7 Steps to Buying a House!

In which we discuss how to buy a house, including how a mortgage works (with a quick mortgage calculator), realtors, home inspections, and how the heck to do price negotiation!

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Created by:
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Hosted by:
Emma Mills

Written by:
& T. Michael Martin

Directed by:
T. Michael Martin

Edited by:
Nathan Talbott

Executive Producers:
Hank & John Green

[jdmikeg]

Step 1. Take deep breath. Step 2. Realize house is too expensive. Step 3. Move on to next video.

[yahnikh.]

so glad i found this channel after googling "how to be an adult for dummies". why don't they teach this stuff in school?

[flamingcoop]

Step one. Check housing prices
Step two. Realize you live in sydney
Step three. Give up on buying a house

[frollard]

I just bought a house end of November.
keep in mind: you mentioned more money spare is good;
You quickly covered a few things but keep in mind budgeting for those things is IMPORTANT!
Closing costs will be several thousand dollars depending on which side of the transaction you are on.
Moving costs CAN be several hundred to thousand dollars depending on distance.
Remember to hook up the utilities! Power, Gas, 'hydro', phone, internet, etc.
Remember to change your address with...everywhere. Pizza places to banks to your drivers license, your job (payroll) and the tax man (ira/cra/your country's revenue agency)

I personally planned around having 5k spare in the bank just for fees and incidentals/moving costs. When it came time to pay the lawyer for the closing documents I was 200 short and had to panic for a few hours to come up with the last few dollars on a third of a million dollar transaction. Don't be short.

[Italianborn]

150k home ? ya, here in Calgary you will buy a nice shed !

[Goin_In_Dry]

Please make a video about building a house. Not you yourself building a house but hiring a contractor. Thank you.

[nayelym]

17 and watching how to buy a house...there's something wrong with me

[joshuaesmero]

Lol... "buy a house that costs no more than 3 times your annual salary".

Well I live in Sydney, Australia, so I guess I'm gonna need to earn about $200K - $300K annually to finally buy a house, haha...ha... *cries internally*

[tweetspie]

A few tips - don't sign anything with a real estate agent until you have an accepted offer. Don't get bound into using an agent because that can screw you in the long run. Also, your mortgage company won't be able to tell you your exact closing costs right away - there are a lot of factors that go into it like homeowner's insurance, title costs, taxes, and other variables that they have to research before you get the final number.

Finally, don't give notice at your apartment until your mortgage company gives you a date and time for closing and tells you you're cleared to close. Better would be to hold off until you close completely. Crazy things can happen, and you don't want to live in a hotel with all of your stuff in a rental truck for a weekend because a seller died and you couldn't get clear title as soon as you thought.

[onelowerlight]

Step 1: Watch The Big Short.
Step 2: Don't be like any of the homeowners in that movie.

[bjulienber]

Okay this girl is super enjoyable to watch! You're very friendly and your information is spot on. Just discovered this channel today - what a great place to learn! Thanks

[onelowerlight]

What do you do if you're a self-employed freelancer and don't have a steady salaried/wage job? That would be an interesting subject for a video.

[HelpfulLockPicker]

One more thing to add is when you buy your new house do not put a picture of your keys on the internet. For example the shot at 3:59, the key even has the code stamped to it 4-2-2-6-5 and anyone with a basic understanding of locks could decode that key and make a copy even without the stamp.

[laurafarner]

Thank u! This was really helpful 😀 looking for our first home

[shelver]

Buying a condo is very much the same (at least in Canada) - instead of a house inspection, I went with obtaining a 'Status Certificate' which gives the rules of the Condo Corporation (for example, I own everything inside my walls, but the Corp as a whole owns my balcony) and also tells you whether or not there is enough money in the Corporation's Reserve Fund. For a house, you want to save up for things like a new roof or other major repairs - a Reserve Fund is the same thing, but for the Condo Corp. I pay a set amount of monthly fees every month to contribute to that as well as common expenses like snow removal and hallway lights.

[chantyjernica]

If you ever have any troubles paying your mortgage, make an appointment with your bank! They want their money back and will usually be pretty flexible about payment schedules if you talk to them before you miss a payment.

[bahromhushorov]

Thank you for your great video, you are very lovely

[saymyname]

Well in Hong Kong
Monthly income for a family normally between USD $3K to 4K
But an apartment around 20 square meters is cost USD 280K on average in 2017

[daisyhinojosa]

150k house? Let me should you around California for a bit

[LoganXHebda]

a house can be an asset or a money losing hole. Once you've lived in your primary residence for 2 of the past 5 years the gains you make when you sell it are untaxed. So buy low and sell high, keep an eye out for foreclosures in good neighborhoods, get an offer accepted fast that allows you to send an inspector to make a report and give yourself an out