Thinking About Buying A Home? Don't Make This Mistake
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- Опубліковано 29 чер 2024
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All this knowledge. I just love you!
Thank you man for this information 😊
I think I'm gonna blog about this...my working title: "Welcome to Homeownership: Where Your Wallet Becomes a Frequent Flyer"
Love your video
I went through this on a house in California. They were like, "you're approved for $600K and I was like there's no way I can afford that. Mortgage companies hate you.
It's a trap for them to take it back. But it might make you pray more often, that's the positive side 🤣
Jaspreet sir we just bought a modest, new home (i know crazy expensive market in Cali, maybe she fomo'd?). But we made sure its just 30% of our monthly net so we can still invest (I'm still salty though I dont want to pay that much for a house). And thats after we built a two-storey 10 room apartment. Hubby and I dont earn a lot and we both just have a 9-5 job (we're not good in sales) but it can be done. We just made a plan and stick to it. We dont care that others think we're dirt poor as we only live below our means.
We're more about savings and our dream to retire early. Now we fill-up our tiny house slowly. All furnitures we pay cash only.😅
I believe that not being in debt is an important factor in developing financial well-being..... you have to live some where and purchasing a home is a positive move in the right direction..... All else needs to be saved and pay in cash and not bored money ....
Do yourself a favor and don’t give your money to Wall Street. Make double payments on your mortgage instead. Your house can be paid off in 10 years or less. I guarantee you can save more in that 20 years you knocked off your mortgage then spreading it across 30 years. Wall Street is never a guarantee of success. Just think of the risk you could handle if you didn’t have to worry about being homeless if your stocks or other investments tanked.
Hahaha! I liked the intro!! 😂
Dude i wish you had a Canadian Version on your take of the housing market
Take into account tax increases throughout the years.
Not only consider if you can afford to buy and pay your home, but consider if you can keep it once you retire. In our neighbourhood there are many seniors (bought their home at $150-200k), can’t afford their tax assessed $2mill. home. Some have a reverse mortgage, some sell and move into a condo. I guess at least if they move into the condo and invest the residual amount, they should be ok.
Play Astro in your social security number that's the routing number
Regarding the 75/15/10 rule, if you are investing in something liquid -- like an S&P 500 Index fund -- do you really need a separate savings account? Could you just throw the entire 25% into your S&P 500 investment account and use it as a "savings account" as well? I just hate the idea of locking up the 10% in an account with a low return.
Sir G kese kren houses r out of reach
If I’m paying half of the house in cash as a future investment because I’m afraid of the dollar falling more and more is that still not wise
Got my home when I was 10 years old best decision ever !
How do you feel about people putting an extra $100-$200 a month extra on top of your regular mortgage payment a month? Good idea or bad idea?
Good idea imo. If u don’t have consumer debt and are investing
Depends. Can you beat your current interest rates in stock market investments? Do you value peace of mind of a paid off home more than the risks of investing?
You didn’t include 10 or 20 percent down in your calculation. Also if you put 50 percent down or more. It becomes healthy debt considering the appreciation in the prices.
50% where? Not in California. If you are talking about the mid west then just save it all up and pay in cash and that's even better.
He did talk about down payments, recommending at least 20 to 25 percent. But it still doesn't make it healthy debt. If you are living in the house the appreciation is not a piggy bank. The people who did cash-out refi at the top of the market are now underwater when market value falls. I've seen that in my area. It's tragic.
You buy a home if you need a home, just like you buy a car if you need a car. But don't get it twisted. It's not an asset unless you are collecting rent. Make sure you can afford what you buy.
I finance furniture but I make sure it’s 0 percent and pay it off before the promotional Apr ends
But let's say after 20yrs that mortgage is paid off and you now live rent free having a house that is worth something...
Property Tax, Insurance, Repair Fees, Etc...
@@Popwwe649 well, in some countries you as a tenant have to have your insurance, do some repair, take care of the property, tax- depends on personal circumstances, rent goes up ...
