10 things I wish I knew before buying a house
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- Опубліковано 3 жов 2024
- As you guys know, the home-buying process came with a lot of ups and downs for me and I learned SO MUCH. Here are 10 things I wish I knew before I toured my first house!
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Hellloooo! My name is Clancy and I'm originally from Long Island, NY, whch is about 40 minutes from NYC. In 2017, I moved to Ohio to become a TV news reporter, but after waking up at 2 a.m. for 5 years, I decided to leave that job and pursue UA-cam full-time.
I recently bought a house in Cincinnati and love making all kinds of videos, focusing on everything from money and finances (saving, budgeting, and being financally independent in your 20's) to health, fitness, and nutrition, to beauty and fashion. I'm getting married next summer so I also love providing wedding updates and showing you exactly how I'm planning my own wedding.
I LOVE making "what I spend in a week" videos in the cities I travel to and love week in my life-style videos the most! Let me know if there's anything specifically you want to see!
*NEW VIDEOS EVERY SATURDAY AND WEDNESDAY*
I really do recommend 1) seeing the house in all types of weather if possible: sunny and rainy. Some leaks only show up when it rains, 2) get a licensed real esate agent that has your best interest in mind but also use a mortgage broker because they often find the best price for you and their comission is paid for by the bank, 3) don't invest in expensive furniture until you've lived in the home a few months because you'll see how you function in your home, 4) try to relax about buying a home. Like Clancy said, losing your "dream home" may be a blessing in disguise!
Bingo we saw a house when snow was melting and there was a leak in the basement.
When we bought our home, we took out a 30 year mortgage. Two years later, we refinanced to a 15 year mortgage. Our payments actually went down, because the interest rate was lower.
Such great advice Clancy! I also want to add; do not do rapid monthly or weekly payments. Just set your mortgage up in a manageable way. You can drop extra money on your mortgage when you have it. We have a 30 year mortgage paid monthly and we drop around 10-15 thousand extra each year and have chopped years off of the mortgage INTEREST FREE by paying extra that we have available. If you tell the bank your going to pay it off quicker they are going to get their interest. Just surprise them, and save the interest.
This is a great point. Make a choice to add in payments when you can- don’t work that into your agreement :)
Couldn't agree more! I don't know anything about keeping the early pay off a surprise for the bank. But knowing life has many ups and downs it's always best to be prepared to have some buffer in place. If you never need it Great! Pay as much extra as you can as often as you can, but if you do have a hiccup then you can keep your base payment without trouble and use your buffer to sail through that season of life. Though one person did point out lower interest rate for a shorter loan repayment and that was true for us as well. But we calculated out the different scenarios and realized that by going with the 30 year it was about 1% higher interest rate at that time but we were able to pay extra on it and in just the first five years we were able to come out the same with our extra payments. So do the math and calculate all the different scenarios you may be surprised how much you can save on interest by simply just adding an extra payment or two per year (not even monthly!)😁
This is amazing advice. I’m 60 and have bought two homes. I paid my first home off in 5 years with a 30 year mortgage. Make sure your “extra” payments go to principal only. Also check to ensure your mortgage allows you to do this. Some actually charge a fee. My 2nd home I bought 2 years ago and paid cash. Similar to your experience. New build. Don’t assume something is in your contract. We found out really quickly that our builder did not allow for a one year warranty. I’m sure so many of us could add to your list, but condensed you’re spot on
Hi Clancy! Love your videos! Something I wish you would do again is add the date for your clips! Just a suggestion not sure if I’m the only viewer that misses this! ☺️
I thought the clips of the "dream" home looked like your home. I wasn't sure which house you were showing at first. So cool that you found the same design. I knew it was a different pla e when you showed the fire place.
Hello! Indiana Real estate agent here! The reason you were able to get a lower interest rate with a builder is because they offer incentives to their buyers because essentially they are desperate to get the homes off their books. They build a lot of homes upfront like you said, and they just HOPE that someone comes along to buy them. These are called spec homes in the industry. Most builders that I've worked with offer what is called a 2/1 buydown which is where they pay upfront for your interest rate to be lowered 1 full point for 2 calendar years. This makes it a lot easier to get buyers in a house that they originally couldn't afford monthly payments on. The reason this is less common on existing homes (though can sometimes still happen with a very motivated seller) is because the seller/builder has to pay a large sum of cash upfront to buy down that rate and it's less common for an individual selling their home to have that kind of cash lying around as an incentive. Builders are flush with cash so they aren't afraid to throw it out as a huge perk to get the homes sold so they can turn a profit. :)
Also if anyone needs help finding a trusted real estate agent in their area feel free to reach out to me! I have a large network of realtors all across the US. I'd be happy to help
I bought my first home in 2017, by far not me dream home. I sold it last August for triple and bought a newer bigger home. It’s a step up and looking forward to another home in the future. Also my mortgage is cheaper than renting. As a single mom that is so important and not having to juggle three jobs to make ends meet. I’m blessed!!
