I hope anyone associated with the vlogbrothers team sees this -- please visit The Financial Diet's content and check it over for wholesomeness and social sensitivity. I had to stop watching and supporting all things TFD after they made some shockingly poverty-shaming (and implicitly sexist) Instagram posts, which were criticized heavily in the comments, and then they not only left the offending posts up, but never apologized. That's not okay and it alienates a lot of people who are most in need of the info TFD shares -- or at least, the info TFD shares when it's not being horrendously tone-deaf.
For me 1. Mortgage is going to be about the same or less than rent. At least I'm building some equity 2. I have a wife and 3 kids 3. I want a yard 4. I want a place I can do with what I want 5.It's quiet. Apartments are the worst. I always wanted to own a home though. I want the barbecues while a drink beer with my other dad friends and bitch about my yard and worldly events. Buying a home is more than just a money decision.
It's a no-brainer when you have a family! I'm single and still arguably come out ahead. I figure these folks live on a coastal state where houses are CRAZY expensive. In California, a $1M house will get you a couple stories and maybe 2k square feet in a middle-class cookie-cutter neighborhood. Here in Indiana, a house for half that could get you 6000 square feet of lake-front property. Or if you would like to ditch the lake front, a house in my hometown just sold for half-mil that had an indoor swimming pool. Then you should hear what they get in parts of northern Texas. But then again, you'd have to be in northern Texas.
@@PokePresto Here in Indiana, I could get a 1000sqft apartment for about $1000/mo. OR, I could get a 1200SQFT house for a total of $500-700/mo in total monthly payments related to the mortgage. More square footage. Payments build equity. And I STILL have more liquid assets available for investment.
@@webx135 100% See that. I am just saying that people will do very well in concidering the eventual benefits of investing in say global index funds or somthing simular instead of buying housing. Overall index funds have been a better investment then buying a house. But ofc i do see the benefits of owning a house, just trying to point out that buying and not renting might not always pay off.
Tormund Giantsbane How do you propose people invest if every penny they earn is taken up in rent and bills? For most average earners it would be an either / or choice! At least by buying they are covering two bases- housing and investment - for one affordable sum. Sure, returns may be higher with alternative investment, but if you have to cover the rent it's pointless.
In your interview with James he says that the best investment you can make is in yourself. . . For me, purchasing my first home was a HUGE investment in myself. I spent 9 years in that place, and in that time I became an accomplished handyman, I learned about landscaping and gardening, I learned about woodworking and carpentry. The man that I am now is completely different than the man I was then. I'm better for having purchased a home. OH YEAH, I also learned that you never should trust a home inspection report. So 9 years later when we purchased a larger home for our growing family, I took all that knowledge gained and used it to make wiser decisions. It's a point that you didn't make in this video, but I think it's really important: For some, not for all, the responsibility of home-ownership is one of the best opportunities for self-discovery that money can buy.
Sam Gerdt He’s speaking in terms of investment. If you’re attributing those skills you’ve gained as the sole justification of a “good investment”, you’d be wrong. Taking classes or training on gardening, handy-work, etc would have been much cheaper and netted you actual processional training. Buying a home, in that sense, is not the best investment in yourself. Actually investing in training, and taking all the money you saved on not buying a house into the stock market, would have been much better. Again, his words not mine.
@@koffiekoffielekkerbakkieko8425 My home was a flip, and the inspector failed to mention: 1) The water heater was 18 years old (avg life is 9-10 years); 2) AC did not have proper flow into top floor and no air return, making it 96 degrees while downstairs was 70 in the summer; 3) none of the toilets were seated (bolts were just sitting on tile) so all leaked from the base after some usage (to be fair not sure who would have checked this). I would suggest a specialist like plumber checks the house independently.
I bought a house two years ago (as of June 2nd) because I was going to be 50 years old and if I didn't do it before that birthday I doubted I'd ever manage it in the future. Also, I was sick of living in apartments until they raised the rent so high that I had no choice but to move. The couple of months leading up to lease renewal were often stressful as I never knew how much it would jump. I didn't buy one because that's what you're "supposed" to do or because I thought it was a good investment, but because I was sick of moving every few years and I wanted a place I could modify as I saw fit and truly make my own. It is my goal to die in this house. Mind you not anytime soon, but when the time comes I'm hoping I've been able to hold onto it. Then I plan to haunt it because I'm selfish like that.
I’m a millennial and my wife and I bought a house when I was 27. We’ve lived in it for four years and love it. Yes it is a lot of work, but we can paint, landscape, and do whatever we want with it. Plus there was no way in the world we could rent a house like ours for the amount we pay per month. Not even close. Millennials can absolutely own a home.
Agreed! When my husband and I bought our first place rent in the area we were looking as astronomically higher than buying. We saved at least $350/400 per month on owning vs. renting. Now, of course, some of that money went into maintenance of the house but when we sold the place we had $35k in our pockets (after realtor fees). You don't get anything after renting except maybe your security deposit back.
Bad advice actually! A Realtor works for the seller, not for the buyer! Avoid realtors as much as you can when you are buying a house. When selling the housing then only get the best realtors out there.
I recommend he try reading the info on the back of a toothpaste tube. In the 3rd grade we had to read 15 minutes every day for homework so that's what I did one day.
I bought my first house a couple years ago when I was 24, and I LOVE IT. 1) My mortgage is low bc I refinanced this year and got a good interest rate and I put down 20%. 2) My mortgage payment doesn't disappear like a rent payment does. I own the home so I'm paying into my equity rather than paying a landlord. 3) The value has doubled since I bought it (roughly). Due to the housing shortage in 2021, my home is worth almost twice what I bought it for and if I sold it today I could put almost the original price of the home in my pocket. 4) Security- I don't have to worry about rent going up, my payment is locked in for 30 years and in 30 years I'll own the home entirely. It's very predictable which I appreciate.
I bought my home with my husband at 23 in 2014. We saved for two years. Pinched every single penny and it was the best decision we ever made, (besides getting married, that was pretty awesome too). Congratulations!! ♡
@@markm0000 and living in the dirt cheap middle of bumfuck nowhere while making rich-people money. "discipline" is a bullshit excuse from the rich to write off normal people's genuine hardships.
Um, I bought my house because I'm financially stable and I got tired of being told what I could and couldn't do in my home. Plus, why the hell should I keep on paying for somebody else's mortgage?
you might as well ask "why the hell should i pay for someone else's (insert x)?" every time you purchase anything. when you pay rent, you are receiving a PRODUCT/SERVICE. this is how money works. all the reasons you might be better off paying rent than buying a house are explained in the video.
We’re closing on a house this month! We’ve bounced back and forth between buying and renting. Some purchases were bad (I’m looking at you, 2006), and some rentals were terrible (I’m looking at you, landlords who weren’t paying their mortgage with our rent $), but in the end, we prefer owning. It’s nicer to have control, you don’t have to deal with crummy landlords, and it’s fun to have house projects that make it more custom/nice to live in... especially with kiddos. Congrats to your family! Good choice! :)
My wife and I bought our house because we were tired of having the rent increase every 6 months - 1 year. Maintenance always took forever to come around and slap a band-aid on obvious problems. The housing market still had not rebounded, so prices were cheap. We said the hell with it and got a newly built 3 bd rm house on a cul-de-sac for the price of a 1 bd rm apartment. We picked out the front yard trees and seeded the backyard with native grass. I handle all the repairs and it's awesome. Things get done right then. We had space to expand our family and just had our first child. Home ownership is about the freedom and control we get with having our own place.
@@SwawesomeT the dude's net worth is like 50 million dollars, as far as expenses neither are really worth worrying about. Which is probably part of why he doesn't care about the investment a house might be. If I can spend 1 million on a house and 49 million on stocks or 50 million on stocks and pay for my rent off my dividends I'm going to do the latter.
I love it. I grew up moving constantly for many years, and I hated everything about the entire situation. I wanted to plant trees, put down roots, and get comfortable in my house without worrying about the landlord telling me no. I Hated Renting with every fiber of my being.
I moved around a lot when i was growing up too but i’ve had the opposite reaction. I can’t imagine staying in one place now. buying a house would mean i would have to stay put and the thought of that terrifies me.
