Don't Make the Same Mistakes...(New Construction)
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- Опубліковано 21 вер 2024
- There are many mistakes that people make when building a house, myself included. There is no manual you just have to learn and the fastest way to do that is by learning from others and their mistakes. In this video episode, I share with you the mistakes I made building my first house 30 years ago.
This is what's great about this channel. I provide resources and share with you what we have learned in my 30 years of real estate.
I promise you will always learn something new and beneficial so stick around, subscribe to the channel, and don't forget to connect with me and my team if we can help further...www.ContactWayne.com
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DISCLAIMER The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with a financial advisor or lawyer.
I probably wont own a house until a VERY long time but I always like watching your videos. It gets me excited for when one day I might be able to afford one
When I first started out building a vacation home I was trying to do some of the work myself (free labor). On my 2nd vacation home I got bids from 3 different contractor for each phase of the build, walls, roofs, driveway, windows, insulation etc. I after getting 3 bids I found out that I got pricing that was cheaper than what it cost me just for the materials and the contractors cost included labor and materials. Boy I sure sent some long days making my own baseboards, installing drywall etc. Next time I will sit back with a beer and watch everyone else work.
Wayne, when it comes to paint, these builders rarely prime the walls. I noticed they just use the paint an primer together to cut corners. If your buying a new home make sure they prime the walls and ceiling first to seal the sheetrock then paint. That step will save you a bunch of headaches going into the future.
We built in 2018 and we found here in MN with our builder that adding anything as an upgrade cost more than doing it ourselves or hiring out the work. Although, when it comes to trim, under cabinet lighting, porches, etc. it makes sense to have the builder do it during construction, like Wayne said. We did our driveway ourselves (my husband retired from concrete work) for a fraction of the cost the builder wanted and I would think a fence could also be done much cheaper than a builder's charge. I also do not agree with Wayne about adding all this stuff to your mortgage. Cash is KING and extras should be paid with cash, not a loan that you pay high interest on, if possible. We added things ourselves after we were done building like an accent wall, a beverage bar, gutters, driveway, deck, awning, sod, sprinkler system (although, we did have the builder put in the irrigation stub in for us). I recommend counter height vanities for bathrooms, tall toilets, counter depth refrigerators for those that will sit inside a cabinet, upgraded trim, solid wood doors, kitchen backsplash, undercabinet lighting, electrical for security lights/cameras, extra can lights everywhere, automatic lighting in all closets or light switch, solar tube if needed anywhere ( I added one in my walk in closet and it is so awesome!), ledger board for deck, front porch, irrigation stub. Be careful to notice where the builder intends on putting all the outdoor mechanicals...we have seen air conditioning units in the front of the house??? We had ours moved from one side of the house to the other to be hidden behind the garage. Try not to stress too much and enjoy the building process!
I am currently building a new house for me and my wife with cash. I am doing most of the work myself and it will be paid for with 300,000 equity
Wayne, thank you for the refresher video. We did everything you stated in your video, in our southern home. Nothing is 100% flush (especially after a house settles). We did pay extra for additional dirt/ gravel mixture (before the slab was poured) knowing the house would settle/sink over the decades. As far as the walls, you can see shadow imperfections. We missed out on that one! Haha. Thank you! God bless.
Good advice on the bedrooms. You cut out a lot of senior people with the master bedroom upstairs.
Thanks Wayne 📝 trees 🌲, sunsetting where?, flood zones, cost to add driveway and fence, covered front & back porch, nice trim, fireplace, pre-wire for tv, open floor plan, cabinet lightening, good paint flat, split floor plan, look at finished builders walk through.
Wayne you are a wealth of knowledge, your content is very appreciated
would love to hear more new construction tips, Wayne. great value!. amazing to see this channel grow so quick too
I found that you can get a construction loan on only make payments on what you draw. Example: $5k to clear land, then you start making payments just on the $5k. Then you draw $10k to put in a septic tank, then your payment goes up again. What I did was I was approved for the total amount to build but had extra money in the loan to make my monthly payments as I was building, so nothing out of pocket while building. The loan could be setup to have house completed in 6 month, 9 months or 12 months whatever the lender has to offer. Yes like Wayne said put all your upgrades into the loan so you are not out of pocket later. You can have just about anything added, fences, solar, swimming pool, shed, driveways etc.
Another GREAT breakdown.
Can you include appliances as well? I want to do everything at one time and only once.
another good realistic report. and voice of experience, so true quality Flat paint has a much more pleasant appearance
Very informative and educational. Thanks
I prefer the longer videos. Never mind about the people with the low attention span. That’s on them. I wonder if these people graduated from college? Most classes are longer than 12 minutes aren’t they?
