Buying a home can be exciting and stressful at the same time, especially for the first-time homebuyer. Here are some tips to help you through a complicated p…
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More free lessons at: http://www.khanacademy.org/video?v=YL10H_EcB-E The math of renting vs. buying a home. Challenging the notion that it is always better t…
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Great information for 1st time own buyers. My 1st time buyers 40% on their
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First time homebuyer tips
First time homebuyer tips.
First Time Homebuyer Tips
First time home buyer? Here are some tips. http://bit.ly/1dJKD99
Homes used to be fairly good investments. Many couples bought their homes
early in their marriage and when they retired, sold it and bought a place
where they retired cash. Having a very low or no mortgage payment while
retired should be on everyone’s plan.
Today, the only reason I would purchase a home is to be able to deduct part
of the “housing expenditure” on my taxes. I rent a condo for $1,700/mo. The
deductible portion of the rent is minimal. The same monthly payment could
be for a house or owned apartment including property taxes, insurance, and
mortgage payment. The other thing to consider is maintenance of a house
which could be costly depending on the size and age of the building.
Great video on first time buying….
Are you a first-time homebuyer? Check out this video of things you’ll need
to know!
Tips for First-Time Home Buyers!! Great Video for potential buyers!
#firsttimehomebuyer #1sttimehomebuyer #1sttimebuyers #mortgage
Why would you take advice from a realtor who has a vested interest in you
paying as much as possible for the house? Why would they have any reason to
give you sound guidance when the more you spend, the more they make. It’s
akin to trusting the used car salesman. And as soon as the bank cuts the
check, the money is theirs, even after you default on your NINJA loan.
Snore…just rent and stop it.
Are you a first-time homebuyer? Check out this video of things you’ll need
to know!
There are a lot of issues to renting versus buying. If you are wanting a
yard for you pets, children or exercise, 1 consideration. Are you planning
to be a mover & shaker, or pretty much settled for the long term? Buying a
house doesn’t make sense if you expect to be mobile. If your employer will
pay for your move & give consideration to offset losses, etc- not so much
of an issue. If you have a hobby that requires space, such as woodworking,
car restoration, boats, campers etc-home ownership is likely necessary.
When buying a house look at schools, neighboring homes, any covenants, have
an independent inspection, lots of common sense needed. Use friends, family
& internet searches. Even though mortgage rates are up, I still consider
them a bargain. You are not only making the biggest investment you will
probably make, you are buying freedoms, making memories, having something
to call your own. Again, timing is important: are you ready, can you afford
it, can you do repairs or want to learn? Our first house was bought when
interest rates were 12 percent. As for paying for your home, lots of ways
to trade your way up, pay extra each month, make your own improvements, buy
an undervalued property, etc.
After WWII purchasing a home was a no brainer for bankers,sellers,and
buyers.
It’s very simple.In 1950 the population was 150 million.Today it is twice
as large.
Then in 2007 something shocking happened:home prices fell and did not rise.
At the same time, the Fed dropped interest rates to stimulate home and
farm sales.
Bank margins shrank as banks could not pay higher interest to savers.
Interest on bonds dropped as well making the life of saving a tough
choice,especially after the stock market cratered,as frantic debtors began
cashing out their collateral in mortgages.
Many large investors could however count on the creation of more households
through the soaring divorce rates.But these divorce rates peaked,then
stabilized.
The massive shift toward computers, the loss of jobs in construction,and
the surplus of highly educated workers created lower buying power.
These created this present recession,despite the favorable demographic
swings.
These are not easy to overcome for they are systemic changes,and a subsidy
once given cannot be reversed.,and the dream like accounting practices
which grew up during this constant housing inflation became real within the
public domain,a foolish and ultimately very frightening burden of unfunded
liabilities means many people will watch their pensions gradually
disappear,or states and federal government will print funny money.
If you look close this video is made by “Chase Bank”
Beware of anyone who tells you the “first step” toward financial freedom,
is going $200,000 into debt. With interest ;)
Tips for First-Time Home Buyers!! Great Video for potential buyers!