I bought a house almost a year ago and I have oscillated wildly between being sure I've made a great decision and being equally sure that I've ruined my life (lol)!! So far, though, it has panned out very positively (although I do really, really hate mowing the lawn). It's a lot of work, and you might feel like you're "in transition" way longer than you would like to be--I still have a lot of boxes packed away and an "office" that's more of a "large closet." But I've started planting my own garden, something I've always loved to do, and the walls are painted in colors I picked, hung with pictures that are important to me. It seems like really small stuff, but I'm gradually seeing it become a place that's mine, and I love that. Best of luck to you guys!!
I bought a one bedroom condo in 2008 (when the market was down). When I wanted to move in 2013, the market wasn't good enough to sell it so I rented it out. Best decision I ever made! I bought a duplex on the other side of town and my rented duplex unit paid most of my mortgage. A couple of years ago I moved in with my home-owner boyfriend so now I have 3 rentals. Rents are going up like crazy and if I was a renter I wouldn't be happy about that, but as a landlord, I'm doing very well even if I do have to pay for things that need fixing. I think if you do it right, you can work this renting vs owning thing to your advantage. By the way, buying cost me less than renting because I was in the Army and I used my VA benefits (no money down) to buy both places. Not everyone has that benefit, but that's how I did it. I'm super glad there are a lot of people who prefer to rent...keeps the rental market strong and the rents keep going up.
I own a duplex and I live in one side and rent out the other. Some people are better off renting for various reasons. My tenant, for example, is a workaholic. Her job is her life. She has no interest in owning a home, due to all the time it would take. I'm pleased that she's paying for a big chunk of my mortgage, and I'm sure she's pleased that she doesn't have to mow the lawn and do yard work.
I bought a house when the market bottomed out over here a few years ago. Got lucky with the price. It was a fixer-upper, but I love it. It's peaceful and quiet, I was buying something for me, as opposed to paying rent that goes toward nothing, long term. I can do what I want with this place (planning permission pending OFC). I learned more about myself and how I handle stress than anything I'd ever done, while buying this house. If I ever buy another house I'll know what to look for. You can't know this until you buy a house and gut it back to the bare walls, pull out all the problems. My house is about 80 years old. It had. A lot of problems. I learned more about myself than anything else I've ever done by managing it, by doing DIY with parts of it - which I couldn't do in an apartment - I've learned to renovate, I've build things, learned to budget better, I've added on my own little workshop to this house and started fretwork. I've learned that I love interior design because of this house. Like. I love my house. Simply put. It's somewhere to go and sit and chill and not have to deal with anyone at all. I've got a garden here. I grow things. I'm learning to garden properly, had a nice crop this year. I know that I can grow old in this house and no one will be able to snatch it from me. I can be 80 years old some day, sitting with my scroll saw, making tiny pieces of ornate furniture and chewing on some home grown carrots, if I wanna be. I like that thought.
We bought a home because where I live in Nashville it was "AS" expensive to rent than it was to buy a home. Plus you have the opportunity to gain equity which is pretty cool.. Also, if I want to paint or "add to or take away" for the home to make it my own I can do that. and depending on what updating you do can add to your overall value. But of course this is ALL dependent on the market :(
I bought a condo the same month I graduated college at 22 (talk about stress). My parents were strongly encouraging me to do so and I was very against it because I’m young and wasn’t sure where I wanted to live other than close to work. However, the second I realized that all the apartments I liked would cost the same as a mortgage, I decided to buy. Well worth it!
My reasons: I knew I didn't want to move again for a long time. I was annoyed by landlords not taking care of the property. I was tired of my rent always going up.
@@betz6507 Mine went down because the previous homeowner could not claim it as a homestead exemption (creates a 1% tax cap) since it was their second home. Since taxes are in arrears, my tax bill went down by half after owning the home a year!
@@betz6507 Our property taxes went up by ~$1200/yr over the past 17 years while the property value went up by almost 80%. That's fairly reasonable compared to how rent more than doubled (almost tripled) in the meantime.
@@betz6507 and actually that's not true at all, my property taxes went WAY down during the market/economy crash. they have come up a little now that things are stable again. they go up like a couple dollars a year if that, not like rent that can double.
We rented a house for 4 years and they decided that they were going to sell. We had 3 months to pack and find a new place to live. You also don't have to ask permission to allow someone to stay with you. The next house we rented, our children turned 18 and the landlords decided that our kids had to APPLY to live in the house they had been living in for years. We also couldn't make any modifications to the house like painting it. We couldn't get any pets without asking permission or paying a fee. If something broke, the landlord may or may not choose to fix it - for example, the ice maker on the fridge stopped working and the landlord decided that they weren't going to fix it. A burner on the stove broke, didn't fix it. The dishwasher broke and they got a beat-up used one and threw it in. The pool cleaners sucked and since they were under contract with the property management company, we couldn't fire and replace them. If you don't like having control over your life, rent. If you prefer freedom and certainty, buy a house.
i love how unbiased this was. Like, you told us what you were doing but also showing both sides. THATS WHY I LOVE YOUR CHANNEL. it honors the world of information on ALL SIDES
I bought here recently and have some of the same concerns. Especially because I'm a single guy. I did the calculator you linked to. My break-even happened just short of 3 years and then the improvement was enormous from then on. Not sure where you guys are from, but where I live (Indianapolis), I had a 600sqft studio apartment for $1300/mo in rent. I bought a 3500sqft home and my monthly payments are..... $1300/mo. No. Change. The master bed/bath alone is 40% larger than my entire apartment was. For the SAME MONTHLY PAYMENT. Plus it isn't disappearing, it is going into equity. Even at 0% growth I still come out ahead. Not bad. Add on the fact that I can do all the modifications and customizations I want, and I don't have to keep moving ALL my belongings nearly every year. Kinda nice to be in a house.
EVERYONE says “it’s a lot of work” (just like Craig’s parents) as if that’s a negative thing but my husband & I absolutely LOVE home maintenance! Our first home was our first baby (before our twin kids came along). Perfect starter home in ‘03, we improved wisely and sold it for OVER ASKING in ‘11. (Yes in 2011!!!! In WI too! How does that happen???) We bought wisely again and paid off the mortgage in 3 (yes 3) years. Now we have a second (“weekend”/“vacation”) home nearby. Did I mention we love home maintenance? 😂 Glad to have u back in WI Craig. Welcome, Chyna & Ada.
And...you don't have to share a wall, floor, or ceiling with a loud neighbor. That was one of our pros for buying, and the mortgage is less than renting a whole house. Plus #3. Big pro.
#3 is by far the biggest reason why we're in a home. Stable/predictable monthly payment (fixed rate mortgage), we can modify it as we want to, and we choose the repairs (and can do quite a bit ourselves). #4 is also huge. Stability is so nice and I think the biggest reason for new parents. It goes well with #3
I know people that have bought a house and pay less than what I pay for rent and they have the same amount of rooms. Also my rent goes up every year. Plus to move I need to pay rent first month and deposit. So everytime I move I have to pay almost the same amount as a minimum for a down payment for a home. Also the last place I lived in the homeowner sold the house and we were forced to move. Another reason to have your own place. Lol
where the fuck cheap ass place do you live that the down payment on a home is at all comparable to first+deposit on rent? if that was the case nobody would ever rent.
I can really appreciate this. My husband and I were married in 2003...and moved into a "temporary" place near my family while we worked to get "stable". The housing bubble started to grow (blow??) and grow. A home that we considered paying $70k for was suddenly $150k. We couldn't afford to move out of our rental. The bubble burst, recession happened, we both got laid off...and LUCKILY...our rental (which we'd now been in for almost 5 years) was owned by a lovely woman who was like, "Okay, just pay me when you get a chance, this sucks for your family." If we had been homeowners - there was no way we could have kept up with payments. Then we'd have had to default on a home loan. Tens and tens of thousands in debt. And at least we avoided that. Then my husband joined the army to keep our kids fed...and for the next 6 years we were provided housing. When he left the service we went back to renting b/c you can't buy a house without a job (weird). He has a small disability, so a regular "income" but it can't be counted as income for the purposes of home buying (usually, and definitely in our case). So we're in school now and we're nearing 40 and still renting and we have 3 kids...And our families just think we're the biggest failures b/c we don't own a home. But I like that there are people out there thinking about not ALWAYS buying a home in every situation. We don't want to stay in our current area, we'd like to move away. Buying a house is something we WANT to do. But we're glad that we can pick up and move. We don't know where we'll be in a few years. Our income is a little...iffy (cuz students, and disabled, and usually unemployed). So. Maybe my oldest child will never live in a home her parents owned. But her little sisters might. Thanks for laying out some of these things in a way that makes me feel less like an utter failure!