Beautiful home. I like this vid. Thanks.
Always informative Wayne Thank You !
Truly enjoy your videos but too short😊👍🏼 Great tips.
Glad you like them!
Muchas Gracias señor Turner , appreciate your Intel greatly 🙏🏼
Outstanding advice,thank you.
Thanks for this great advice Wayne, super helpful!
Glad it was helpful!
I wish I knew to ask about fencing before my house was finished. 4 years later I’m still struggling with paying $7800 for a wood fence and would like to retire next year at age 69. A hope for a fence is fading fast!
Why would anyone finance a driveway or fence for the life of the loan? 8k fence over the 30 year term at todays interest is $18,210. That's 10k you just spent for nothing.
Why would anyone take out a loan for a home, the interest alone will be so much. Just pay cash for everything. Duh
@@WiLLAS316 99% of the people who purchase homes will finance. The reasons are many but it all comes down to discipline and the ability to control their lifestyle. The I want it now attitude or I deserve this 80K truck is part of the problem.
I have tried to Contact you via your website both on my laptop in my phone and I wasn’t able to get the message through. I received no confirmation and I haven’t heard back from you. This was about three weeks ago. I’m feeling 64.1 acres in rural Kentucky
Man! The channels doing good!
Thanks for all your advices.
My pleasure!
Which doors did you exit from on this property? I like them.
Hey Wayne, I’m considering buying a large piece of land so that we can create a generational family farm. I want to be able to set up each child and grandchild with their own piece of that property to be able to have their own home one day.
I’m thinking that this land will needed to be subdivided ahead of time with easements etc for access. Can you talk about this and maybe do some suggestions? I’d really appreciate that.
I just really appreciate how professional you are, you rarely curse, if ever . Thank you for protecting my born-again virgin ears 🎉 you are always straight to the point very little fluff, no distracting background music. Man you got it down at this point neighbor. Now what about your precious Soul ??? Please see Romans chapter 6 KJV .
Thanks for the information.
Good video. Keep em coming
Where is the house 🏠 you're in, and how much does it cost? 🤔
Thanks
Great video
$8000 over 30 years is a lot of interest
At 4:14, you’ll notice that the joints of that fiber cement siding are caulked. That is absolutely the way the manufacturers advise NOT to install it. If the proper flashing is used, no moisture issues or degradation will occur. Also betting the cuts weren’t sealed properly with the included blotter. Third world labor.
An $8,000 fence over 30 years is a $16,000 fence.
This man is a goat
When you're building a home do you use a construction loan to pay for the land and the building of the house or is buying the land and building the house two separate payments?
You can do it both ways
4:20 - that math doesn't work the way you think it does. You paid well over $3500 for that driveway!!!
$13 x 12 months x 30 year loan period = $4680
All of Arkansas is a flood zone!
Why would you want to finance the cost of the extras for 30 years? No way. Pay cash.
When you finance you are essentially shorting the currency. This is generally a good bet, knowing the central bank is guaranteed to devalue it over 30 years. For example, if you finance the 30K at 4 percent, now you have 30K you can use and invest in something which has higher ROI than 4 percent, many options. Simply putting it in a Stock Market ETF gives you 7 percent annually and nets you 3 percent per year, which you otherwise are throwing away.
$8,000 over 30 years equals more than 4%. Mortgages are always a losing proposition. You end up paying 3x the original loan amount over course of mortgage.
@@patgordon5757you need to consider the opportunity cost on your capital. If your capital is yielding you greater ROI in another investment, you would actually be making money by taking on debt. Mortgages are one of the few ways in the past two decades a middle class family can buy an asset which appreciates at the rate of money supply expansion and finance it at a lower rate. The money you didn't drop as part of a larger down payment give you positive cash flow, even after paying interest on a mortgage over 30 years...
Why would you want to finance anything for 30 years, including a house? 😳
@@alphaomega1351 That's just it. Finance a house for as little as possible. Then make an extra payments to principal every month when especially at begining when interest amounts are higher. You can cut finance time in half.
trees are a premium huh. ok so in the SE and LA is not that really, we remove trees. premium lots here are cleared of trees and flat. trees are bad. they are expensive to remove and can run you 10k an acre!!!! to get rid of. you have to get rid of them for the sake of moisture or everything will be moldy in a year and rotting. trees bad.
this guy is slipping some truth..
It’s almost like every single video is exactly the same as one that you put out two weeks ago…
Yes, pappy chulo, please reconsider shaving 😂 also las maracas
Wayne I've tried a number of times to call, email and message you on UA-cam with no success. Do you an updated phone number/email?
Have you reached out to me at ContactWayne.com? That's the best way to get in touch
Selling home $25,000
Zillow
67449