What They Don't Tell You About Buying Your First House

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What they don’t tell you about buying a house! Here are some of the things that I learned along the way, while being a first time home buyer.. When it came to home buying, I relied heavily on watching youtube videos to learn more- thats why I tried to give you as much information as possible (even my mortgage) so that you can understand my situation! Buying a house is a weird thing to do and will always be complicated with so many people involved, but the biggest takeaway I learned is its actually not as difficult as you may think (aside from saving for the down payment). I hope these home buying tips help you out, let me know in the comments if your saving for your first place, have already bought, or are happy renting!


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22 Replies to “What They Don't Tell You About Buying Your First House”

  1. Rochelle Smith

    ok, I have to break this down for all those saying they would not want to buy a house because of how much goes to interest. 1. You have to factor in appreciation on the property. If you buy a $100,000 house and put down $20,000, after 5 years you will have paid $15,000 in interest, but at average appreciation, the home is worth $123,819!!! The added value outpaces what you paid in interest!!! You've made 8,816 doing NOTHING, plus any money that went towards the principal is added as equity. This is why even though most of your money is going to interest, it's still cheaper in the long run. To the guy saying it's crazy that the "total" cost of the home will be 1.58M, the home will be worth well over 2M at average real estate returns at the end of the loan.

    2. Inflation pays your principal for you. As inflation rises over the years, but your payment is fixed, the cost of that payment gets effectively cheaper. A $1000 payment in 2000 is basically the same as $1,400 payment today. Which means that if your payments isn't changing, every single year, that payment is cheaper and cheaper in terms of what the dollar does, so a lot of that interest is actually getting paid off by inflation the longer you keep the home.

  2. L Y

    It's wonderful that you are sharing. I'm hammering away at the principal on my home so that the interest will wither and die! LOL!! Thank you.

  3. Nikki Riehle

    My fiancé bought his house at 21 and we have a plan to pay it off by 28 (in 5ish years) so that once we sell we will have a nice down payment to build a house double the size just in time for us to have kids. We constantly like to talk about our financial plans so this video was perfect. I like that Monica has grown with her subscribers. I was subscribed back during her beauty guru days, now we are at the age where we are buying a house.

  4. Star Traveler

    I just bought a home in a pricey area still under construction. I bought it for $573K and the appraisal was 600K, so I have $27K instant equity after settlement. The key was to buy in a great location. The home appreciation rate in good areas pays for itself

  5. safari busnelli

    wow this video was so informative. i’ve never really thought much about the future in terms of buying a house or researched about it. this was so helpful in starting to get an understanding of the whole process! absolutely loved it 💕 thanks monica!!

  6. Raini Stock

    I really really really appreciate that you give real numbers in your videos. Most of these types of videos from other YT’s feel clickbaity because they’ll give a generalized statement and MAYBE pretend numbers if you’re lucky. You keep it real and tell us what is actually going on. Thank you for being genuine! 💕

  7. Eating Richly

    Really great informative video! We are about 40 minutes south of you and got our house as a foreclosure 10 years ago for only $150k. Similar houses in our area are now selling at $350k so that is definitely one way we are feeling good about all the extra costs we will never get back. One other thing we do is round up our mortgage payment each month adding a little extra to the principle.

  8. Hatch Man Do

    If you can, can you get more down on your house so you can drop the PMI insurance? Also Id put any extra money (after funding Roth IRA’s etc) toward paying off the house faster if there are no penalties.

  9. Sandy Smith

    In Real Estate an escalation or escalator clause is a way to increase your offer, like you did when offer on your home. Property taxes and mortage interest can be deducted depending on current Tax laws. Always talk with a financial advisor. I bought here in Western WA and my property has more than doubled. I could not rent a 1 bdrm for what my Mortage cost, and I always get a tax refund.

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