I spent the last twenty some odd years renting a house. I've recently vacated and am currently trying to downsize my life. I have accumulated a lot of junk that has sentimental value but I don't need. So I'm in a reverse situation from "The Wheezies." I want my future to be more open to travel. I've been very sedentary most of my adult life and I'd like to be able to let go of a lot of this stuff and take up less space in a more practical and functional lifestyle. The house gave me the illusion of security the past couple decades but since I was renting I have nothing to show for it. However, had I purchased a house twenty years ago my financial situation woulda been far worse. So I think now I'm in a good place to need less and move more. Each person has to make those choices for themselves. There are no right or wrong answers really. It's just what your needs are at the time.
I'm squarely in the renter for life (probably) category. I did own a home from '04-'07 (sold just as everything was crashing down)... and while I loved the house (it was a live/work loft that we had custom designed from the ground up) I hated owning the house. I haven't lived in the same house for more than 6 years since 1980, when I was 12. I don't really have a hometown or a house that I "grew up in." I get bored and I like to try out other cities and states to live in. With renting, if something breaks I call the landlord, grab my laptop and go sit at the coffee shop and work until it's fixed (I also have worked from home for nearly 25 years). I traveled a lot for work pre-2020 and I liked being able to not worry about my investment while I spend three weeks in Italy working or whatever. I'd rather invest in adventures and doing things with friends and family. I live in a cozy apartment downtown in the city and lived previously in the middle of the Chihuahuan desert. It makes very little sense for me to buy... though there are things every now and then that would just work better if I owned, but the negatives far outweigh the positives for me.
We bought our last house (3 kids) in 2000. We stayed with one employer and home and retired in our 50s. Sold the big house (double what we bought it for), moved states and bought a much smaller home for cash. Home ownership is an investment.
Great Video. I am a young homeowner and have found this to be true to this day. It's rough out there especially here in the SF Bay area. The video was very funny. Keep it up and congratulations on the new "purchase"!
Same. I'm young and bought a condo 7 years ago in Las Vegas fully paid for. I was a landlord for awhile which was stressful. I've just repaired my home from top to bottom and about to sell, and spend less. I honestly dont see this as my forever home and need a restart.
I used to be a wheezy binger but I haven't seen one of your videos in a year now. Watching this was the most wholesome experience I've had this week. Thanks for staying awesome all these years
Love your parents! Our first home was $35k with a $100 down payment and special first time home owner tax credit. It was cheaper than renting in Portland.
All the feels. I even enjoyed the ad. My wife and I are considering buying a home, but this confirms our suspicions that there are too many variables in what we want, when we want it, and how we will pay for it. God bless your new home! Thanks for the bideo.
Buying a home really paid off for me. I came out ahead $30,000 on the sale of my starter home after living there 11 years, and got my second house that I really wanted. Eventually I’ll own it outright, so at that point I’ll only have to pay taxes and insurance on it.
The biggest advantage for me is that I won't have to pay rent for the rest of my life (that would probably keep going up each year). I bought a house in March on a fixed-rate 30-year loan. I plan on paying it off in 15 years, though, by paying extra towards the principal each month, and then I won't have that monthly expense any longer. That will make it easier when I'm ready to retire to be able to afford to do so. :)
@@xzonia1 Real estate taxes go up every year also.- Your plan on paying extra towards the principal each month is a wise move. Make sure you have an emergency fund also. In time, the water heater WILL need replacing, and it most always comes as a surprise.
@@pre1980cars I think a lot of this depends on where you are and the HOA. We ended up passing on a lovely neighborhood because of the "overly enthusiastic" HOA
My husband and I just bought a house in January, and thus far, I think we made the right decision because: 1. I was seven months pregnant, and wanted a place of our own where our daughter could grow up 2. I can finally garden as much as I want to. You better believe I’ve got my compost bins going and my to scale plans drawn up 3. I don’t have to worry about my rent going up 4. It’s an adorable yellow house that makes me so happy 5. I can get to know my neighbors with some assurance that we’ll be able to really become part of the community 6. I can garden. Did I mention that already? 7. We can build whatever crazy play structure we want for our daughter. 8. We can afford it. It might or might not be better financially than renting, but we can afford it. Mortgages are fixed while rent goes up, and my area has nearly doubled in rent in the last ten years. This was a way to fix our housing expenses, even if we do have to pay for repairs and upkeep
I love your videos! I love owning my home for the following reasons. (I am a little biased as our mortgage is the same cost per month as a smaller apartment now in Colorado.) #1. Freedom to do what I want with my own home, AKA: no land lords. #2. Equity gain is awesome. My house is worth 2x what I bought it for. #3...uhm... I just had two points.
Same goes for houses too. Same goes for anything really, in an "economic system" based on arbitrary concepts (and not on the scientific method). Like: growing consumption is good (even if it's ecologically unsustainable)? Nope. Yet, according the mainstream "economics", the answer is somehow "yes".
Not true it's more along the lines of you can get some of your money back given your vigilant over the market. You are certainly not going to recoup your investment in a matter of minutes before the mess hits the fan in terms of real estate. If your someone who want to enjoy a retirement after 60+, play the waiting game. If you want to have amazing experiences when medical care proximity isn't your main priority.. well you decide.
This was excellent. One thing not mentioned is unexpected and enormous rent increases and rental shortages. That's what happened in my city. Rent doubled in two years and housing prices soared. If you weren't in a house, already, or independently wealthy you pretty much got run out of the city.
great video. I'm actually house shopping right now. We lost our house after not being able to recover from job loss and have been renting for the last 5 years. We've been lucky and have only moved twice since losing the house, but not my landlord wants to move his son into the house and when we started looking for other places to rent, rent is waaayyy to expensive. So we figured if we're going to rent and break the bank, we might as well buy & save some money & then sell in the next 5-10 years. I used the "Rent vs Buy Calculator" and it also says it's probably going to be cheaper for us to buy right now. After talking about it to some people, the plan is to rent the house we buy now out later & move into a different house (if the kids are no longer living at home).
Life Progress - Health, Wealth, & Happiness Channel I also rent. I cannot imagine living 40 years in the same house. I pay a high rent and I live in a good house. If I’m bored with it I move. And I certainly don’t have to do the repairs.
@@narcismebelgie Alot of people including my parents are always pestering me to buy a house. Exactly reason number 1. I am just not someone that would want to be tied down financially for 30 years even though you could of course sell it way before that time. I am very debt conscious and I will have to pay a high cost regardless. I like the flexibility of moving if I am not happy plus in a few months i will finally be debt free.
I bought this palace in 1981 when interest rates were 14.5%. The price of the house was somewhat low but the interest payment was high. The good news is you can renegotiate the interest rate but you can't renegotiate the price you paid, after several years I dropped that interest rate to 8%; that seems high now but back then it was a great rate and I bought the house cheap.. I paid $49k for this and at that time buying was just as cheap as renting if not cheaper (includes taxes) and almost 40 years later it would sell for 10X that. I'm retired now and it's nice knowing my rent is not going up (property taxes will go up) and the landlord can't throw me out. I paid the house off in 15 years so for the last 23 years I've only had to pay taxes and upkeep. It helps a lot if you can do a lot of the upkeep yourself. It may take me a while to get anything done but work for very little (a beer and a sub). So for me it's well worth buying a house because although it' can be tough to sell in a down market but decades later it's a substantial asset that can be drawn on if you need some cash. Righr now I'mmok with my SS and 401k but if push comes to shove the house can be turned into a nice piece of change. All that said don't buy a house if your planing to move in the next 5-7 years and don't starve yourself to get a down payment together
Nah. Their house is in pretty great shape. Except for the electrical, the chimney, the foundation, plumbing, shocks, struts, breaks, rings, pistons, appliances, carpet, the roof needs some work...