Good morning! Happy Saturday! Thank you for sharing your thoughts on this with us. Would you consider sharing your experience with the first homeowner experience: down payment, closing cost and more? Also I would love to see more of a financial video from you- what I spent in a week and fall decor and such? Sending you all the love ❤️ hope you and Zac have a good weekend 😊
Thank you for watching!! I probably wouldn’t share my exact numbers but can definitely give some advice/insight on those topics!!
Yes no worries we wouldn’t want the exact number but just your experiences!
Your fireplace that Tom made is SOOOOO much nicer than the other one!
This is video is great for first time home buyers should watch. I got lucky my dad bought a few properties and he was there to give me advice. I bought my house on my own. Yes you should buy in your budget but I ended up paying more because I needed to live in a safer neighborhood.
LOVE your pink lipstick. Always my fav when you wear the bright pink💕
Thank you!
Literally the house you're in now looks almost exactly laid out the same.
Thanks for Saturday smiles 😊 love that you shared some practical info about the house buying process because it does seem so big and difficult to understand ❤ see ya for Wednesday vlog
Your house is wayyyy better!!! 💕
the interest rates have been super high in australia for a couple years and the house prices are astronomical, they didn't and probably will not drop 😭
I just bought my first house at 25. On my own. Single income. I had to pull out of a house because of a horrible inspection. If its meant to be, its meant to be.
Only look at houses at your preapproval rate or under. ALWAYS get an inspection pay that $200-300.
thank you for this type of content Clancy!!! ❤❤
Loved this video so informative! Could you possibly do a part 2?
That exact scenario happened to me too with two houses having the same floor plan. The second one (which I ended up buying) was brand new and in a better location :) pays to wait!
Clancy your house is always so so so beautiful and clean and your smile is too too cute you are my inspiration and I wish you have a wonderful wonderful weekend🥺🥺🥺💖
Thank you so much!
amazing tips!!
Ugh, yes! I can't stand when people brag about how they bought their home years ago and now it's worth so much more, and add that they could never afford the same home today. Like, okay, no need to make me feel bad about waiting lol
Totally agree. Like we're happy that others can afford a house but some of us can't 😢
We approached buying a house a little bit differently money wise. Just because we approved for X amount didn’t mean we went all in. It was a matter of this is how much we can afford each month and what price range should we look into. Very wise never to look outside the budget. That can be a huge let down. By keeping our monthly note affordable, it allowed us to live comfortably and put more money over time towards the principal and knocked years off our mortgage loan. House is now paid and that is something we are both very proud of. Great video Clancy. Also, I’m glad you shared about the heartbreak because that happens way more than people think when buying a home.
Good morning Clancy, I've been thinking about purchasing a house 🏠. Thank you for the good advice 😊 budget is a big deal.
Hey, Clancy and everyone else. I am buying a house next year and at first, I was only going to stick to rent to own, but now that I saw the video, I'm going to bring the idea of builder homes to the table. The only problem is that I'm in a wheelchair and I don't know how many builders are putting accessible designs in the initial floor plan. I will most structurally be shopping around for mortgages after what I learned from this video. Also, Clancy. I don't think you're going back into the news industry but I can clearly see your reporter background shining through in this video. Very informative, thank you!
I'll be buying a house in the next few months God willing. I needed this video. ❤
Aww yay that’s so exciting!! 🎉
We used the sellers real estate agent too but the good thing was she was going to sell our house too so that made us feel more comfortable going with her. She got us a great price on our old house and so it evened out with the cost of our new one.
You covered that well. I have built a house (oh the night mare😅) and bought one already built.
I love your home and the fireplace and bookcases that your dad built just make that room!
Great advice in every way! I bought my first 970sq' 2/1 condo in Seattle, close-in, on Eastlake Ave E, with an APR of +8%... Egad!... but 'twas the norm for the time (2000), and my not great credit. Of course the $ of the condo was only $255,000 at that time...a far cry from what that same condo is going for today.
Your dad & brother did a gorgeous job on that fireplace area! Love your home ❤
All great facts!! I am curious about one of them. New build homes tend to cost more than existing older homes for sale at least in my area. Why is that I wonder? 🤔
Great tips! Loved this video
so useful!! thank you so much for your advice ❤️
We were so lucky to get a house In early 2020. Interest rates most dream of now. Also yes our budget for us was so different. My husband wanted higher. I wanted affordable and smaller. He now agrees we did the right thing. Property taxes have gone up but our mortgage is still only a few dollars more than what our rent used to be.
