I was approved based on my credit score and income for a loan to purchase a condo and backed out after doing my research and crunching the numbers. I couldn't really afford it and they really didn't care, and probably knew it. Just a sale for the realtor company. I owned a home in the past and was aware of all the hidden expenses.
Condos cost more than it’s worth. However single family homes are definitely well worth it. The problem is that most buy a property that they can’t truly afford and end up buying what the bank tells them they can buy. Financially smart people buy a home they can pay off in less than 10 years. It’s the the interest that more than doubles the cost you agreed to pay for the house. All the “what if this happens” is pure bad luck. Your landlord has priced that all into your rent and when he sells he will get all your rent money plus appreciation of the property and retire very comfortably. The renter will keep making higher and higher rent payments for the rest of his life leaving nothing behind for his family.
I'll be watching your podcasts on RUclips, The podcast would not load on Amazon Music. I like this format because I can see the personalities rather just hearing the podcast. I live in the Southern California (USA) and most of the items that have been addressed apply (exception - basement) to our dwellings as well. In the USA our loan terms are generally for 15 years, 25 years, or 30 years.
The real hidden cost is your buyer's agent. Realtors have been forced to tell you they arent free after lying to us for decades. Now when the seller concession is $10k and it either benefits the buyer OR pays their agent, the true cost will no longer be hidden.
I was approved based on my credit score and income for a loan to purchase a condo and backed out after doing my research and crunching the numbers. I couldn't really afford it and they really didn't care, and probably knew it. Just a sale for the realtor company. I owned a home in the past and was aware of all the hidden expenses.
Ted chuckling at the fact of all the divorces. Priceless!
great episode. I learned a lot even as a long term hole owner. I'm newly a money nerd and I'm enjoying your content.
You guys are the best! humour and wit interspersed.
Condos cost more than it’s worth. However single family homes are definitely well worth it. The problem is that most buy a property that they can’t truly afford and end up buying what the bank tells them they can buy.
Financially smart people buy a home they can pay off in less than 10 years. It’s the the interest that more than doubles the cost you agreed to pay for the house.
All the “what if this happens” is pure bad luck. Your landlord has priced that all into your rent and when he sells he will get all your rent money plus appreciation of the property and retire very comfortably.
The renter will keep making higher and higher rent payments for the rest of his life leaving nothing behind for his family.
Came here as my podcast wouldn't load for this episode on Apple weirdly
Me too!
Me three.
Tried on Spotify and Amazon too.
Same thing.
Same here. Even tried downloading the episode (instead of streaming) and even that wasn’t possible.
I'll be watching your podcasts on RUclips, The podcast would not load on Amazon Music. I like this format because I can see the personalities rather just hearing the podcast. I live in the Southern California (USA) and most of the items that have been addressed apply (exception - basement) to our dwellings as well. In the USA our loan terms are generally for 15 years, 25 years, or 30 years.
The real hidden cost is your buyer's agent. Realtors have been forced to tell you they arent free after lying to us for decades. Now when the seller concession is $10k and it either benefits the buyer OR pays their agent, the true cost will no longer be hidden.
Why are they putting on headphones sitting across from each other?
Because it’s a podcast set up. It’s so they can hear each other and themselves to monitor the sound level of their voices.