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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.
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did he actually say what’s up Graham is guy here? or am i going insane?
We have to be better! Being a millennial is the worst thing EVER!
In MA you cant even get a home inspection because people are doing blind buys. Theres are folks putting offers in way over asking price and waiving everything so just they can buy the house quicker and sellers can sell quicker (because they have to, they have to buy another home soon)
Around the 5:52 minute mark I can sense hints of a weird noise (not very noticeable). I don’t know if is my headphones or the video but letting you know so you are aware.
I’ll just wait for the crash… this virus/pandemic ain’t over buddy .. waiting for the crash then I’ll cash in
“What’s up Graham?! It’s guys here!”
Don’t listen to this guy.
If you can afford a house, buy one, especially if you pay rent.
It should be noted that the Covid was as much a political as well as viral pandemic. Regardless of your leanings, there’s a lot of lessons regarding social engineering and it’s effects within social media and elections. Knowing some of this can benefit a person greatly in real estate. I managed to increase my portfolio and almost double my net worth in the past year. I would sadly expect to see more of these pandemics as a cyclical pattern that you can and should start planning for.
My boyfriend is buying a home for him and I in 2021. 👀
I bought a house in 2005 for $70k, sold it for $170k in 2021, paid cash for a new one. No regrets.
Well no sh*t lol
Congrats. Surprised it didn’t sell for more
Boo boo Mills/ Gen Y are being internet millionaires. This is the richest generation. They have the most and better opportunities. They don’t need jobs.
Too late I already bought a house and I don’t regret it
“Salaries didn’t recover until ten years after graduation”
Me: *Cries in 35k*
@Suction Cup Man most?!
Right because… WHEN TF DID IT RECOVER
@Keyshia should have went to trade school lol
Graham, you don’t even know what a millennial is. A lot of people lump Gen Z in with millennials, which would be completely incorrect. Let’s get clear definitions for each generation and stop bashing everything that people don’t like as “millennial.”
You said what’s up Graham ? It’s guys here. Lolll
T•h•a•n•k•s f•o•r w•a•t•c•h•i•n•g
F•o•r m•o•r•e i•n•f•o…
W•h•a•ts•a•p•p•√ |+1.2.1.0.5.9.3.8.2.6.7.|•
Just cut out the buying of Bubble Tea daily that’s $2k per year!
I think you have an awesome personality and are so enjoyable to watch
Hey guy do you think I should get certified for a real estate license, or get certified as a windmill repair tech to guarantee 100k to save for seed money??
I should also mention I’m currently working at my grandpas small business which he wants to hand to me
Hey Graham, not sure if you’ve done this already and I missed it, but can you do a video on rent to own houses? I keep looking for one, but looking online is a mess, fake websites trying to take advantage and want to charge you a membership just to see the list of rent to own houses, it’s crap, I refuse to pay. Zillow is a hard search cuz it’s either buy or rent, not rent to buy lol
If you live in NY, ppl with rental apartments are paying more than homeowners of condos/co-ops on a monthly basis
Same here in Las Vegas.
I swear this “what’s up Graham it’s guys here” is like THE stupidest joke EVER, and it got me laughing SO HARD I couldn’t stop till now
recap: don’t rush into a purchase, idioto
Thanks for the comments! Don’t forget to hit the Subcribe button ✔️
W ,, H ,, A ,, T ,, S ,, A ,, P ,, P.
+, 1,2,1,0,5,9,3,8,2,6,7,
I promise you I won’t regret it. I don’t.
Dammit those call to actions always get me to smash the like button lol
All the fake news about millenials regretting there house purchases is just FUD designed to keep these people out of the market so institutions can own everything and keep them as tenants.
Joke’s on you, the housing in Canada is so nuts that you currently have zero chance of buying a home if you require an inspection. And to me that is a big no no.
This is also going on in the states. FUBAR
I laughed what might be considered too hard at that garbage disposal joke
Thanks for the feedback~~~for more Information…
•W•H•A•T,•S•A•P.~~M•E•,
+1. 2 1 0. 5 9 3. 8 2 6 7.
I gave you a thumbs up because you asked for it 🙂
“What’s up Graham it’s guys here”
Wish I was smart like you!
I’m hoping to build a house in 2022. Buying land with cash this year. Hopefully prices chill out next year!
Thanks for watching, I have something real big I would love to introduce to you.
Text
+1.2.1.0.5.9.3.8.2.6.7 ..📩
@Notice by Max Mäher Reported your comment & fraud account. Stop it.
I’m excited to close on my first property in less than a month!
Its a three flat in a good neighborhood with good tenants though.
Going to live in one unit for at least a year (VA loan requirement), but my remainder of the mortgage will be a lot lower than my current rent.
Fingers crossed for no unexpected repairs soon.
Best ideas to lower sewage bill?
Also I got them down 15k from asking, then 5k off from inspection, plus since I’m a broker I’m taking a 2% commission and since it’s a VA loan and it appraised out where I needed it’s $0 down payment
🤤
You sit down funny? Your voice is so high here
I need a new home but I rather have the money to invest 🙂
This dude has an attitude :-/
You never buy your primary residence with an investment mentality. It’s an area you want to live in. If the price of the house drops 500% or increases over 500%, it’s still to be looked at as your resistance. It’s the investment properties that are your monetary makers; that’s when you sell or buy with the changes in the market.