@@VivienneAndersen Good Lord, you're giving me flashbacks. A couple years ago my husband and I were in the market for a house. We found a cute little one, put an offer in, and arranged an inspection. As it turns out, the cute little house was an absolute disaster with a fresh coat of paint and new floors. It didn't even have gutters!
Great video! More reasons you didn't consider: Assuming you didn't buy too much house and have a good emergency fund, if you become disabled you don't have to worry about housing or argue with landlords about accessibility. When you own your own home, you can make it accessible as time and money allow so your disabled friends can come over and hang out. You can also rent a room out if you want someone else to pay some of your mortgage for you.
My girlfriend and I have just bought a place, and it feels fucking awesome. We're in London, so barring several more catastrophes to the ones that have already happened recently, the land is going to increase in value. Our mortgage is around £900 less than it would cost to rent an equivalent place This is my first time living in a place that I or my parents have owned since I was 4, and it's an awesome feeling to be able to do stuff to our house, from redoing a bathroom to not stressing about putting a nail in the wall to put up a picture. We know we can add value to the property - we bought it as an outdated blank canvas ready for us to do it up which means that a) we'll put our stamp on it and have designs that we really love and b) us paying to have nice stuff in the kitchen/bathroom/garden is going to help the value of the property - it pays for itself which is really cool. We were only able to buy this place because of our immense privilege, which we recognise, but if you do have the means to buy a place rather than rent, I'd do it again in a heartbeat.
Hey wheezy you really returned to your roots with this video. I've watched a few of your videos lately and this one has that special Wheezyness that has kept me coming back for years. Thanks for being the goof you are man.
We bought our first house 24 years ago. Still living in it. There were two reasons for buying. 1) Rent is locked. We live in Portland, Oregon. Provided we could stay in whatever we rented, the prices are much higher now. 2) Looking forward to paying it off. Having no mortgage is really nice.
11:45 um, yeah. But then you have a house to live in when you retire so...? Or you could rent, spend the same over 30 yrs and end it with no where to live when your income slows. Ig if you looked at the value of investments over 30 years vs the value of owning a home (value of home plus however long you'll live and the reduced cost per month), you could figure if you'd make more money after the thirty year period from owning the home or owning a bunch of stocks, that would help. Side note: for many people the home is better because the investment is not optional. You pay every month as a bill. But stocks, you can shrug every other month and buy crap instead. Ie less over time.
Love not having to save a million dollars for that busted hot water heater, and a roof, and mowing the lawn..... ahhhhhhh..... I saw what my parents had to go thru. I thought - since unemployment will be in my future, it’s probably not be wise. Plus I love to move around every few years. I hate owning stuff.
@@pheenobarbidoll2016 Home warranty??? Hahahahahahahaaaaaa!!!! Home warranties are a scam, sorry to inform you. Same goes for the roof unless a major hail storm is the cause for needing a new roof.
I'm still catching up on videos and I loved this one. I love owning a home because I want it to be mine and to be able to do anything I want with it. This place feels like a safe comfy sanctuary and I feel pretty lucky. It is expensive to buy a house in Austin so I am very glad a bought a while back as I could not afford rent or a house like mine now. Chyna is awesome and I loved the bit with the couch. y'all - still awesome.
1. weekend backyard bbq parties 2. at least my mortgage actually leads to something 3. once you pay it off, you have a little spot in the world to call yours.
Bought for the first time 4 years ago in a neighborhood just outside city limits. Since then, real estate has exploded here and my home is worth over 100k more than what we paid. It's also provided stability and a creative outlet (making a house a home etc), its had some headaches sure (well needing replacing after 3 weeks of living here) but I've loved being a homeowner, none the less. 🏡
for me, buying a house was a good decision because the mortgage and utilities were at least 200 a month cheaper than renting and utilities in the same neighborhood and the house had more bedrooms than the apartment we had. Plus not sharing a thin wall with neighbors means no noise complaints.
Where did you get that wine?
Grapes.
Best answer ever.
MY FAVORITE PART lol
Never change, Craig's mom, never change.
That killed me!
How did you guys get wine? Where did that come from?
Grapes.
It's funnier the way they actually said it.
Wade Wilson you must be fun at parties.
The impression of the banker killed me 😂 😂 😂
So good. -John
Coming sometime next year: Why do people like gardening?
Just ask John about mowing lawns... and grass in general!
I hope anyone associated with the vlogbrothers team sees this -- please visit The Financial Diet's content and check it over for wholesomeness and social sensitivity. I had to stop watching and supporting all things TFD after they made some shockingly poverty-shaming (and implicitly sexist) Instagram posts, which were criticized heavily in the comments, and then they not only left the offending posts up, but never apologized. That's not okay and it alienates a lot of people who are most in need of the info TFD shares -- or at least, the info TFD shares when it's not being horrendously tone-deaf.
+
@@afroceltduck Oh, how appropriate it would be, as it turns out.
For me
1. Mortgage is going to be about the same or less than rent. At least I'm building some equity
2. I have a wife and 3 kids
3. I want a yard
4. I want a place I can do with what I want
5.It's quiet. Apartments are the worst.
I always wanted to own a home though. I want the barbecues while a drink beer with my other dad friends and bitch about my yard and worldly events. Buying a home is more than just a money decision.
It's a no-brainer when you have a family! I'm single and still arguably come out ahead.
I figure these folks live on a coastal state where houses are CRAZY expensive.
In California, a $1M house will get you a couple stories and maybe 2k square feet in a middle-class cookie-cutter neighborhood. Here in Indiana, a house for half that could get you 6000 square feet of lake-front property. Or if you would like to ditch the lake front, a house in my hometown just sold for half-mil that had an indoor swimming pool.
Then you should hear what they get in parts of northern Texas. But then again, you'd have to be in northern Texas.
@@webx135 You guys do know you could do a better investment by investing instead of buying a house.
@@PokePresto Here in Indiana, I could get a 1000sqft apartment for about $1000/mo.
OR, I could get a 1200SQFT house for a total of $500-700/mo in total monthly payments related to the mortgage. More square footage. Payments build equity. And I STILL have more liquid assets available for investment.
@@webx135 100% See that. I am just saying that people will do very well in concidering the eventual benefits of investing in say global index funds or somthing simular instead of buying housing. Overall index funds have been a better investment then buying a house. But ofc i do see the benefits of owning a house, just trying to point out that buying and not renting might not always pay off.
Tormund Giantsbane How do you propose people invest if every penny they earn is taken up in rent and bills? For most average earners it would be an either / or choice! At least by buying they are covering two bases- housing and investment - for one affordable sum. Sure, returns may be higher with alternative investment, but if you have to cover the rent it's pointless.
In your interview with James he says that the best investment you can make is in yourself. . .
For me, purchasing my first home was a HUGE investment in myself. I spent 9 years in that place, and in that time I became an accomplished handyman, I learned about landscaping and gardening, I learned about woodworking and carpentry. The man that I am now is completely different than the man I was then. I'm better for having purchased a home.
OH YEAH, I also learned that you never should trust a home inspection report. So 9 years later when we purchased a larger home for our growing family, I took all that knowledge gained and used it to make wiser decisions.
It's a point that you didn't make in this video, but I think it's really important: For some, not for all, the responsibility of home-ownership is one of the best opportunities for self-discovery that money can buy.
This is such a great comment, thank you
Sam Gerdt He’s speaking in terms of investment. If you’re attributing those skills you’ve gained as the sole justification of a “good investment”, you’d be wrong. Taking classes or training on gardening, handy-work, etc would have been much cheaper and netted you actual processional training. Buying a home, in that sense, is not the best investment in yourself. Actually investing in training, and taking all the money you saved on not buying a house into the stock market, would have been much better. Again, his words not mine.
could you elaborate on why you should never trust a report? what happened that made you think that way?
