5 Things EVERYONE Should Know Before Buying a House!
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- เผยแพร่เมื่อ 31 พ.ค. 2018
- These are the top 5 things you should know before buying your first house, from the perspective of both a Real Estate Agent and Real Estate Investor. Enjoy! Add me on Instagram/Snapchat: GPStephan
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The first, and biggest mistake is not to worry about minor cosmetic issues. I’m talking about referring to walking into a home and not liking the paint color. Or not liking the carpet. Or thinking the backsplash is ugly. Too many buyers get caught up in the small, easily changed details that they overlook the bigger picture and pass up an otherwise perfect house for something that can be changed out within a day or two for minimal effort.
Anytime you’re checking out a property, look at 3 things:
-The location. This is something you’re stuck with and can’t change, regardless of how much money you sink into the property.
-The second is the floor plan. This CAN be fixed, but it’s just a matter of money. At a certain price, things just don’t make sense to fix - if you’re buying a property for $150,000 under market value, then maybe changing the floorpan can be justified. But if you’re buying at retail level and think the floorplan sucks, then maybe the house isn’t for you.
-The third, like I mentioned, are cosmetic issues. These can easily be changed for very inexpensively, all things considered. Don’t get caught up here.
The second thing to know is that when you see a property, it’s usually only during an hour in the day - sometimes a weekend afternoon, or a week day after work. But it’s important to understand wha the house is like throughout the day - sometimes what you could be a quiet weekend street is filled with back-to-back stop and go traffic during the week as everyone gets off work.
The third is to consider neighbor noise and much like the first example, go there late at night or on weekends and see what the neighbors are like. Trust me on this one…while neighbors come and go, and chances are they won’t be noisy forever, at least have an idea what you’ll be getting into.
Fourth thing to consider is commute times. Obviously this won’t matter if you’re buying an investment property, but for anyone else, figure out how long it’ll take you to get to and from work depending on traffic. Especially in Los Angeles, what could be a 15 minute drive at 2am might turn into an hour long commute at 6pm.
Fifth, is to always get the home inspected - this is a common sense - I’ve never seen a home NOT be inspected, but I can’t stress the importance of this enough. Get the home inspected, and do as many inspections as you think will be necessary. Even if not to try to get a credit, but just to know what you’re getting into.
Finally…as a 6th bonus tip for reading all the way through, because you’re the real MVP…don’t open up any lines of credit or buy anything expensive 6 months before getting your mortgage. The worst thing you can do right before getting a loan is to get yourself in debt or give the bank any reason not to give you the full amount promised. Always get the mortgage, first - then whatever you decide to do after that is on you.
For business inquiries or one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com
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The Millionaire Real Estate Agent: goo.gl/TPTSVC
Your money or your life: goo.gl/fmlaJR
The Millionaire Real Estate Investor: goo.gl/sV9xtl
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Awaken the giant within: goo.gl/niIAEI
The Book on Rental Property Investing: goo.gl/qtJqFq
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1. Location
2. Floor plan
3. Cosmetic (paint, flooring) CAN BE OVERLOOKED
4. Street traffic , watch different times of day & week
5. Neighbour noises , watch different times before buying
6. Commute times weekdayz & weekend
7 . Do inspections (home inspection report) leakages , ac , heater
8. Dont get new lines of credit 6 month before buying
Great point you made about driving to the location at different times of day to check neighbor noise. This is something my wife and I did when we bought our first house. Best time we found to drive through was Friday and Saturday nights.
Exactly! I didn't do this as much as I should with my newest place, now I have one single neighbor that's just supppppeer loud at night.
I'm so glad I discovered Graham. It's weird cause in a sense, I've felt like he's been a part of my life. He personally helped me with financial advice for my parents, helped guide me and my fiance to start saving for our wedding and in our Roth IRAs, and now helping us prepare for buying our first home very soon. We appreciate you, Graham!
