my house in 2021. literally best choice of my life
Why would you ever sell it, just rent it out to hit that 5-8 year mark
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
I bought one earlier this year gonna cash out refi n buy another
No one should ever regret buying a house. Unless it’s a pit.
ugh I hate being a millennial. at this point I will never be able to afford anything more than a struggle.
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”
😂🤣
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
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
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
If you're to scared to buy a house then you can always rent from one of the rest of us.
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
WHAT WHAT WHAT? Your mortgage is 2.85% fixed for TEN YEARS?
HOW?
Good video for people who don’t plan, but doesn’t seem to have anything to do with the video title
That intro had me rewinding…”Come again Graham?!?!
Don't buy now. Be patient and keep stashing the cash away💵💵💵💵
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
I am NOT paying a single 💲 in interest to banks never again. Rather live under the bridge.
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
"Garbage disposal a few weeks lol"
Graham where do you get your info? I want to start reading what you read!
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?