@@koffiekoffielekkerbakkieko8425 My home was a flip, and the inspector failed to mention: 1) The water heater was 18 years old (avg life is 9-10 years); 2) AC did not have proper flow into top floor and no air return, making it 96 degrees while downstairs was 70 in the summer; 3) none of the toilets were seated (bolts were just sitting on tile) so all leaked from the base after some usage (to be fair not sure who would have checked this). I would suggest a specialist like plumber checks the house independently.
You sound like a cult member, LOL
It's not an investment. It's a place to live that may yield equity
THE AMERICAN DREEEAM. Great video! Congrats on buying the home. Also...
5. If you live in LA or NYC it's literally impossible to afford a decent home.
Matt D'Avella or Hawaii😳
Fact.
Tell that to Graham Stephan
Or London
Or Seattle... or San Francisco...
I bought a house two years ago (as of June 2nd) because I was going to be 50 years old and if I didn't do it before that birthday I doubted I'd ever manage it in the future. Also, I was sick of living in apartments until they raised the rent so high that I had no choice but to move. The couple of months leading up to lease renewal were often stressful as I never knew how much it would jump. I didn't buy one because that's what you're "supposed" to do or because I thought it was a good investment, but because I was sick of moving every few years and I wanted a place I could modify as I saw fit and truly make my own. It is my goal to die in this house. Mind you not anytime soon, but when the time comes I'm hoping I've been able to hold onto it. Then I plan to haunt it because I'm selfish like that.
"bank you very much" killed me xD
Bang you very much
:D I'm = like, I can't be the only one who was killed with that joke... (scrolls down, finds this comment)
Scrolled down just for this lmfao
I’m a millennial and my wife and I bought a house when I was 27. We’ve lived in it for four years and love it. Yes it is a lot of work, but we can paint, landscape, and do whatever we want with it. Plus there was no way in the world we could rent a house like ours for the amount we pay per month. Not even close.
Millennials can absolutely own a home.
You can't generalise an entire group of people based on when they were born.
@@justrobin1234 You can actually. They're called generations.
Its easier to buy a house, than it is to buy a car
Agreed! When my husband and I bought our first place rent in the area we were looking as astronomically higher than buying. We saved at least $350/400 per month on owning vs. renting. Now, of course, some of that money went into maintenance of the house but when we sold the place we had $35k in our pockets (after realtor fees). You don't get anything after renting except maybe your security deposit back.
@@Bonanzoo Not every millennial was dumb and went into loads of student loan debt.
What? Your parents dont talk like that all the time? Im disappointed....
Great video!
2:52 "can you *_pretend_* to be real for a second"
@@happi-entity good observation.
Your realtor seems like an awesome person! So much humor as well as great advice!
Bad advice actually! A Realtor works for the seller, not for the buyer! Avoid realtors as much as you can when you are buying a house. When selling the housing then only get the best realtors out there.
I love the way wheezy has changed over the years... 🥰
We bought a house 8 months ago........ and I LOVE IT. Making it our own, and making it look nice feels so good.
PapaWheezy "reading" the Grey's Anatomy CD made me LOL.
I recommend he try reading the info on the back of a toothpaste tube. In the 3rd grade we had to read 15 minutes every day for homework so that's what I did one day.
I bought my first house a couple years ago when I was 24, and I LOVE IT.
1) My mortgage is low bc I refinanced this year and got a good interest rate and I put down 20%.
2) My mortgage payment doesn't disappear like a rent payment does. I own the home so I'm paying into my equity rather than paying a landlord.
3) The value has doubled since I bought it (roughly). Due to the housing shortage in 2021, my home is worth almost twice what I bought it for and if I sold it today I could put almost the original price of the home in my pocket.
4) Security- I don't have to worry about rent going up, my payment is locked in for 30 years and in 30 years I'll own the home entirely. It's very predictable which I appreciate.
I bought my home with my husband at 23 in 2014. We saved for two years. Pinched every single penny and it was the best decision we ever made, (besides getting married, that was pretty awesome too).
Congratulations!! ♡
how the fuck did you save up a down payment on a house in only two years on 21-22 year old incomes?
@@Pfhorrest Probably lived with parents and used a single car. It’s do-able just requires discipline.
@@markm0000 and living in the dirt cheap middle of bumfuck nowhere while making rich-people money. "discipline" is a bullshit excuse from the rich to write off normal people's genuine hardships.
Um, I bought my house because I'm financially stable and I got tired of being told what I could and couldn't do in my home.
Plus, why the hell should I keep on paying for somebody else's mortgage?
I'm pretty sure most people who rents don't do it because they like to do it...
you might as well ask "why the hell should i pay for someone else's (insert x)?" every time you purchase anything.
when you pay rent, you are receiving a PRODUCT/SERVICE. this is how money works. all the reasons you might be better off paying rent than buying a house are explained in the video.
You don't own your home even if it's completely paid off
That "Grapes" Joke caught me so off guard, I literally spit on myself!
I missed it …..at what time marker was it?
@@carlosnajera65 This will probably be a disappointment to you now but here you go! 3:00
We’re closing on a house this month! We’ve bounced back and forth between buying and renting. Some purchases were bad (I’m looking at you, 2006), and some rentals were terrible (I’m looking at you, landlords who weren’t paying their mortgage with our rent $), but in the end, we prefer owning. It’s nicer to have control, you don’t have to deal with crummy landlords, and it’s fun to have house projects that make it more custom/nice to live in... especially with kiddos. Congrats to your family! Good choice! :)
"Owning a home makes me LORD ... of the LAND!" Lord of the Land, Craig's Dad, 2019.
Louis Gentilucci Long may he reign.
Ore like lord of a backyard
My wife and I bought our house because we were tired of having the rent increase every 6 months - 1 year. Maintenance always took forever to come around and slap a band-aid on obvious problems. The housing market still had not rebounded, so prices were cheap. We said the hell with it and got a newly built 3 bd rm house on a cul-de-sac for the price of a 1 bd rm apartment. We picked out the front yard trees and seeded the backyard with native grass. I handle all the repairs and it's awesome. Things get done right then. We had space to expand our family and just had our first child. Home ownership is about the freedom and control we get with having our own place.
"Invest in yourself"
The most under-valued financial advice there is.
“It’s not the financial decision I would have made” says the man with a giant arcade machine in his office behind him lol
Because housing and hobbies are on the same footing financially speaking 🙄
@@placksheep not even only that, imagine equating 1-2 thousand dollars (estimating very liberally) to 150 to 300 thousand dollars lmao
He was also part of the minimalist video and he explains why he has what he has now in case you're interested.
@@SwawesomeT the dude's net worth is like 50 million dollars, as far as expenses neither are really worth worrying about. Which is probably part of why he doesn't care about the investment a house might be. If I can spend 1 million on a house and 49 million on stocks or 50 million on stocks and pay for my rent off my dividends I'm going to do the latter.
I love it. I grew up moving constantly for many years, and I hated everything about the entire situation. I wanted to plant trees, put down roots, and get comfortable in my house without worrying about the landlord telling me no. I Hated Renting with every fiber of my being.
I moved around a lot when i was growing up too but i’ve had the opposite reaction. I can’t imagine staying in one place now. buying a house would mean i would have to stay put and the thought of that terrifies me.
@@emilyshmelimy It's really great that we've got options for travel and going where our heart desires !
I bought a house almost a year ago and I have oscillated wildly between being sure I've made a great decision and being equally sure that I've ruined my life (lol)!! So far, though, it has panned out very positively (although I do really, really hate mowing the lawn). It's a lot of work, and you might feel like you're "in transition" way longer than you would like to be--I still have a lot of boxes packed away and an "office" that's more of a "large closet." But I've started planting my own garden, something I've always loved to do, and the walls are painted in colors I picked, hung with pictures that are important to me. It seems like really small stuff, but I'm gradually seeing it become a place that's mine, and I love that. Best of luck to you guys!!