Thank you so much!! Honestly, reading comments like this makes it all worth it - seriously, thank you! Made my day!
Betttt
@@MRios1128 I'm in Houston, gonna start researching areas soon. Any tips?
@@TheDRexor Cypress/Katy area has the best neighborhoods and the lowest property taxes
Definitely avoid being neighbors with team 10 😂
Their new house is perfect - no neighbors in sight!
It's everyday bro...
Sucks to be you then
Made me laugh. I agree
The tips on noise and traffic are all especially important for light sleepers like me. After a few weeks of restless nights, you are going to want to move if you didn't realize your two next door neighbors were Lil Tay and Jake Paul.
I totally agree. I'm the exact same way - If I hear ANY noise, I just focus on it and can't fall asleep. Even something like a clock ticking or water facet dripping bothers me. Silence is golden.
Try using a fan to drown out the noise.
if i lived next to those ridiculous dudes id just cover my ears with all of my millions...
Same. I can’t even sleep in the room with my dog because she cleans herself at night and the licking keeps me up.
Michael Jay - Value Investing comes
When buying
LOOK AT THE Property taxes
Home insurance
Yes the monthly payment from the bank looks easy. They havent added the taxes and insurance for every year.
Those will go up every year
Maybe not alot but they do
Bigger the house, higher the taxes, nicer the neighborhood, higher the taxes
This is a GREAT tip!!
So true
OMG 0:42 I thought someone put plastic over the windows -- THOSE ARE THE CABINETS!!
At some point those are going back in style again, mark my words!
Meet Kevin lol, what goes out of style comes right back in if you wait long enough.
Not everything. Those are not coming back, just like avocado green appliances.
@@CaptainCocaine I'd get down with some green appliances not gonna lie
That 6th tip is the best!! Thanks for sharing!! I have been thinking about making a video similar. We purchased a house and later discovered extensive termite and water damage. First time home buyers should really make sure that they have a good home inspector.
Good tip about driving the street at different times. Your quiet street could become a racetrack in the mid-late afternoon.
So true!
Do you hate your neighbors? Well a brand new hit man will cost you anywhere from 10k to 50k
These👏are👏the👏things👏we👏need to👏know👏
I hardly see home buying tips for regular folks looking for houses in the $100,000-$150,000 range. Shocking how many people have $300,000-$500,000+ to blow on a house.
Same principles apply to $100,000-$150,000! Just on a smaller scale. The strategies won’t change.
100k wouldn't get you a habitable home in my area.
$100k won’t even give you a trailer home in LA area where I live.
All houses start at $450k in my area.
$100k won’t give u a trailer home either.
@@mrb152 100k aint nobody finding a house in my area lol thats NYC for you.
I've officially been watching Graham for over a year. I now find his videos educational and his voice comforting.
Personally I think the 6th tip was the best. Good video.
Thanks so much!
I'm glad that regardless of being a real estate agent he still gives us an unbiased view and advice on what to look for prior to buying a property. Thanks for the tips
I'm early cuz i finally turned my notifications on
NOTIFICATION SQUAD FTW - thank you!
Great to see other TH-camrs getting into investing! Have been enjoying your OW compilations for a long time now :)
When I see a big house for cheap I just think there is a ghost and I don't buy it
But is it true tho? I’m so curious
Such a great video! Thank you so much for your efforts. Ps it was very funny as well. I cracked up when you mention team 10 and Carlos. Lol!!!
Haha thanks so much!!
Hello Mr. Graham, Thank you for these 5 tips. You have a point, people only look at the home as is and not look at what they can change such as cosmetic issues. Thanks for these tips and I will certainly keep them in mind.
Glad it's helpful!
Street traffic is huge! I used to live by a very popular road and every night you hear sirens.
I’m in LA. Everywhere you hear sirens :(
Glad I stayed until the end!! Just finished paying off my car
Great content Graham, dropping knowledge that all buyers (especially first time home buyers) should be aware of!
