NEVER Buy These Types Of Houses

Buying A House is the largest investment you will ever make in your lifetime so I want to tell you the type of homes that you should NEVER buy so you don't make a HUGE financial mistake.

HOME BUYER RESOURCES:

🎙- The Educated Home Buyer Podcast -

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Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Real Broker

#housingmarket #firsttimehomebuyer #realestate

[ms.b]

Give me a” grandma house” any day! They may not be aesthetically up to date, but they tend to keep up with all their maintenance!

[SeanTalkoff]

It is difficult to make exact projections for the housing market as it is still unclear how quickly or to what degree the Federal Reserve will reduce inflation and borrowing costs without having a substantial negative impact on demand from consumers for anything from houses to cars.

[nogames]

My house is 124 years old. It’s a very small house and a mediocre neighborhood. But hey, it’s what I could afford when I bought it. When I got it inspected, the guy told me that my house would still be standing in 100 years. He told me the new construction that he was inspecting would literally not be standing in 50 years. So don’t automatically give up on the old houses. They were built back when people had pride in workmanship and they are built to last. New construction is mostly cheap. Crap.
I personally would never buy a home in an HOA either, but that’s just me.

[kortyEdna]

I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighbourhoods. Then you’ve got Better, average sized homes in nicer neighbourhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.

[jerrycampbell-utyf]

I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.

[gingerkilkus]

People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.

[douglashedenkamp]

In other words, don't buy any of the homes that are for sale right now.

[Raymondjohn]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[Susanhartman.]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

[bohemianlucy]

Personally, I'd rather buy a fixer upper than buy a flipped home because I'd rather design it in a way that would work for me

[klebercosta]

I’m a tile contractor and DO NOT buy a flipped home, it’s a disaster!

[FR-tbxh]

When I was in the market to buy some 30 years ago, one of the first things I did during showings was go down into the basements. I looked for water damage, foundation (poured concrete or block) condition, water heater, furnace, pipes, ductwork, electrical panel, insect damage, windows, doors, humidity levels, and any stained ceilings. Only a few homes basements passed my muster. I bought one of them. Not bad for a girl!

[creativitybycarilyn]

As someone getting older, I think about how my mobility might change. I would stay away from properties with lots of stairs or steep driveways. In addition to all of the things you mentioned. We also stay away from lots of overhead wires and properties near oil refineries.

[shondacharles]

As a first time buyer and single parent buying a starter home in the late 90’s, I learned a lot of things the hard way. Got burned again with the purchase of my 2nd home because there was still so much more I hadn’t learned.
One thing that stuck with me was to never trust a realtor who recommends using an inspector that they know. Sometimes they work together to close the deal since I had already been pre approved. It’s like buying a car from the dealership and allowing them to finance the loan and using them to insure the car 🤪!
I was later advised to use a state inspector rather than a city inspector. It may cost a bit more, but well worth it.

[emersonshiff]

Home flipping shows are the reason why real estate is now unaffordable. What were once sleepy investments are now get-rich schemes.

[bokesnmokes]

Check the water pipe coming into the house, if it's lead or galvanized - no chance. Don't buy it unless you have the budget to pull in new pipe. Don't buy a property that shares a driveway with a neighbor. Make sure you know what easements are on your property.

[victorsong]

You left out HOAs... That can be (a lot) worse than a bad roof or a flip.
FYI: Here in FL assessments of over $100K are propping up. Doubling to tripling of monthly HOA fees are getting commonplace.

You should include, that the property tax be figured out - based on the new purchase price - BEFORE the buyer is committed to purchase. Many-many areas the new tax is based on the purchase price and it can double without the buyer being aware, because he/she is shown the old tax amount in the listing.

[sherrytaylor]

One to add to your list is a house that was a rental for years. The owners don't take care of anything. When I bought this place I knew I had to do some expensive work. There was nothing on the market. I had to put a new hvac in, breaker box, sewage backed up the second day, patio, updated the bathroom, big trees cut down, painting, flooring, landscaping, still need a roof along with plywood, bow window needs replaced, needs new fence and concrete work needs done. I am 64 year old female and have worked my butt off.

[nancyzehr]

bought and live in 160 yo home next to railroad tracks. its perfect. LOVE IT! im also a contractor and autistic. Trains, baby!

[alm]

If the house has repair issues that come up during the inspection, always ask for the seller to discount the home by the amount the repairs will cost to be done correctly. Do not ever let the seller get the problems "fixed" as this will always be cheap and/or substandard work.