Don’t blame the victims Graham. This isn’t a “personal responsibility” story.
Well here’s what I did. Look at me. Don’t you wish you did what I did. Here are some of the numbers about my deal: 48489. 85596 and 7. I’m so happy now. Me, me, me!
Have you seen the apple for sale tiktok? That’s literally what it’s like to buy a house rn
closing on my place at the end of the month, so far it’s everything I wanted. Thanks for all the advice for the past few years.
Bought my house in 2015 right as the housing craze started. Glad I bought when I did. Houses in my area have jumped 100k+ in the last year.
Poor millennial here but why isn’t the mortgage company responsible when I randomly break my stove and then the city that still charges me taxes when I pay the house off in 250 years?
I think owning a house is no longer affordable by lay people only for the rich. To play safe and avoid risk is to rent. There will be time that crisis comes in the next five or ten years.And, we need to be able to survive with no debt.
Houses are built for banks not people, good luck first-time home buyers. Rent dnt buy! Borrower is slave to the lender!
So market is gonna crash coz ppl won’t be able to pay mortgage?
What’s up Graham it’s guys here….lmao! That was hilarious!
Well my landlord doesn’t fix anything! RedKey management bought the duplex I live in. My previous landlord never fixed anything and neither do the management property owners! I really would like to buy my first home but I am afraid. I am in my 50’s.
Your mouth is closed in this thumb nail
Not me two months in my new house
What’s up Graham? It’s Guys here…lol
I’m debating if I should sell a secondary property in Socal to cash in on huge value increases lately, or hang on to it to hedge against inflation & keep it for retirement passive rental income. I’ll prob retire in about 10 years. What should I do?
Hey Graham,
I’ve been binging your videos for the last week and I want to say thank you for putting together informative videos and also making them entertaining.
I’ve been struggling recently with the age old question “what the hell am I going to do”. I’m 28 (Almost 29), married, and own a home, but I feel like with my current job, I’ve reach a “peak” if you will.
I’ve been thinking about getting my realtors license, but I’m a bit timid to do so. What would you recommend someone do or try to figure out if real estate is the right field for you?
If you can afford it, buy a home now. Great returns down the road. Real estate is the easiest way to build wealth.
I have been buying and flipping and its great and have just stopped.
Knows nothing
I live in Texas XD
My tax preparer said to me “do not buy a house, a market like this is not normal. Wait a year or two and in that time get a better credit score and save money to make a good down payment.”
Yes he’s right,Wait for real infatuation to kick in and then go back to your tax preparer to thank him 😂
Useless video, don’t waste time
graham, please buy me a house.
Can I just say besides your personality on screen and all other things, your thumbnails are my favourite. Amazing acting for facial expressions and editing
Serious question but how are you supposed to stay positive in this situation if you’re stuck in an expensive area, have a bundle of student loan debt, and are already working multiple jobs to try to pay down debt and buy a house but now even your best isn’t enough? Getting wicked tired of this cycle -_-
no one gonna say anything about him saying “what’s up Graham is guys here”? lol
Get ready houses will be 98% off by 2022. This crash will go down in the record books. I can’t wait to buy my house in LA for 5K 🙂
Dude you are killing me with these videos!
This content has been optimized?
The title of this video is misleading. I’m currently selling my house to upsize and I’m stressed as hell about it. I love my house, the lot, and the neighborhood. It’s just too small. I started the video thinking I’m making a mistake. I should stay and add on. By the end, I realize I am doing this for the right reasons. I’m selling so I can buy a house my family can grow up in and while we barely fit now, we definitely won’t fit once the kids are older and I don’t intend to move for a long long time after. So thanks Graham. You made me feel better about buying a house in 2021 with a video called why not to buy a house in 2021 😂
Numbers are good to look at, especially for how owning a house will affect you financially, but is a home an investment? It’s a pretty loaded question and the answer really depends on you and your values. Some people plan on selling after X amount of time and others think of “home” as being the one location they can always go back to everyday and have no intention of ever leaving…the “even if it’s just a small shack, it’s still THEIR shack” mentality. Monetary value aside, what of the emotional investment into the house that is their home? All these things are going to be different from person to person.
I wish I could regret buying a home…that would mean I can afford one at least.
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Who else is here just to smash the Like button?
What is the website that you can see if its better to rent or buy?
Millennials “fell into a string of bad luck”? So we’re just gonna ignore that Boomers who controlled the majority of the economy and wealth had nothing to do with that? Ok…
wrist watch check…what is that? looks like a Breitling or Seiko…trying to guess whether Graham could be a watch guy or not? they can be super expensive…but they can also be good off the books investments…so it’s a bit of a mystery to me…anyone know?
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?
Graham where do you get your info? I want to start reading what you read!
“Garbage disposal a few weeks lol”
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
I am NOT paying a single 💲 in interest to banks never again. Rather live under the bridge.
This is a great video. Thank you
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
Why would it crash?
Don’t buy now. Be patient and keep stashing the cash away💵💵💵💵
Amazing intro
That intro had me rewinding…”Come again Graham?!?!
Good video for people who don’t plan, but doesn’t seem to have anything to do with the video title
WHAT WHAT WHAT? Your mortgage is 2.85% fixed for TEN YEARS?
HOW?
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