THANKS!
after watching like 50 of his vids, I finally subbed
Your video comes at such a good timing, I am planning to buy my first property and probably went through half your videos, but this one is definitely one of the best for me now. Thanks!
Thanks so much man!!
Your videos are always so nicely put together! Love this thank you!
location for me is everything. I live on a block with alternate side parking. I've gotten 3 tickets after forgetting I wasn't supposed to park there. Now I completely avoid parking the block altogether. Our house is also in the valley part of the street. No good drainage so its a swamp every time it rains. The rain leaves behind trash because we're right across from a business. Lesson learned. Location, location, location
Looking through the cosmetic issues can be hard at the beginning, but it's so important to see through it to the potential! Look at the layout, size, the 'bones', and be prepared to put a little work in to make it your own!
Simple but absolutely useful video. Thanks, Graham!
Thanks so much!
"Ewwwww This Carpet is GREEEN" lol My wife is huge on cosmetics. After she learned buying real estate with equity in it... You want these Green carpets, scrapped up walls and old kitchen... That's good equity possibility right there!
I totally agree! Someone sees green carpets, I see the color of money 🤑
The best advice I got before I actually bought my first property was "THINK". Think a lot, and about every single aspect of the deal as small as it may seem.
Found a home I loved, thought it was perfect. First night right as I closed my eyes for bed a train horn went off in the distance. It was faint but still made me rethink my decision on my first first night in what I thought was a perfect forever home. The back yard backs up to the woods but it turns out there is a train in the distance that you can hear at night. My eyes popped open so fast 😳. Honestly though I don’t even hear it anymore, but definitely make sure you see the home at different times of day and night haha.
😂
I'm considering my first-time home and just KNEW Graham would have a video like this so I went back in time and here it is :D
Great video, not into real estate (yet) but some of these issues I haven’t even thought about .
Thanks for the final tip! Always a good value on this channel!
Awesome!!
Graham really heartfelt Thanks for uploading the videos.
Learning alot from you with No cost. May the Lord continue to bless you & the great work that you have done.
Keep up your passion & Love to share selflessly.
God bless.
😍Many Thanks from Singapore🤩😊
These are really good tips. Thanks for sharing.
the more I watch your stuff graham the more I like you. Thanks so much for all your great info
Thanks so much!!
looking at my first home today this video was super informational thank you.
Great practical tips from an experienced agent/investor... thanks for taking the time to share Graham!
Thanks so much!
Good stuff Graham. Thank you
Great advice, as usual.
Thanks Jacob!
First night in my new home at 2:00am a loud noise (I thought was a car crash) woke me up. In my confusion I ran to look out the window only to discover it was a passenger airplane... really loud!
Spent the next 15 years putting up with the noise. Make sure your house is not in the airport flight path 🛫
Great tips and considerations in choosing what house to buy.
Thanks Graham for this valuable information,trust me i smashed that like for sure 👍
Thanks for the video Graham, really helpful!
Thanks for watching!
Love your videos, advice, and great sense of humor
Thanks!
Thanks for the info!
Maaaaaannnnn thank you for giving me that sixth tip!!!!! I had no idea. I was about to open up a new line of credit by next week. Nevermind 💯💯💯
Great points made. I Flip properties and what you say can also apply to that. Cosmetic flips are the best / easiest.
I totally agree! With a flip, noisy neighbors or long commute times might not make a huge difference - but cosmetic fixers are often the easiest and most profitable!
You bet!
Thanks for making this video bro!
Thanks for watching!
Helpful video!!
New subscriber! Thank you so much for all the information 🙏
Thanks for these tips. Im in the process of buying my first house.
Good luck!
Your videos are really helpful
Bro, I love your videos. Keep up the good work.
Thanks!
Just a great video and useful for information and it for most really help everyone who watch👍.. and 6th was good one.
Thanks so much!!
That team 10 reference had me rolling hahahaha! Good stuff Graham.
