Dave Ramsey's 7 Tips For First-Time Home Buyers

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[NicholasBall]

Consulting a real estate agent about purchasing a home at this moment is akin to seeking advice on drinking from an alcoholic, amusingly enough. Houses in my area, valued at approximately $450k in 2019, are presently listed at $800k to $950k. Each seller in my neighborhood is pocketing a hefty $350k profit. It's truly astounding. Frankly, what we truly need is deflation. The alternative would be numerous individuals facing bankruptcy, which would, in turn, adversely affect the economy. That seems to be the only path back to normalcy.

[myownboss]

Get a 30-year mortgage with lower monthly payments ‘just in case’, but try and make payments as if it a 15-year loan (make bigger or extra payments) and pay off early! That’s what I did. Bought in 2006 with a 30-year loan and paid off in 2021!

[GrizzlyCompany]

Dave Ramsey with great advice on buying a house in 1980. 25% of my take home pay is an apartment not a house.

[deebee]

Average home in USA is around $400k. All in, that is around $3500/month for a 15yr mortgage at today’s interest rates. You would need to make around $225k/year gross to afford an average home using Dave’s advice. Great advice, Dave!

[ladynotricks]

Another tip. Buy during rainy season so your inspection will catch any water issues and you won't be surprised later. 😬

[loudryka]

$48k average salary then can only "afford" a $115k home with 20% down at 15yr with today's interest rate. I don't know if any livable homes for that price

[falkonklan]

As a tradesmen, may I also recommend getting the treats out to the hall, get a roofer, a foundation, man, a plumber and electrician, and the air conditioning guy. I can’t tell you how many even brand new homes I’ve gone to where there are major issues, and the homeowner says, but it passed inspection. When you are serious about a home spend that extra money to make sure you’re going to stay. I had a problem. I love you Dave I love you Ramsey Team y’all have changed my life in ways I always dreamed of, but didn’t believe. Now I believe it and I’m living it!

[timothyswauger]

Money matters aside, buy a house that fits your family’s needs, like enough bedrooms, bathrooms, and general living space.

[pirate]

Tip: don't buy a house with an HOA

Source: I live in a neighborhood with an HOA

[ridiqulos]

Dave you love to kill me. I did all the right things for the wrong reasons. You give me what we call perspective. My luck is off the charts. Like it's better than I deserve.

[KA-dwpu]

Get an inspection, but DO NOT use an inspector recommended by your real estate agent.

[Combat_Medic]

My biggest mistake was buying a house that my agent was selling. She definitely represented the sellers more than us! Turns out she was best friends with the seller and sold dozens of properties for him in the past. We ended up buying a money pit and she knew it the whole time.

[Matt]

25% net with a 15yr loan?! What world are you living in?? If you make a 100k, with today's rates, you're looking at a $185k house max! What kind of house can you get for $185k today? You're insane!!

[fabbz]

I live in the bay area and a burnt down (unlivable) house is going for 400k 😂

[artenman]

The fact that people are buying a property worth hundreds of thousands of dollars and don't want to spend $500 for an inspection baffles me.

[Joshdaniel]

I think the feedback here is really financially responsible, but I’m just wondering in what world someone gets a 15 year fixed rate mortgage and the payment equates to 25% of their take home pay.

[DarthAndylus]

I am honestly shocked there are people my age (23) who can buy a home. I am making the average for my area and man in California there is no way I can remotely afford a home even when I am 30... maybe 35

[ConsensusX]

I'm taking my sweet time picking a house haha sellers will hate me for it. In my 20s and I'll have enough saved by next year. I don't want to make dumb mistakes that first-timers make.

[stevemanninghomeinsight]

Dave has a LOT of these type of videos, great advice!

[alexwyler]

The Acadians that were deported to Louisiana in 1753 would build houses where the girls had to go through their parents' bedroom to get to the girls' bedroom. It was a safety mechanism/structure to protect young girls/women while they slept.