Believe it or not buying a home it's not for everyone and today I'm gonna give
you one, two, three, reasons why buying a home may not be the best decision for you...
let's go
This may come as a shocker but buying the home is just not in the
cards for everybody's just not point blank and so this idea of this video
kind of came because I was working with a client who have been searching for
about about a year on and off whether or not this should or should not buy they
had a lot of familial
changes just family dynamics that was shifting and it
kind of took them a while to kind of decide if it was the right time for them
to buy and after I said the twelve months of searching they finally came to
the decision at that time twelve months later, was actually the best time to buy
so that kind of made me think about like there are sometimes that just buying a home
is not in the cards for you you got to be okay with this so I really wanted to
give you three reasons why it may not be a good decision to buy and here's here's
a three so the first reason why you should not buy is pressure from society
this is probably the worst reason to buy pressure from society may look different
depending on where you are your life depending on what stage you are so let
me give you a couple examples one let's just say that sure we sing college grad
right you just finished school and now you got your big job now you're making a
big money or at least something like that close to big money and now
you're in the workforce and now you may feel some sort of pressure to do what
everyone else is doing so your parents probably saying hey now that you got
your job it's time for you to buy maybe your co-workers are saying like look
you're making money now stop renting and just start buying and and that's real we
got to be honest like those types of thoughts those types of comments from
from family and friends do occur and if you find yourself in that position do
not buy with that type of pressure do not buy base or society telling you that
you should based on you accomplishing certain things.
Let buy me a commitment that you want to start you want to commit to because at
the end of the day purchasing a home is a huge financial commitment and before
you decide to go that route or go down that path you want to make sure that you
really thought about what are the costs associated with buying a house what are
the things I need to be prepared for I got a now take on this mortgage long
term I have to pay this month the amount yes it's not a big amount because you
are gonna buy based on your needs but still there's a commitment there you
want to make but you want to make sure before you commit that you've really
kind of thought about whether or not you're ready and not that society's pushing
you in that corner, or maybe you know another example is that maybe you're a
newlywed and the first thing newlyweds do as soon as they tie the bow is buy a
home and there's nothing wrong with that but if you're in a position where you
just got married and now the "Mr. Mrs. Jones" are getting are
saying hey look now you need to also buy do not buy with that type of pressure
you know maybe you and your spouse's got married and maybe you want to I don't
know travel a little bit or or maybe you want to just not have the pressure of
being committed to one particular home for a certain period of time and that's
completely fine do not allow society to put any type of pressure on you to
purchase a home that's the first one society pressure personal society do not
buy under that type of pressure so the second reason why buying a home may not
be the best decision for you is if you have not done your research. Now I know
when I say research all of us have automatically thought of Google and
that's a great place to start but research that's on our research or some
of a lot of the bigger things that holistically what does that mean for
buying a house when I say research well one I would say you want to start off
and start off with doing research on the price versus rent ratio well what does
that really even mean rent versus price ratio let's say you're
in a community and the mortgages in your area for 30-year fixed loan is let's say
it's two thousand dollars a month right let's say it's two thousand dollars a
month and then the same exact community to rent for the same as I come with us
they cost you seven hundred dollars a month in that example I would probably
not buy there's there's basically no reason to the mortgages in that
particular area are too high and rents are significantly lower like that's a
perfect example where you just don't need to bother you just continue ready
save some money and you have a lot more flexibility to move
or whatever so the market that I'm actually working and live in North
Virginia DC Maryland market mortgages are actually at high two thousand
dollars a month and the problem with this particular market it's not really a
problem but the problem I guess is that rents also in the same exact area or the
same price as mortgages so in that scenario you probably should buy just
because it's just so close but if you live in an area where the rents are
significantly lower than a mortgage I probably would not buy so that's one of
the research that you need to do make sure you've done that to research to
schools you've heard the old saying we will say is location location location
and that is 100% true and one of the biggest factors in location is schools
because yes I know schools are not important to you right now and you may
not have kids you may not plan on having kids but someone that is gonna be buying
your home in the future may have kids and schools may be the big factor so
whenever you have a home that's in a very attractive school track it becomes
very very competitive so I would say when you're buying if you can snag a
great property or a great investment and they're a highly sought after school
district it is a great great investor table saying definitely do your research
on the school the third one is researching your real estate team you
start with your real estate professional who your age is gonna be research them
how long have they been in the business have they sold where you're looking to
buy who's your loan officer who's your like those are things that you want to
make sure you research well on the bench you do not want to have to pick someone
random when you actually want to buy pick them early establish rapport with
them establish a real relationship with them because you're gonna need them in
the long run and that's another research in the other
that you got to do forth our research these the market like the actual market
like know where you're buying know the area know the commune know the trend and
and those are just things that I would say if you haven't done your research
it's probably an indication that you're not ready to buy this okay but do not
buy just because you want to buy make sure that before you do so before you
commit to this long-term commitment of a mortgage that you've done your research
the the third reason why buying a home may not be the best decision for you is
if you have not planned it out uh give me one second huh okay so this
is a book that was given to me by my mentor I'll put a link in the
description below but the title of the book is called living forward by Michael
Hyatt and Daniel Hart could be Harper Lee and it says a proven plan to stop
drifting and get what you want out of life so this is a really really good
book talks about the importance of planning your life out you know what do
you want your life to look like in 10 15 20 30 40 50 years in advance and it
really takes you through this exercise of writing things down and I think that
when you think about buying a home I think you need to have the same type of
due diligence like write down what is your family dynamic gonna look like in a
couple of years what do you want your payment to be how much money do you plan
on saving what is your plans for moving in or out of the area with the next
couple years what do you owe your expenses to be monthly these are all
just questions that I think before you buy a home you really need to consider
you really need to sit down and think about what do you want your plan to look
like long term buying a home is very sexy it's very attractive because of
HGTV thank you so much HGTV but when it comes down to being committed to a
mortgage or a loan being committed to a home an area I think that you want to
make sure you know exactly what is your plan look like for you that way things
change in your life if things arise and if those things do not if those things
are not a part of the plan how do you adjust how do you shift or how do you
stick to the plan like whatever that looks like for you I think you want to
first start off with a plan that way you know exactly what you expect out of the
process so those are just three reasons why I think that if you you know if you
fall into one of those three categories it's probably not the best decision for
you to buy and don't feel the pressure of mind do not feel the pressure of
buying a home make sure you do your research and last make sure that you
come up with a plan so if you found this video helpful please
click the like button feel free to share this with anyone that you know them and
be buying or selling and just want some expertise about the process and then
also please stay subscribe cuz I'll be dropping more videos with content just
like this in the future and I will talk to you guys soon all right take care
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