5 Mistakes I Made On My First Home | Remodel

I bought my first house almost 2 years ago, and I was about 24 years old and I paid in cash. Now right off the bat, the mistakes I made were not paying cash or buying at an early age, and they weren’t beginners mistakes either, but there are mistakes that no one talks about.

Now I currently have that same house I bought listed on the market for sale, kinda crazy, and the worst way to learn is via experience, but I hope you guys learn from my mistakes.

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I didn’t need a House.

It wasn’t about me being 24 years old and being to young, it was about common sense

But its mostly a lifestyle observation

For the part I wanted to be with my family half the year

But truly

24 years old

Single male

No kids

When do you need one:

You know when you need one

When you’re looking to set roots

And you plan on starting a family for the most part.

The math:

Using a rent vs buy calculate

I could have kept renting for 18 years without needing too buy a house

That would have kept money in my investments/pocket

And gave me the benefit of leaving without worrying about the property.

I Overspent on the Remodel

I bought the house for 130k

Spent at least 40k on it

So all in at 170k lets say

Where did the money go:

Bathroom

Kitchen

Doors

Fixtures

Windows

What i should have done was:

Instead of making the home look like a magazine picture

I should have just gone basic vanilla

Get standard stuff and no go all out, that could easily save me 20k

Remember: Looks are important, but utility is most important

My big mistake was I kept approaching this house as a long term play

When my life was pointing towards short decisions

I paid to much for the House (paid Listed Price)

The last sale price on that house was 167k I think it was

And when I bought it, I paid 130k and you might say I got a good deal but I didn’t

I paid asking price and I was paying in cash, I should have offered 120k and I’m pretty sure the bank would have said yes

Here why I regret the price:

Electrical problems came up ( over $8000 easy )

And that was really it, but that one it

Cost a lot of money

If I had bought at 120k

That would have giving me a lot more room to work

And big a profit

This was a foreclosed home btw, and had about 1 year vacant.

I had a Contractor do everything.

My friend tried to do things themselves and ended up upside down

But their were certain things that I could do myself

Hang lights, paint walls and learn a lot of DIY stuff

Here the info:

On the important stuff, have a contractor handle it

Things like pluming, electrical and other stuff you don’t feel confident in

But a little elbow greese could have saved me a lot of money in labor

For example:

Paint

Ceiling material for ceiling concreate.

Floor clean up

I bought to much house for the future ( spend less and then buy what you need to grow )

One thing we often think about is buying a house to grow into

But that depends on your situation.

If your married, and buying a house with your spouse and plan to have 4 kids, you don’t need 5 bedrooms, you probably need 3

Here why:

Your plans may change.

There are creative ways to fit 4 kids into 2 bedrooms

And all the space you think you need, you probably don’t need ( its just want )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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