How to Avoid Common Home Buying Mistakes | WSJ Your Money Briefing

From not having your finances in order to rushing through the inspection process, common mistakes made by homebuyers can derail the path to owning your dream home. On the fourth installment of WSJ’s special series “Under Contract: Your Guide to Home Buying,” Sam Chandan of New York University’s Chen Institute for Real Estate Finance joins host J.R. Whalen to discuss.

0:00 Negative experiences from two homebuyers
1:24 Biggest mistakes by homebuyers in the initial approach to the buying process
3:08 What homebuyers should keep in mind during the bidding process
4:06 Why people continue making mistakes when buying a house
5:30 The risks of black mold and asbestos
9:00 Why you shouldn’t get too attached to a home

Your Money Briefing
WSJ's personal-finance podcast features the news that affects your money and what you do with it, breaking down complicated money questions from spending and saving to investing and taxes.

#Buying #Housing #WSJ

[HectorSnipes]

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

[donnaallgaier-lamberti]

The home buying mistake I made was this: -I made an emotional decision AND I neglected to ask for the age of the furnace, water heater and kitchen appliances. In our third year Iin our condo I had to put out $10, 000 to replace all of the above. Our home inspector DID catch the age of the a/c unit (30 years old) and I was able to get the seller to replace that unit and that saved me close to $4, 000. I learned that mechanicals all have serial numbers on them and the age can be tracked using those. IF I had known that I would have negotiated a lower price for my condo unit based on the age of those units. I made a mistake due to my own lack of experience and no one to ask for advice. I was preapproved and I stayed within my budget, I also went to the condo communities annual meeting and reviewed two years of their financials. I share this so that other might not make this same mistake!

[TomNook.]

What's extremely difficult to predict is whether your neighbours are decent or destructive. It can completely change your perception of your property.

[robertjamesonmusic]

This example is ridiculous. Who would buy a home with existing problems and end up being disappointed because of those problems?

[thecakeladyco]

I'm loving this series. I would love to know about the second home market and separately the future of multifamily rental properties in opportunity zones: are they really opportunities and what are the keys to ensuring success?

[GameFuMaster]

8:20 best advice. Any home you just buy, is going to end up feeling normal after a while. If you really want a home you love, you'll need to customize it.

Remember, you just live in your home, you don't sit around staring at it, like you would at photos during house hunting

[NavidKafi]

Could someone please summarise the key takeaway of this video in a sentence;
Perhaps 'you will be screwed over, no matter what you do'?

[dhruvmalik]

The agenda of the video is clear. Make buying real estate sound even more challenging to millennials, so that they stay in financial instruments and keep listening to WSJ! He never gave any advice on what to do, just kept saying over and over that it's the biggest decision!

[doubleaa]

Right now the cost of 400k home with 20% is 2600$
A month that’s nearly double From few years ago

[PG-tcos]

Stella next time, don’t buy a home 😂😂😂

[ncprealty]

The first mistake was suffering through the up talkers, always a sign of an uneducated person.

[peternorthrup]

I own my home. Not in a million years would I ever use a real-estate agent to sell my home. In today's environment. No way. Of course I will use a lawyer. If the buyers want to throw there money away. Fine. Here in Charlotte NC my home would sell in 1 day. 6%??? For what?

[auro]

how? do not buy instead seize a house and claim it is yours

[Seanpfree]

First time homebuyers are a thing of the past. Middle class moving forward will only consist of people that bought during the time of low interest rates and their numbers will dwindle. We are 33 in middle TN trying to buy a home for 3 years. 77 bids all outbid most to cash. Now we expect to be priced out for 4-5 years which puts us at 38 before we start a family. Realistically, I don't see kids in our future. That's becoming more and more common.

[MPK]

Realtors made a loot by asking buyers to overbid and making a competition amongst all the buyers. Those who bought in 2022 are repenting.

[CHMichael]

That was a lot of bla bla bla . On both sides.
Examples are ridiculous. ( I bet she also has a giant student loan)
Remember - the only reason why buyers would give more than list price is because the realtor failed to price the property correctly.
You can always get a little more than someone is willing to give you freely.

[drmode]

The only housing mistake you can make is buying in todays overpriced market

[PG-tcos]

The first 5 minutes of this video is useless info 😂😂😂