6 Tips To Choose The Right House
Вставка
- Опубліковано 10 лип 2024
- How do you choose the right house to buy and stay on budget? Should you try to keep your monthly home expenses under 25% or is 30% okay? Let us help you know exactly what to look for and questions to ask when buying your home.
After traveling to more than 25 states in an RV, we recently bought our first home and want to share with you 6 tips that most helped us.
Download our guide on how to choose where to live: mappedoutmoney.com/043
Time Stamps:
0:00 - Intro
0:10 - Tip #1
0:36 - Setting your budget amount
2:45 - Tip #2
5:26 - Tip #3
7:25 - Tip #4
8:00 - Defining your must haves
9:00 - Tip #5
11:40 - Tip #6
______________________________
Website: mappedoutmoney.com/
Mapped Out Money Podcast: podcasts.apple.com/us/podcast...
FOLLOW ME
Facebook: / mappedoutmoney
Instagram: / mappedoutmoney
Twitter: / nickdtrue
PS: If you have an Amazon Alexa, I have a daily flash briefing called 30 Second Money.
www.amazon.com/Thirty-Second-... - Навчання та стиль
Download our guide on how to choose where to live: mappedoutmoney.com/043
When YNAB and Nick are both perfectly timed to release videos to help me with my current life problems and questions
Do these tips work? Yes!
I watched this vid last year after my pre-approval and closed last week. This was the most helpful vid on my playlist because as a second time buyer, I wanted to avoid mistakes I made with my first time buying experience.
My results by each tip:
1. Monthly Payment: Just under 30% of net pay
2. Area: Found home in 1st choice of 3 preferred areas
3. Get familiar: N/A I was already familiar
4. Priorities: Home has all must haves, most nice to haves, and a lot of “didn’t know I needed this!”
5. Budget for furnishing: I’m a big thrifter but needed w/d, d/w, window coverings, and beds new. This vid reminded me to save more
6. Patience: YES!! I almost bought a home that needed total rehab because I didn’t like the right home existed in my budget. Patience made me realize that I don’t have the experience or desire to deal with large scale repairs/renovations. I’m glad I waited and I now know my dream home as a century cape cod in a lakefront community with 10 minute commute and we’ll within my budget. I “fell in love” with my home so to speak.
Good luck those still looking and watch this vid a few times to help it sink in.
Glad you heard that noise in time! Also, GENIUS tip about discussing renovation expectations, expenses FIRST and then putting that in the house budget upfront - definitely noting that for next time @Nick .
haha, I know right! And thanks Nathan, glad you enjoyed the video
There is SO much wisdom here. So important. Thank you for sharing your advice! I just subscribed.
Our mortgage is 38% of our take home pay 😫 we are kind if house poor. But as you spoke about values, I stay at home with our kids and so the neighborhood is also important since we live in a high crime city but our neighborhood is good
This video was super helpful! We're just starting our house buying adventure, so definitely appreciate the tips. I love your videos. Keep 'em coming!
Great video and tips and I am definitely on the right track, but some things I had to learn the hard way.. Great tips
After college I moved to Alaska with whatever would fit into my car. Two years later I moved back and again had to sell everything and only take what would fit in the car. When I moved back, I found a nice 3 bedroom house to rent, but had NO furniture and was broke from the move. I put a bunch of furniture all on credit cards (including a fridge and a washer & dryer). 7 months later and I'm still paying it off, BUT I was able to use credit cards that had 0% APR until July 2021, so at least I haven't paid any interest :) I'm hoping to buy a home soon, and luckily I will already have furniture and appliances to take with me, but paying off these cards has been a huge pain. I would definitely not recommend doing it this way unless you have to!
Excellent video I'm going to be more patient in buying thanks to y'all 👍🏾
I really enjoyed this video. The sneak peaks of the renovations, thank you for sharing.
Thanks Josh! Appreciate it. More to come my friend.
Congratulations ❤
Can you guys do an episode about tips when considering building a new home?
My family and I are currently in a home that we love, and we could stay here for 10+ years, but if we were to leave it, we would want to build a custom home and that process is a little intimidating. Any advice is appreciated!
8:01 I love that you threw in the Hobbit hole on the right.
Haha glad you liked that!
Great tips! All of your recent content really made me rethink what I want for my next house and now I have much better clarity- thank you!
What are your suggestions for a really hot market? Where I want to live, houses are gone the day they're listed. So theres not time to walk the area etc what do you do when there's not very much time to really think about that specific house as thoroughly as you suggest?
Great video. Loving this series. In the area we want to move to, the monthly house related budget would be way over 25 percent. We decided to wait and continue to save, so that we can put down a larger amount in order to lower the monthly mortgage payment and hope to eliminate PMI as well. Could be a while. That patience part is a crucial tip!
