Why You'll Regret Buying A Home In 2022



Here’s why 75% of recent home buyers have REGRETS about their purchase, and the mistakes that you should avoid anytime you want to buy real estate. Enjoy! Add me on Instagram: GPStephan

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BIGGEST REAL ESTATE REGRETS:

1. TOO MUCH MAINTENANCE

ONE, a solid home inspection would uncover a LOT of these issues before you actually purchase the home. Just knowing what equipment is near the end of its lifespan, and what repairs you’re likely to need over the next year, is going to leave you MUCH better prepared for when those items eventually do break and need to be replaced..

TWO, expect that your maintenance is going to cost you an average of a few hundred dollars per month, minimum, on top of your ORDINARY payments, just for all the normal items that break, or flat out just stop working because that’s life.

2. TOO SMALL / LACKS FEATURES
The reality is this: most likely… the house you buy now is UNLIKELY to be the same house you’ll live in 15 to 20 years from now….and, on AVERAGE…according to the data…you’ll probably be moving again in 13 years, if not sooner. From this perspective, any size setbacks are only temporary…most of the time, you can make it work…and there’s NOTHING that says you can’t make adjustments in the future to get a different property that fits your needs a little better. 

3. MORTGAGE PAYMENT IS TOO HIGH
The best way to deal with this is to have a strict budget in mind, AHEAD OF TIME – and ONLY PAY up to the point where you wouldn’t regret walking away from the deal if it goes above that amount. This is going to prevent those buyers from getting “Caught in the moment,” overpaying because they don’t want to lose it, and then eventually realizing that – maybe – they paid more than they needed to. 

4. THEIR HOME WAS A BAD INVESTMENT
The issue is I SEE is that – most people buy a home, at the TOP of their price point, while maxing out the most that they can quality for, without fully understanding the costs of owning a home. This leads to OVERSPENDING on a property that might COST MORE THAN IT APPRECIATES…and, quickly becoming “a bad investment.”

In terms of running the numbers for yourself to determine if buying is the right choie…The New York Times created an incredible calculator to determine every aspect of home ownership, and if it’s cheaper to buy or rent based on your own neighborhood and tax bracket, so I’d highly recommend to check it out.
https://www.fool.com/millionacres/real-estate-market/articles/new-report-says-more-millennials-giving-up-on-homeownership/

I generally encourage ANYONE who’s buying a home, to do so with the expectation of living there at least 5-8 years…understand WHY you’re buying a home in the first place, and what problems that’s going to solve…and, ANYTIME you’re buying ANYTHING…never max out what you’re able to purchase. 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. 

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  1. We bought our home prior to the pandemic and it was way over budget by 60%. It was already a seller's market at the time and houses were going fast.

    Looking back, I wish the cost was lower, but otherwise we have no regrets. While it cost more than planned, it's big enough for a family and is in a good location that we've come to appreciate more over the years. Most importantly, we bought before the pandemic hence before interest rates and housing prices reached for the stars. If we had to buy my house today, we couldn't afford it. Our salary isnt keeping up.

  2. I know some idiot who her and her family were looking for a place to live so they decided, "Hey, let's go buy a house." So her and her family wiped out their savings to for a down payment. They did go to a realtor to find one and only spent a mere four weeks looking for one and found one they decoded to purchase. So she and her family instead of finding a house inspector on their own, pre closing, decoded to let the agent get one. Now who knows how that will turn out but it sounds like a bad idea to let the agent who is connected to the agent who will be making out on commission.

    These people have never owned a house before. Have mediocre jobs like most of us Americans. There's alwaya some sort of in fighting among them even before this.

    In short, they chose to be broke just so they could say they own a home. Which is silly, the bank still holds the power over it because the final paperwork only was sighed this year.

  3. One thing I caution people on: Beware of flippers. My daughter just bought a house and they are going behind fixing what the flipper decided to skip in the renovation. Toilets not flanged correctly, tiling and countertops not sealed. Just a warning. I would rather have a fixed up home that an owner did for themselves than a new flip.

  4. Time to thank the bank of Canada, they said that interest rate will stay low…. Don’t worry about it….. Feel bad for people who fell for it, spending printed money like it’s gone out of style. We were always going to end up here. People can’t afford the percentage hike. Just ask for a raise from your employer though that’s the answer…… All sarcasm aside hope everyone makes it through these hard times.

  5. Man this market is so damn bad, our interest rate offer for very good credit is 6.25%. Living in California this seems almost impossible to take on and pray for another drop in percentage

  6. Double thumbs up. Don't buy all your houses / inventory on an island in the day and age of Climate Change and melting glaciers…Unless your wife insists. Then the decision is simple. Divorce or house on an island.
    Appreciate you teaching how to assess.

  7. What about a 2022 new build for 275k. It’s pretty high and I’m really thinking about it Bc I’m a first time buyer,. And I’m already seeing asking prices going down

  8. Anyone buying with these prices, will never have any equity in there home, the homeless are stacking up , they even work, rent 3,000 in Arizona with 120 degrees temperature s coming what's the point.

  9. Honestly the value of the properties will plummet, because by instance I don’t see how in hell a house that use to worth $120k in Orlando FL before pandemic , now worth $500k the same old house without any improvements nor repairs and my house I did paid $80k in 2011 and I have people coming and offering me $450k to buy my house I am not going to sell this is stupid. One thing should not do in 2022 is buy a house this is abusive.

  10. Hi Graham, really off-topic question: Where do you have that grey shirt from, you are wearing in this video? Do you have a link/shop/brand name? Would really like to buy one of those!:-) Thanks in advance

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