If you make double mortgage payments you can pay a house off in 10 years. Invest in yourself and pay that house off asap.
@@Popwwe649once that house is paid off the things you listed are minuscule compared to paying rent your entire life. Rent is higher than my mortgage in my area around 400 dollars per month. That’s 4,800 a year I could save for the things you listed. Like every house is falling apart and needs repairs all the time.
@@Paulina-yv7go
❤
Jaspreet, I’m trying to buy my parents home the one my mother said I could buy -and then she died.
My sisters want to sell it out from under me and I’m trying to make it work. Your video today is beautiful and frustrating, I don’t think I can swing it.
What is frustrating in this particular case is I worked on that house for three months fixing it up now my sisters want their cut .
You have to buy your sister's out. At fair market value. Even then it may cause your relationships to suffer. My advice (I've been through this and i fixed up the house i did all the work and didnt ask for a bigger cut when we sold) sell the house, take your cut and buy your own house. Hope it works out for you.
You have to buy them out unless there was a will specifically giving you the house. Otherwise the house will be split between you and your siblings.
@@anthonyfinocchio4541 that’s what will likely happen, it sucks giant wang but will probably we better in the long run.
Are we talking about how to build wealth or how our residential real estate market is beyond absurd?
Once you sign the notes good morning just paid cuz they sell it in the death of money to pay for it but they don't tell you about that
According to Public Law everything you're expenses are all prepaid are you going to do is write on your coupon that comes in at the bottom of your statement to release the debt grantors fiduciary and sign it that's it send it in
What the hell are you saying???? Your sentences don't make any sense whatsoever and your spellings are terrible, on top of that your punctuation is missing. 🤔
All paid for within a negotiable instrument you just got to write it off with a negotiable instrument and they have to accept it. Did you just go to the bank and cash it out at the bank I promise you right now you can cash it out at the bank to get paid immediately from your account I'm talking about the one in the treasury and the one that is from your birth certificate
There has never been a 30-year period where the median home prices have gone down. Understanding appreciation, equity building, tax benefits, inflation hedging, and stability, it’s hard not to call your primary home an investment, especially when you consider the alternative.
Forgot 2008 crash and I know plenty of people who ended up selling their houses at loss because they couldn't afford mortgage payments anymore.
Much better investment options out there.
And Real estate market is not that great of an option unless you are a realtor... In that case, you can keep lying to yourself and others.
@@Hbdnnebna I think it can be a pretty good investment if your doing buy-and-hold rental properties and you're not over-leveraged.
4th
117th.
A home is a liability, not an asset nor investment.
Anyone telling you otherwise makes money off your indebtedness!
Everyone seems to confuse a house you live in, and a house that generates rental income.
Well at least you have a choice to rent it out in the future to generate income
It's better than rent where I live hands down. How does a landlord keep the bills and maintenance up? A liability and not an asset is an airbnb or rental property. Both are rarely and truly free income investments.
75% is too much to spend if anything invest 15% and invest the other 10%
Pretty sure he does say to make it 25% investments once the savings are enough to cover a 3-6 month emergency fund
He said maximum of 75%
You should consider people who just make enough to get by too, which is why he said what he said next.
First
But anyways, thanks for the videos! Love the content.
Why do you speak too fast ? I don't know what you say.
slow down speed
How the hell is anyone supposed to afford buying a house today? I make $400k a year and can’t afford a 4 bedroom home with any amount of land. This is bull
Buy land and a manufactured home or modular home. You can buy your own land and purchase a 3-4 bedroom manufactured home both land and home would be less than 400k lol
Sounds like you really need to keep watching this channel then. I make 46k a year and can afford cash purchase of a house. Issue isn’t what you make kiddo, it’s what you keep and do with it.
@@GrimRaven 100% facts
Come to indiana
@@GrimRavenkiddo? 😂 what?