I bought a one bedroom condo in 2008 (when the market was down). When I wanted to move in 2013, the market wasn't good enough to sell it so I rented it out. Best decision I ever made! I bought a duplex on the other side of town and my rented duplex unit paid most of my mortgage. A couple of years ago I moved in with my home-owner boyfriend so now I have 3 rentals. Rents are going up like crazy and if I was a renter I wouldn't be happy about that, but as a landlord, I'm doing very well even if I do have to pay for things that need fixing. I think if you do it right, you can work this renting vs owning thing to your advantage. By the way, buying cost me less than renting because I was in the Army and I used my VA benefits (no money down) to buy both places. Not everyone has that benefit, but that's how I did it. I'm super glad there are a lot of people who prefer to rent...keeps the rental market strong and the rents keep going up.
I own a duplex and I live in one side and rent out the other. Some people are better off renting for various reasons. My tenant, for example, is a workaholic. Her job is her life. She has no interest in owning a home, due to all the time it would take. I'm pleased that she's paying for a big chunk of my mortgage, and I'm sure she's pleased that she doesn't have to mow the lawn and do yard work.
I bought a house when the market bottomed out over here a few years ago. Got lucky with the price. It was a fixer-upper, but I love it. It's peaceful and quiet, I was buying something for me, as opposed to paying rent that goes toward nothing, long term. I can do what I want with this place (planning permission pending OFC). I learned more about myself and how I handle stress than anything I'd ever done, while buying this house. If I ever buy another house I'll know what to look for. You can't know this until you buy a house and gut it back to the bare walls, pull out all the problems. My house is about 80 years old. It had. A lot of problems. I learned more about myself than anything else I've ever done by managing it, by doing DIY with parts of it - which I couldn't do in an apartment - I've learned to renovate, I've build things, learned to budget better, I've added on my own little workshop to this house and started fretwork. I've learned that I love interior design because of this house. Like. I love my house. Simply put. It's somewhere to go and sit and chill and not have to deal with anyone at all. I've got a garden here. I grow things. I'm learning to garden properly, had a nice crop this year. I know that I can grow old in this house and no one will be able to snatch it from me. I can be 80 years old some day, sitting with my scroll saw, making tiny pieces of ornate furniture and chewing on some home grown carrots, if I wanna be.
I like that thought.
We bought a home because where I live in Nashville it was "AS" expensive to rent than it was to buy a home. Plus you have the opportunity to gain equity which is pretty cool.. Also, if I want to paint or "add to or take away" for the home to make it my own I can do that. and depending on what updating you do can add to your overall value. But of course this is ALL dependent on the market :(
I bought a condo the same month I graduated college at 22 (talk about stress). My parents were strongly encouraging me to do so and I was very against it because I’m young and wasn’t sure where I wanted to live other than close to work. However, the second I realized that all the apartments I liked would cost the same as a mortgage, I decided to buy. Well worth it!
My reasons:
I knew I didn't want to move again for a long time.
I was annoyed by landlords not taking care of the property.
I was tired of my rent always going up.
If you own .. taxes ALWAYS go up, lol.
@@betz6507 Mine went down because the previous homeowner could not claim it as a homestead exemption (creates a 1% tax cap) since it was their second home. Since taxes are in arrears, my tax bill went down by half after owning the home a year!
@@betz6507 not in the bottom of the ocean
@@betz6507 Our property taxes went up by ~$1200/yr over the past 17 years while the property value went up by almost 80%. That's fairly reasonable compared to how rent more than doubled (almost tripled) in the meantime.
@@betz6507 and actually that's not true at all, my property taxes went WAY down during the market/economy crash. they have come up a little now that things are stable again. they go up like a couple dollars a year if that, not like rent that can double.
We rented a house for 4 years and they decided that they were going to sell. We had 3 months to pack and find a new place to live. You also don't have to ask permission to allow someone to stay with you. The next house we rented, our children turned 18 and the landlords decided that our kids had to APPLY to live in the house they had been living in for years. We also couldn't make any modifications to the house like painting it. We couldn't get any pets without asking permission or paying a fee. If something broke, the landlord may or may not choose to fix it - for example, the ice maker on the fridge stopped working and the landlord decided that they weren't going to fix it. A burner on the stove broke, didn't fix it. The dishwasher broke and they got a beat-up used one and threw it in. The pool cleaners sucked and since they were under contract with the property management company, we couldn't fire and replace them.
If you don't like having control over your life, rent. If you prefer freedom and certainty, buy a house.
OMG that was the best sponsored content I have ever seen hahahahaha
After buying two homes this is the first realtor that felt like a real person. I wish my long term plans included Madison
Gross.
I want to be friends with your parents. And you guys. But also your parents. And your realtor.
Sameeeeee
I you live near Madison I can make that happen. At least the REALTOR® part.
i love how unbiased this was. Like, you told us what you were doing but also showing both sides. THATS WHY I LOVE YOUR CHANNEL. it honors the world of information on ALL SIDES
(maybe not all sides, but more than just your own)
The Money Pit! One of my favourite all time films. Great Video.
I bought here recently and have some of the same concerns. Especially because I'm a single guy. I did the calculator you linked to. My break-even happened just short of 3 years and then the improvement was enormous from then on.
Not sure where you guys are from, but where I live (Indianapolis), I had a 600sqft studio apartment for $1300/mo in rent. I bought a 3500sqft home and my monthly payments are.....
$1300/mo. No. Change.
The master bed/bath alone is 40% larger than my entire apartment was. For the SAME MONTHLY PAYMENT. Plus it isn't disappearing, it is going into equity. Even at 0% growth I still come out ahead.
Not bad. Add on the fact that I can do all the modifications and customizations I want, and I don't have to keep moving ALL my belongings nearly every year. Kinda nice to be in a house.
i live in california. sadly the numbers are not as favorable -_-.
EVERYONE says “it’s a lot of work” (just like Craig’s parents) as if that’s a negative thing but my husband & I absolutely LOVE home maintenance! Our first home was our first baby (before our twin kids came along). Perfect starter home in ‘03, we improved wisely and sold it for OVER ASKING in ‘11. (Yes in 2011!!!! In WI too! How does that happen???) We bought wisely again and paid off the mortgage in 3 (yes 3) years. Now we have a second (“weekend”/“vacation”) home nearby. Did I mention we love home maintenance? 😂 Glad to have u back in WI Craig. Welcome, Chyna & Ada.
the monthly on my house is significantly cheaper than the crappiest apartment in my area, so it was an easy decision for me to buy.
And...you don't have to share a wall, floor, or ceiling with a loud neighbor. That was one of our pros for buying, and the mortgage is less than renting a whole house. Plus #3. Big pro.
What if you buy an apartment?
You can rent houses and you can buy apartments... the type of home is a separate question from buy vs rent.
you must not live in cali
#3 is by far the biggest reason why we're in a home. Stable/predictable monthly payment (fixed rate mortgage), we can modify it as we want to, and we choose the repairs (and can do quite a bit ourselves).
#4 is also huge. Stability is so nice and I think the biggest reason for new parents. It goes well with #3
I know people that have bought a house and pay less than what I pay for rent and they have the same amount of rooms. Also my rent goes up every year. Plus to move I need to pay rent first month and deposit. So everytime I move I have to pay almost the same amount as a minimum for a down payment for a home. Also the last place I lived in the homeowner sold the house and we were forced to move. Another reason to have your own place. Lol
ageofbogyo forced move outs have been mentioned at 14:10
@ageofbogyo they mentioned being forced to move out, he said it happened to him a couple of times.
where the fuck cheap ass place do you live that the down payment on a home is at all comparable to first+deposit on rent? if that was the case nobody would ever rent.
@@Pfhorrest I know right?!
I can really appreciate this. My husband and I were married in 2003...and moved into a "temporary" place near my family while we worked to get "stable". The housing bubble started to grow (blow??) and grow. A home that we considered paying $70k for was suddenly $150k. We couldn't afford to move out of our rental. The bubble burst, recession happened, we both got laid off...and LUCKILY...our rental (which we'd now been in for almost 5 years) was owned by a lovely woman who was like, "Okay, just pay me when you get a chance, this sucks for your family." If we had been homeowners - there was no way we could have kept up with payments. Then we'd have had to default on a home loan. Tens and tens of thousands in debt. And at least we avoided that.