Haha thanks so much !
Tip #6 🙌🏾 thank you!!!
Great video Graham! I agree with the one about not getting new liabilities before buying a home the most.
Thanks so much!
Good info Graham!
Thank you !!! This can be such a daunting process 😕
Great information for me . Thank You!
Thanks for watching!
Hey Graham, could you make a video where you talk about the cosmetic changes to the properties after purchase, and what prices are right to pay to contractors for the changes?
As usual good advise Graham.
Thanks dude!
This is very helpful and most tips also apply to renting an apartment
More of these on how to choose a good place to buy a rental property.
Great content as always
Thanks!
Man, I gotta say that I really like your calmer demeanor in this video. Your newest videos with 100's of dramatic cuts, voice modulations and camera zooms all while speed-talking, in my opinion, takes a lot away from the quality of the information presented. I genuinely absorb what it is you're discussing here and with the other new videos it kind of just feels like pandering to a much younger crowd so I find myself tuning out a lot.
I appreciate the time and effort you put into them regardless but damn, this was incredibly refreshing..
Great bonus tip
Hey, I like the list on the right side of the video. Keeps it organized.
Thanks so much! Yeah I figured it helps on a video like this.
Subscribed and liked. Great info
Thank you so much! Really appreciate the support!
Awesome info dude!
Thank you!
I really learned a lot, thank you.
Thanks Mr, Graham
It's such an amazing video. In Texas, agents help with first time home buyer mortgages in the best way possible.
Great video learned sum new things 👍🏾
🙌🏼
More importantly, that Exige though 👀😍😍😍
Great tips man. Would have never thought of doing these otherwise.
🙌🏼
You are very good!! You are a genius!!
Thanks for the bonus tip!!
Thanks for watching until the end!
Graham Stephan I was hopping you would touch on credit a bit for the tips 😊👍🏼
Your my new favorite vloger.I learned a lot staff to you.Maybe I will be next real estate 😂My husband love living country road and outside town away from neighbors 😂
Love this guy
Bring back the bit connect memes!
Hahaha next one :)
@Graham Stephan What am I'm gonna dooo!
When you were talking about the cosmetic part, all I could think about was all of those people on “love it or list it” who experience the end of the world when a home doesn’t have his and her sinks
0:35 *_GASP_* THAT LOOKS SO AMAAAAAZING!!! >:O I WANT THAT!!!
I enjoy watching w/o subscribing.
:(
I sacrificed commute for location and found the perfect neighborhood, but I will say I never considered the toll it takes on the car adding expenses I never thought about.
Real Estate Ferris Bueller always has such good advice.
Could you list the things to inspect in a home, sort of like ChrisFix inspection list before buying a used car?
Thompson Nguyen ChrisFix fan too?
His channel is dope.
Thanks bro! 👍🏻
Coming from the architectural world i would also recommend to check the C.O. of the property and see whats legal and not legal. Always better to get the current homeowner to legalize everything with the building department or use that information as leverage to drop the price
Very true!
The differences may be even greater building a house, depending on size, vs something already in place. I living in a rural area and on .78 ac.
Great video👍
Thank you Graham Stephan
Thanks for watching!
Do a video on condo/coop purchases in nyc or any large city. Also if it is worth buying a property in big cities and renting, since the break even might not work out
👍 thanks for the price ranges
Thanks for watching!
I have to say advice number 6 is solid! I actually knew better than to buy a brand new 2019 toyota tacoma prior to buying my second home, although i was able to leverage the first property as it's being rented out, the monthly payment of $600.00 for my truck did open alot of discussion between myself and the broker about risk.. I should of waited, but i got the 2nd loan for the home at a good rate :) so it's all good ..
Great tips bro
Thanks for watching!
Graham you the real MVP
Thank you!
4:30 make sure you see the potential house during a good rain and just after a heavy rain
2:21 Oh the aftershot is gorgeous!
3:15 the house may have been sold already.