Learn These 5 Things Before Buying A House

I bought a house at the age of 24, that’s 8 years earlier than the average American, and I paid off at 24, that’s 41+ years earlier than the average American. That’s because I played the game in my favor.

I guarantee these 5 things are things you heard before, but the answer that I’m going to give you will never get from the average person, from the bank or from the news. Because if everyone thinks like this, they wouldn’t be making so much money.

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1. No one is going to be able to afford a house in the Future ( my neighbor who’s in his 70s truly believes this ) – Buy a Home when you need One ( 32 is the average age)

-Use common sense, if you have a store, and you raise the prices over and over and over again and people continue to buy ( then you probably are going to keep raising prices to see where the edge is )

-But if the opposite happens, you raise prices to much and now no one is buying, then naturally you’ll have to lower the prices ( Demand and supply )

-You see the tricky thing with houses is the Economics and monetary prices, because Price doesn’t equal value

-On the outside a 300,000 dollar house sounds like a lot of money, but that’s because the buying buyer of money has gone down, and that’s thanks to the inflation that happened by decreasing rates so much and make it so easy to borrow money

-2000 which was 22 years ago, 300k had the buying power of 516k and the average house sold for 119k but the average salary was 42k and mortgage rates were like 8% on average

Overall: I wouldn’t impulse buy a home. Better to set things up slowly and buy it and keep it. Then to rush and end up losing it or surviving for 30 years.

2. The house I buy is going to be based on how much money the bank can approve me ( so I need to work hard on my credit )

-In a perfect world the bank would love to lend money to absolutely everyone, the bank doesn’t like that you don’t have a good credit score, they care more than you

-Because the more people they lend to the more money they make, when you walk in to a bank, the math they do ( is to make money ), the math you should do is to save money and finish off this loan as fast as possible

3. Interest rates are to high ( government incentive and excuse to buy )

-Right now rates are at 6% or so

-The highest record rates in history were at about 18.45% in October of 1981, which was a long time ago but If you think about it ( it was literally 41 years ago ) not that long ago

4. This house is going to be the most expensive thing I buy but at least it’s an investments

-So the definition of an investment, is putting your money into something that protects your capital and also earns you an appropriate return

But think about it:

-This asset can go down in value at any point depending on the market cycle and that’s normal

-But to make 8% a year which is really more like 5% on average, between inflation, taxes and maintenance ( and of course remodeling, your return on your investments is gone )

5. I’m waiting until the market shift to a sellers market or buyers market ( just because someone is qualify to sell you houses doesn’t mean they are qualified to read the future )

-The obvious time not to buy a house, is when you have to participate in bidding wars

-When people are paying above what the house appraises for

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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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