Then my husband joined the army to keep our kids fed...and for the next 6 years we were provided housing. When he left the service we went back to renting b/c you can't buy a house without a job (weird). He has a small disability, so a regular "income" but it can't be counted as income for the purposes of home buying (usually, and definitely in our case). So we're in school now and we're nearing 40 and still renting and we have 3 kids...And our families just think we're the biggest failures b/c we don't own a home. But I like that there are people out there thinking about not ALWAYS buying a home in every situation. We don't want to stay in our current area, we'd like to move away. Buying a house is something we WANT to do. But we're glad that we can pick up and move. We don't know where we'll be in a few years. Our income is a little...iffy (cuz students, and disabled, and usually unemployed). So. Maybe my oldest child will never live in a home her parents owned. But her little sisters might.
Thanks for laying out some of these things in a way that makes me feel less like an utter failure!
As someone in the financial industry, I think it's awesome that you did your research and shared it to let others think on it.
:)
I spent the last twenty some odd years renting a house. I've recently vacated and am currently trying to downsize my life. I have accumulated a lot of junk that has sentimental value but I don't need. So I'm in a reverse situation from "The Wheezies." I want my future to be more open to travel. I've been very sedentary most of my adult life and I'd like to be able to let go of a lot of this stuff and take up less space in a more practical and functional lifestyle. The house gave me the illusion of security the past couple decades but since I was renting I have nothing to show for it. However, had I purchased a house twenty years ago my financial situation woulda been far worse. So I think now I'm in a good place to need less and move more. Each person has to make those choices for themselves. There are no right or wrong answers really. It's just what your needs are at the time.
I love your realtor “you have to live somewhere!!”
I'm squarely in the renter for life (probably) category. I did own a home from '04-'07 (sold just as everything was crashing down)... and while I loved the house (it was a live/work loft that we had custom designed from the ground up) I hated owning the house. I haven't lived in the same house for more than 6 years since 1980, when I was 12. I don't really have a hometown or a house that I "grew up in." I get bored and I like to try out other cities and states to live in. With renting, if something breaks I call the landlord, grab my laptop and go sit at the coffee shop and work until it's fixed (I also have worked from home for nearly 25 years). I traveled a lot for work pre-2020 and I liked being able to not worry about my investment while I spend three weeks in Italy working or whatever. I'd rather invest in adventures and doing things with friends and family. I live in a cozy apartment downtown in the city and lived previously in the middle of the Chihuahuan desert. It makes very little sense for me to buy... though there are things every now and then that would just work better if I owned, but the negatives far outweigh the positives for me.
I love how the dads just reading a greys anatomy dvd
I love your new content and I am so happy that your content has evolved and matured to this point
Your videos have been extra extra great recently Craig
This was awesome
The banker especially
TH-cam suddenly feels like a small world
We bought our last house (3 kids) in 2000. We stayed with one employer and home and retired in our 50s. Sold the big house (double what we bought it for), moved states and bought a much smaller home for cash. Home ownership is an investment.
This is quickly becoming my favourite TH-cam channel.
Great Video. I am a young homeowner and have found this to be true to this day. It's rough out there especially here in the SF Bay area. The video was very funny. Keep it up and congratulations on the new "purchase"!
Same. I'm young and bought a condo 7 years ago in Las Vegas fully paid for. I was a landlord for awhile which was stressful. I've just repaired my home from top to bottom and about to sell, and spend less. I honestly dont see this as my forever home and need a restart.
Craig: why do people like owning a house?
Me: never thought about that tbh but I guess I'm about to find out the answer
Aviv Resnick +
Great video, Greg Bensene!
I think you're confused. It's Craig Benzon.
I used to be a wheezy binger but I haven't seen one of your videos in a year now. Watching this was the most wholesome experience I've had this week. Thanks for staying awesome all these years
Love your parents! Our first home was $35k with a $100 down payment and special first time home owner tax credit. It was cheaper than renting in Portland.
Also, I love your moms t shirt. #adoption
Going through the buying house process. this was very informative. And makes me feel less alone about feeling split about buying or renting
You guys are friggin histerical love the parents too!!
All the feels. I even enjoyed the ad. My wife and I are considering buying a home, but this confirms our suspicions that there are too many variables in what we want, when we want it, and how we will pay for it. God bless your new home! Thanks for the bideo.
Hey Cheesy!
Everyone buys a house.
Renters just buy it for someone else.
It is the #1 way to build wealth over time.
Congratulations!
I have to pause this and say- your explanation of a mortgage is the BEST thing I've seen. On the internet. In a long time, maybe longer...
I am currently in the process of buying a house. Thank you for educating me, entertaining me and completely terrifying me.
Buying a home really paid off for me. I came out ahead $30,000 on the sale of my starter home after living there 11 years, and got my second house that I really wanted. Eventually I’ll own it outright, so at that point I’ll only have to pay taxes and insurance on it.
The biggest advantage for me is that I won't have to pay rent for the rest of my life (that would probably keep going up each year). I bought a house in March on a fixed-rate 30-year loan. I plan on paying it off in 15 years, though, by paying extra towards the principal each month, and then I won't have that monthly expense any longer. That will make it easier when I'm ready to retire to be able to afford to do so. :)
@@xzonia1 Real estate taxes go up every year also.- Your plan on paying extra towards the principal each month is a wise move. Make sure you have an emergency fund also. In time, the water heater WILL need replacing, and it most always comes as a surprise.
@@patriciafisher3108 So true! Thanks! :)
@@pre1980cars I think a lot of this depends on where you are and the HOA. We ended up passing on a lovely neighborhood because of the "overly enthusiastic" HOA
I mean. That’s a lovely sofa. Your toddler will now commence unloading it of all its pillows on the regular 😂😜
Oh when your parents said "Make your house a home," it reminded me of another quote:
"Grow where you are planted."
Thanks for a great vid.
My husband and I just bought a house in January, and thus far, I think we made the right decision because:
1. I was seven months pregnant, and wanted a place of our own where our daughter could grow up
2. I can finally garden as much as I want to. You better believe I’ve got my compost bins going and my to scale plans drawn up
3. I don’t have to worry about my rent going up
4. It’s an adorable yellow house that makes me so happy
5. I can get to know my neighbors with some assurance that we’ll be able to really become part of the community
6. I can garden. Did I mention that already?
7. We can build whatever crazy play structure we want for our daughter.
8. We can afford it. It might or might not be better financially than renting, but we can afford it. Mortgages are fixed while rent goes up, and my area has nearly doubled in rent in the last ten years. This was a way to fix our housing expenses, even if we do have to pay for repairs and upkeep
Vivienne is a very cool realtor, omg!
I love your videos! I love owning my home for the following reasons. (I am a little biased as our mortgage is the same cost per month as a smaller apartment now in Colorado.) #1. Freedom to do what I want with my own home, AKA: no land lords. #2. Equity gain is awesome. My house is worth 2x what I bought it for. #3...uhm... I just had two points.
In case of an economical crisis the moto "with stocks you always get your money back" is really really really untrue.
Yeah and also without economical crisis companies fuck up
And you do not have direct control of the investment.
Same goes for houses too. Same goes for anything really, in an "economic system" based on arbitrary concepts (and not on the scientific method). Like: growing consumption is good (even if it's ecologically unsustainable)? Nope. Yet, according the mainstream "economics", the answer is somehow "yes".
how
Not true it's more along the lines of you can get some of your money back given your vigilant over the market. You are certainly not going to recoup your investment in a matter of minutes before the mess hits the fan in terms of real estate. If your someone who want to enjoy a retirement after 60+, play the waiting game. If you want to have amazing experiences when medical care proximity isn't your main priority.. well you decide.
This was excellent. One thing not mentioned is unexpected and enormous rent increases and rental shortages. That's what happened in my city. Rent doubled in two years and housing prices soared. If you weren't in a house, already, or independently wealthy you pretty much got run out of the city.
DUUUDE your mom always scrolling on her phone is comedy gold.
great video. I'm actually house shopping right now. We lost our house after not being able to recover from job loss and have been renting for the last 5 years. We've been lucky and have only moved twice since losing the house, but not my landlord wants to move his son into the house and when we started looking for other places to rent, rent is waaayyy to expensive. So we figured if we're going to rent and break the bank, we might as well buy & save some money & then sell in the next 5-10 years. I used the "Rent vs Buy Calculator" and it also says it's probably going to be cheaper for us to buy right now. After talking about it to some people, the plan is to rent the house we buy now out later & move into a different house (if the kids are no longer living at home).