Some Cincinnati neighborhoods are so well established that they command a large price tag. I think many things go into that including the school district. You got a great price from the builder because they can't afford to carry the house and want it off their books. I think if you can be flexible as a buyer you end up doing much better in the end.
But what is the lip colour, girl? :)
So happy for you all!
Kentucky is definitely less expensive than some areas in Ohio! It’s so great that Cinci is a tri-state area! ❤
I forgot you built the fireplace! Wow!!!!
Good suggestion to have your own trusted realtor. They also could have explained to you that layout was/is a common one and not as unique as you thought.
Clancy and Zac i hope you have a great weekend
Thank you for sharing’ these were unique tips I wouldn’t have thought of. I hope to get a house in 2024!!
I would love a new built home but they start around $800K-$1M around me so that's not in my price range. It's definitely a challenging market right now. I already own a home with my husband that we bought in 2018 in a different state, but I moved last year for a new job and got an apartment for the time being. My first house buying experience was a little different because I got the house through word of mouth before it was on the market. You are definitely right about what is meant to be. I literally told my co workers I'm looking for a house and it pretty much fell in my lap. I feel fortunate about that and never could have predicted that. New York State allows you to buy a home with just a lawyer so we didn't have a real estate agent. It saved us a lot in closing costs. Honestly I didn't feel ready to buy a house when we did. I had money for the down payment but not for furniture so it was financially stressful for me, but I'm glad we bought a house when we did because we have a super low interest rate and it was a cheap house compared to where I am now. We did a 15 year mortgage because you can get a lower interest rate and we could afford the monthly payment. Next house will definitely be a 30 year. At this point, I think we will be renting until about 2025, but watching the market. We still own our other house and plan to rent it out since it's over half paid off.
Hi, Clancy and Happy Saturday!😊😊😊😊😊😎☀💙💙💙💙💙💙🌷💖💖💖💖💖💖🎇👍. These tips of buying a house is so...hard and difficult. As for me, I'm scared of it. My grandma had passed away in 2016😢, my classmate from high school is gone😢, and what's next...I will find a trucking company named LANDSTAR and drive straight to Minnesota to find a new home and play a sad song from the movie Top Gun - "Memories."😢💙💙💙💙💙💙💙👍
meanwhile i wish you knew that the only thing a hot pink lipsticks does for you is a great disservice. there are so many lipstick shades that look beautiful on you, but pink is just not it.
Life’s too short to not wear the hot pink lipstick 😉
💃🏽💃🏽
I live in Illinois and decided I needed to find a home with no stairs. The market is so hot, we had a verbal offer on my house within 10 minutes of listing it! 😮😮
Great tips on buying a house Clancy. And i'm not that donna. Definitly put as much down on a house. I did not and 11 years later its my biggest house regret. Also i didn't use a realator but, wish i had.
Other neighborhoods, like Kentucky?
Yes!
first! love you!
Omg don’t get me started on the closet space in an old home 😭 My husband and I bought his late grandfathers house because we could buy it for half of its value. We got a great deal and it has great bones but dang it needs an upgrade. I had a walk in closet at my parents house and I still don’t know where to put all my clothes here lol.
Hi Clancy I love yr home
I love your white sweater! Tory Burch?
JCrew!
I wish we had not purchased our first home and waited longer to build up a better down payment. We were married during the first time homebuyer credit so everyone said to buy.
Great video! I’m a realtor in North Carolina in case anyone is looking to buy here!🏡 sending love from Nc🥰
Is your house a Single Family Home or Townhouse? Do you have fun vacuuming the stairs? Hahah. I have a single story home.
Single family home
Single family! And I use a hand vac for that haha
“Back in the days they didn’t believe in windows” 😂
Bidding on a house?
I get nervous with eBay auctions
Congratulations with it all
2nd
Not a fan of that lipstick color.
Wow.
I’m glad you’re not wearing it, babe. 🥰
People buy house based on building a family and children included. LoL why would a single dude buy a house.
I’m single and don’t want children and bought a house. What a weird thing to say lol.
What? My husband bought our house at the bottom of the market in 2009 due to the housing market crash. We didn’t meet until 6 years later in 2015. It’s been a great investment so far. We live in an area of town we would never be able to afford and is highly desirable. Single people buying homes makes a lot of sense if you’re interested in investing or you may want a family in the future.