#firsttimehomebuyer #1sttimehomebuyer #1sttimebuyers #mortgage
Some things are unique to India 🙂
Also, the peace of mind of not having to shift every 11 months 🙂 and not
having to pay the ever increasing rentals. I would any day want to “own” a
house than rent a house. Especially when I plan to stay there for > 5 yrs.
Rental values in India don’t fall, people just hold on to investments even
when its not generating income. Which is creating a bigger bubble.
It’s 6% for 30 years not for every year you knit whit
That 1m dollar house is worth 1.2 in 2011. He could have lived in it for
free and then made some. Now its like 1.3-1.4m ….koodos
To me the part that was not shown was what you could do with the 250k and
how that could generate income to pay the 3k rent easily and reduce your
taxes and grow in value. It really is not that hard to get a 15-20% ROI if
you know what you are doing. And I am not talking about the stock market.
MOST people really have no business “buying” a home to live in. It’s all
about financial literacy. Something that is sorely lacking today. That is
why most people buy and are financial slaves.
There is no way that a CD today will yield 4%, also 6% is probably high for
a mortgage in recent years.
Rent goes up over the time too. I want to know over 30 years how much
interest are disappeared to bank. Also how much maintenance is out of the
pockets. Even if I sold the house. Gained the appreciation, where do I move
to? A futher away place? A smaller place?
After the 30 years the owner should have paid off the 750k and owns the 1
million dollar home. And after 30 years that house could be worth 2 or 3
million. Where as the renter has an extra 25k a year (25k x 30 = 750k) in
the bank, even with accumulated interest wouldn’t even be close to the
value of owning a million dollar property after 30 years. Property may drop
in short term but not after 30 years.
This video was very very smart in 2008 :)
1) Rent goes up year to year, mortgage payment does not. 2) Rent for the
same property is going to be higher than the monthly mortgage payment (the
landlord is looking to make a profit, so higher than his mortgage, prop
taxes, insurance, and maintenance/repairs)
Not a fan of this example for a couple reasons:
a) the interest rates chosen support the bias in this argument
b) the apartment and home prices chosen also support the bias in this
argument
I just checked deposit rates at a credit union and as I thought, no one is
getting anywhere 4% returns on deposits. More like “.4%”.
Also checked bankrate for rates on a 1M mortgage with 25% down. The rates
returned range between 4.37% and 4.57%.
Inflation will cause rent to increase annually whereas a fixed rate
mortgage is unaffected by inflation. Inflation will also cause the value of
your house to increase annually. If this person is willing to sacrifice
commute time for a lower purchase price, the rest of these factors makes
this a no-brainer -> own.
30 years of rent is lost eternally. 30 years of mortgage payments can be
sold, and at a minimum, you’d break even (unless something like what
happened in Detroit happens).
NOTE: Insurance covers big ticket expenses like roof damage caused by
storms, floods caused by weather or rusted water heaters, broken windows,
and other unforeseen things. Owning is better assuming you do your homework
on prices, rates, and insurance.
I used a value of 4% interest and the difference in the end was $500. Add
in the equity in your home and it seems that buying is the clear winner.
Plus, after 30 years the home should appreciate in value. I guess the
lesson is to not get a home loan with an atrocious interest rate like 6%?
I see a lot of people criticizing this video but take a look at the date
this was uploaded. This was about 6 months before the big crash that caused
millions lose their homes. If he had listened to everyone he would have
been devastated. Instead he waited and likely got a fantastic deal on one
of the many houses that were foreclosed.
This Video is made on 2008 when housing Market is in a booon. When the
Market crashed the following years that same property is in Market for 60%
less. Now do the math
why not just buy a house for 250k lol you dont need a million $ house just
get some cute smaller one
Will people ever learn from the poverty of america?
People lose their jobs and suddenly cant pay the mortgages on their homes.
The end up homeless. Then what? Start renting of course..
personally buying is better. BUt if you add up maintance roof repairs and
plus mortgage that’s a lot.
What about inflation?