Why You'll Regret Buying A Home In 2022

Lets talk about why you'll regret buying a home in 2022 - Enjoy! Add me on Instagram: GPStephan GET YOUR FREE STOCK WORTH UP TO $70 ON PUBLIC & SEE MY STOCK TRADES - USE CODE GRAHAM: https://gstephan.co/public JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/ THE NEW PODCAST: /channel/UCMSYZVlQmyG8_2MkIKzg0kw The YouTube Creator Academy: Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF 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. My ENTIRE Camera and Recording Equipment: https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com *Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/

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