*_Personally I wouldn't buy a home unless I planned to rent it out. I don't like the idea of being tied down by a home since I like to travel a lot_*
Life Progress - Health, Wealth, & Happiness Channel
I also rent. I cannot imagine living 40 years in the same house.
I pay a high rent and I live in a good house. If I’m bored with it I move.
And I certainly don’t have to do the repairs.
@@narcismebelgie Alot of people including my parents are always pestering me to buy a house. Exactly reason number 1. I am just not someone that would want to be tied down financially for 30 years even though you could of course sell it way before that time. I am very debt conscious and I will have to pay a high cost regardless. I like the flexibility of moving if I am not happy plus in a few months i will finally be debt free.
XtremeGaming I understand you.
I could buy one but I love change too much 👍
I bought this palace in 1981 when interest rates were 14.5%. The price of the house was somewhat low but the interest payment was high. The good news is you can renegotiate the interest rate but you can't renegotiate the price you paid, after several years I dropped that interest rate to 8%; that seems high now but back then it was a great rate and I bought the house cheap..
I paid $49k for this and at that time buying was just as cheap as renting if not cheaper (includes taxes) and almost 40 years later it would sell for 10X that. I'm retired now and it's nice knowing my rent is not going up (property taxes will go up) and the landlord can't throw me out. I paid the house off in 15 years so for the last 23 years I've only had to pay taxes and upkeep. It helps a lot if you can do a lot of the upkeep yourself. It may take me a while to get anything done but work for very little (a beer and a sub).
So for me it's well worth buying a house because although it' can be tough to sell in a down market but decades later it's a substantial asset that can be drawn on if you need some cash. Righr now I'mmok with my SS and 401k but if push comes to shove the house can be turned into a nice piece of change. All that said don't buy a house if your planing to move in the next 5-7 years and don't starve yourself to get a down payment together
cuz i get to grow food and dig holes where ever I want
Aye, and play loud music at 4am. Pretty much the only reasons ill end up buying I think.
Okay I was NOOOOOT expecting to see Vivienne in this video. She was our Realtor too!
Are we going to see weezywaiter DIY repair videos with this new house? I’d love that!
This please
They won’t need no stinkin’ repairs😂
Nah. Their house is in pretty great shape. Except for the electrical, the chimney, the foundation, plumbing, shocks, struts, breaks, rings, pistons, appliances, carpet, the roof needs some work...
@@VivienneAndersen Good Lord, you're giving me flashbacks. A couple years ago my husband and I were in the market for a house. We found a cute little one, put an offer in, and arranged an inspection. As it turns out, the cute little house was an absolute disaster with a fresh coat of paint and new floors. It didn't even have gutters!
So, Vivienne...the usual, right😂. “It’s a lot of work but it’s worth it...but it’s still a lot of work”😂
Omg I got an ad of Craig talking about wheat thins before watching this. Nice ad Craig!
This might be your best video I've ever seen. It was informative, funny and had a purpose. Great job! Looking forward to the next one.
Love Vivienne and was so shocked and happy to see her included in this video!!! (She's great and spoke at the conference that my group ran last year)
looks like a dude in woman's clothes though....
@@piotrr5439 and you look like you're deliberately being an asshole
Piotr R totally is. Why do you care?
Emmmm her? She? tf?
@@piotrr5439 That's exactly what you're looking at
“How’d you guys get wine?”
“Grapes.”
* clink *
🍷🍷
SAVAGE MOM! I’m dying 😂
Great video! More reasons you didn't consider: Assuming you didn't buy too much house and have a good emergency fund, if you become disabled you don't have to worry about housing or argue with landlords about accessibility. When you own your own home, you can make it accessible as time and money allow so your disabled friends can come over and hang out. You can also rent a room out if you want someone else to pay some of your mortgage for you.
Owning property is something concrete! Stocks could tank any time and your money could go through your fingers like sand.
My girlfriend and I have just bought a place, and it feels fucking awesome.
We're in London, so barring several more catastrophes to the ones that have already happened recently, the land is going to increase in value.
Our mortgage is around £900 less than it would cost to rent an equivalent place
This is my first time living in a place that I or my parents have owned since I was 4, and it's an awesome feeling to be able to do stuff to our house, from redoing a bathroom to not stressing about putting a nail in the wall to put up a picture.
We know we can add value to the property - we bought it as an outdated blank canvas ready for us to do it up which means that a) we'll put our stamp on it and have designs that we really love and b) us paying to have nice stuff in the kitchen/bathroom/garden is going to help the value of the property - it pays for itself which is really cool.
We were only able to buy this place because of our immense privilege, which we recognise, but if you do have the means to buy a place rather than rent, I'd do it again in a heartbeat.
This was surprisingly interesting, the quality of a the good stuff ep!
Hey wheezy you really returned to your roots with this video. I've watched a few of your videos lately and this one has that special Wheezyness that has kept me coming back for years. Thanks for being the goof you are man.
Two Wheezy uploads in a week? What a blessing, thank you guys.
We bought our first house 24 years ago. Still living in it. There were two reasons for buying.
1) Rent is locked. We live in Portland, Oregon. Provided we could stay in whatever we rented, the prices are much higher now.
2) Looking forward to paying it off. Having no mortgage is really nice.
You don’t know how much I needed this video. My husband and I are currently trying to make this decision. 😬
HayleyTief All the best to you two! ❤️
@@MicahRion Thanks! This video actually really helped us make the choice
Dude the tone of our videos are perfect! Not preachy, but opinionated, and they have solid info/research! 12/10 would buy a cave
The home seller/buyer/bank skit was fantastic
11:45 um, yeah. But then you have a house to live in when you retire so...? Or you could rent, spend the same over 30 yrs and end it with no where to live when your income slows.
Ig if you looked at the value of investments over 30 years vs the value of owning a home (value of home plus however long you'll live and the reduced cost per month), you could figure if you'd make more money after the thirty year period from owning the home or owning a bunch of stocks, that would help.
Side note: for many people the home is better because the investment is not optional. You pay every month as a bill. But stocks, you can shrug every other month and buy crap instead. Ie less over time.
Love owning my own home because I got tired of paying other people’s mortgage!
Down with the bourgeois!
Amen!
Love not having to save a million dollars for that busted hot water heater, and a roof, and mowing the lawn..... ahhhhhhh..... I saw what my parents had to go thru. I thought - since unemployment will be in my future, it’s probably not be wise. Plus I love to move around every few years. I hate owning stuff.
@@TypeOneg All you need is a home warranty and that busted water heater is covered for 75 bucks. The roof is covered by insurance.
@@pheenobarbidoll2016 Home warranty??? Hahahahahahahaaaaaa!!!! Home warranties are a scam, sorry to inform you. Same goes for the roof unless a major hail storm is the cause for needing a new roof.
I'm still catching up on videos and I loved this one. I love owning a home because I want it to be mine and to be able to do anything I want with it. This place feels like a safe comfy sanctuary and I feel pretty lucky. It is expensive to buy a house in Austin so I am very glad a bought a while back as I could not afford rent or a house like mine now. Chyna is awesome and I loved the bit with the couch. y'all - still awesome.
1. weekend backyard bbq parties
2. at least my mortgage actually leads to something
3. once you pay it off, you have a little spot in the world to call yours.
Bought for the first time 4 years ago in a neighborhood just outside city limits. Since then, real estate has exploded here and my home is worth over 100k more than what we paid. It's also provided stability and a creative outlet (making a house a home etc), its had some headaches sure (well needing replacing after 3 weeks of living here) but I've loved being a homeowner, none the less. 🏡
I love when you sneeze in the middle of a roleplay and keep roleplaying xD
for me, buying a house was a good decision because the mortgage and utilities were at least 200 a month cheaper than renting and utilities in the same neighborhood and the house had more bedrooms than the apartment we had. Plus not sharing a thin wall with neighbors means no noise complaints.