What They Don't Tell You About Buying Your First House

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What they don't tell you about buying a house! Here are some of the things that I learned along the way, while being a first time home buyer.. When it came to home buying, I relied heavily on watching youtube videos to learn more- thats why I tried to give you as much information as possible (even my mortgage) so that you can understand my situation! Buying a house is a weird thing to do and will always be complicated with so many people involved, but the biggest takeaway I learned is its actually not as difficult as you may think (aside from saving for the down payment). I hope these home buying tips help you out, let me know in the comments if your saving for your first place, have already bought, or are happy renting!

@AshleyHomeStore

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ok, I have to break this down for all those saying they would not want to buy a house because of how much goes to interest. 1. You have to factor in appreciation on the property. If you buy a $100, 000 house and put down $20, 000, after 5 years you will have paid $15, 000 in interest, but at average appreciation, the home is worth $123, 819!!! The added value outpaces what you paid in interest!!! You've made 8, 816 doing NOTHING, plus any money that went towards the principal is added as equity. This is why even though most of your money is going to interest, it's still cheaper in the long run. To the guy saying it's crazy that the "total" cost of the home will be 1.58M, the home will be worth well over 2M at average real estate returns at the end of the loan.

2. Inflation pays your principal for you. As inflation rises over the years, but your payment is fixed, the cost of that payment gets effectively cheaper. A $1000 payment in 2000 is basically the same as $1, 400 payment today. Which means that if your payments isn't changing, every single year, that payment is cheaper and cheaper in terms of what the dollar does, so a lot of that interest is actually getting paid off by inflation the longer you keep the home.

rochellesmith
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These are the types of things we should be learning in school

laurenmun
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“You’re good and life’s good and we’re all gonna be alright”
Okay but like I needed that

ItsSarahThyme
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Roommates? So not only are you a homeowner, you're also technically a landlord now! Congrats on getting the house, it looks beautiful.

KurtVanEtten
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I loved how honest you were about the process. When you haven’t bought a home yet. It all feels like such a mystery! Thanks for the explanation!

AteTreeWon
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$4400 mortage almost made me spit my drink out! I live in a two bedroom, two story + basement townhome in Michigan and pay only $795 a month. Dang Seattle dang. But congratulations on home ownership!

graceg
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It’s called an escalation clause. Your agent is smart! Not all agents know about it or advise clients to use it to win a multiple offer situation. For those wondering, the seller’s agent has to provide proof of the highest offer if the escalation clause is enacted.

SOLDbyNat
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I really liked the last part of the video were you mentioned it’s OKAY to rent, and not feel like we are wasting money, I wasn’t aware of all the money that doesn’t go to the principal from your total mortgage payment.

alexishernandez
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You and your twin are so mature at such young age. Your parents should be proud.

mohammedali
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I just payed the rent for the first time in my life and was so proud, got a reality check now Hahahaha

christinajuliavlogs
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coming from a real estate agent, i love love LOVE that you spoke on the fact of your escalation clause! when buying a house and being in a bidding war, that extra X amount of dollars that the buyer is willing to go above the competing offer, like you said will really break down to a few dollars a month! we try to make sure buyers don’t get discouraged about that! thanks for such an awesome video & educating people!

jessischlosser
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Great vid. I've been investing and selling real estate since 2002. The unfortunate thing in my experience is people are approved for say $500, 000 and they go out and cap that exact amount out. They do not live within their means, they become house poor and ultimately are miserable. For anyone reading this, keep your personal overhead low and you will live a happier life 😎

SteveDaria
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When you were talking about escrow all I could think of was TJ from Gilmore girls constantly saying “I’m in escrow!!”

seaseabamba
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Please note - property taxes go toward paying for public schools, road creation and maintenance, public transit, public libraries, fire and police departments and basically all of the things so many Americans take for granted! We all pitch in for these things because we value them and know they make our society better, stronger and smarter.

leslieennis
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Lord I lost it at the cost of that mortgage price but you are absolutely doing the right thing having roommates to help pay it down. Home owning is worth it, if for nothing but the appreciation alone. Congratulations 🍾🎊

MrsDavis
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Love how financially transparent you are!

laurashannon
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I work in mortgage lending, and this was a really great video! I also wish people knew there are SO MANY different loan options when it comes to buying, to suit different credit or down payment needs and that it doesn’t hurt to see what you could get approved for. Really great info though! 😊

megannicole
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This was so helpful and honestly made me feel a lot more knowledgeable about home owning. I’m still in college and I didn’t know more than half of this. Thanks Monica!! Super great vid. I love when you do life/finance related vids

GwennethClise
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So crazy helpful...I’m dying to buy a house before I’m 27 so let’s let the saving begin 👏🏻

KiaraMadisen
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I think this video is so important because I was so intimidated by the buying process but you’re right, it’s really not that bad especially if you’re used to dealing with paperwork and contracts through your job. Also ty for touching on how little equity you build in the first few years of your mortgage, that’s such misleading advice millennials get from older generations.

TarynnH