Thanks! Glad you’re enjoying the videos.
And yes there’s definitely places where 25% is extremely hard to do. Lots of trade offs to consider.
Like you said, patience is most definitely key :)
super helpful!
Awesome, glad it helped!
Any recommendations on where to buy the furnishings? We are also coming from an RV for 12 years with a family of 5.
What do you do if you are between a good deal and a more expensive place that offers the lifestyle you want?
Thanks for the tips.
I actually hadn’t thought about spending time in the areas before choosing. We are buying our first home in the same county we already live in. However, our county is made of several small country towns and the town we currently live outside of is the only one with real stores and restaurants, so we would have to drive here anyway for that and our family business. However, it’s housing prices, especially with land is double all the other towns.
Glad you enjoyed the video, it can be really hard to decide on where to settle down. But yes, I thing it's very important to spend some time in the area before deciding solely based on price. Appreciate you watching!
Great video!!! I have a somewhat random question, what's the project management app shown at ~9:37? Is that Airtable?
Glad you liked it Daniel! And that tool is called Notion. It’s amazing and has been really helpful for house planning stuff.
Nice, luckily we're at the 28% of take home. We just bought our second home (selling first) during COVID fixed interest rates.
That's awesome Michael, congrats on the next home, and staying inside that 28% of take home. That's great
Very helpful. Need to have to expectations chat with my husband 🤣🤣🤣
haha, yes, the expectations chat is a tough one!
When you are discussing budget for renovations and furnishings, is that spreadsheet something you're using? I'd definitely be interested in how you two use spreadsheets to plan, if so! Thanks for the great video!
Hey Michelle! That's a great question.
We use a combination of a spreadsheet tool that just has ALL the ideas for different projects that we want to do. And ideas for how we can execute them with links (think color patterns, furniture we like, images of example rooms, blog posts or youtube videos of DIY guides.)
Then we use our budgeting tool YNAB to actually create specific project categories and save money to those categories.
Cool to know you'd be interesed in what that looks like!
Really good idea - especially for fixer-uppers. Room by room for furnishings and projects. Probably do the same with a new house - but replace renovation projects with the color palette and materials, etc. great way to organize the vision, the work, and the funding. Might take me a few years to complete my vision and furnishings, etc - doing a room by room approach.
@@conureron3792 Thanks! Yes, it will definitely take us a few years as well. But we'll get there with some patience for sure.
@@mappedoutmoney I am definitely interesting in seeing this a bit more! I actually just snagged a screen shot cause I loved the idea so much. My husband and I have a few reno projects and we keep having physical items we grab but I'm tired of that clutter so having a single space with links is amazing! I even told my best friend about it already cause she likes to plan projects around her house and I thought she might like it also. I would love to see an more exploratory video at some point.
@@shadowkyttie Oh good to know that folks are interested in this! Yes, I think it would be helpful to show how we're tracking and thinking about things to plan out. It's definitely hard to prioritize sometimes what's most important.
8:42 Hanna with the pickaxe LETS GOOOO
haha, getting after it with the landscape work 👊
Handling it like a pro, too!
GET A GOOD AGENT!
Great tips 💕 - you’ve got to get as close to your ‘non-negotiable list’ as you can and if each item is not reached, ask yourself can they be obtainable - given more time - within the property that you are considering? You will find the property selects itself for you (like the ‘good angel’ whispering into your ear). It’s great for those prone to ‘paralysis by analyst’. 💕
We bought our house 32 years ago and probably never thought it would be our forever house (and it might still not be). But 12 years after purchase we were able to demolish and rebuild (something we never would have anticipated when we bought it) but, the close proximity to the city and cost comparison to adding rooms and analysis of costs to later shift meant that it was do-able.
While what we bought seemed to remain unchanged the whole world around it had changed (property demand, economic environment) - if you don’t over extend you can alway remain nimble and that give you endless choices.
I should not be watching this as a European who's looking for a house in the city. Almost considering moving to the US! ;)
What area are/state you guys talking about?, because if your talking about Cali that's another story.
We talk about states and cities here: ua-cam.com/video/0j3Nk3S-uZo/v-deo.html
The frameworks and tips should help in a lot of areas, but yea super high cost will certainly change the numbers!
We were looking all over the southeast and ultimately bought a house in southern alabama.
Been looking for 2 years and I have no clue as to how to make a choice. IMHO
How to choose the right house for you
1. What’s your Budget $106,000
2. Search and get to know the area
3. Spend a lot of time in the area and spend a lot of time walking around
4. Define your priorities and vision
5. Budget for Renos and furniture
6. Be patient
When YNAB and Nick are both perfectly timed to release videos to help me with my current life problems and questions
good luck, Amber!
No way! Awesome Amber, hope it helps.