Episode #14 - What You Need to know about Buying a House

“Never buy a house to just buy a house.” - Tony Long of Long Real Estate Team

In episode 14, we're talking about the American Dream… Buying a House, with Rockstar Realtor, Tony Long of Long Real Estate Team.

Tony Long sits down with Kyle to discuss what you need to know when you’re thinking about buying a house. He gives you a peek behind the curtain to share the things to look for and the questions to ask your perspective realtor. Tony also discusses the State of the Market, and how we got here. Before they got started, they had to do some catching up talking about babies, crossfit, and wrestling… and not that fake crap! Actually they did talk abou that too. Who were their favorite WWF wrestlers, and what are these guys walking out to? This is the longest show yet, but they’re hangin’ tough. 

Tune in!

“It is a very bad idea (to waive inspections).” Tony Long of Long Real Estate Team

To skip the fluff, go to the 51:25 mark. However, it's not advised! 

Benefits of owning a Home:

1. Build up Equity
2. Hedge against Inflation
3. Tax Free Gain

Recommendations prior to buying a home:

1. Have a fully funded emergency fund
2. Down payment of minimum 10% (don’t include emergency fund)
3. Consumer debt paid off

First Steps to buying a house (either order):

• Get preapproved for a mortgage
• Meet with a realtor to know the process

Contract on a House Contingent on:

1. Inspections
2. Appraisal
3. Financing

After the Inspection buyer can:

1. Accept as is
2. Renegotiate the contract
3. Cancel the Contract

 Top Costly Things to be Aware of When Looking at a House to Buy:

1. Taxes 
2. Insurance
3. Foundation
4. Drainage - Probably the number one thing that gets overlooked
5. Windows
6. Roof 
7. HVAC
8. Location

 

How to find a realtor:

• Interview multiple realtors - you’re going to be spending a lot of time with them
• Ask friends that have bought recently - who did they use and what questions should they have asked?
• Look at their website
• Look at their social media
• Ask Family and Friends

 

Resources:

Long for Realtor, 

Overland Park Crossfit, 

Coach Woodford, 

Coach Woodford Bio, 

Christina Aguilera,  

Britney Spears “...Baby One More Time” (Album), 

Taylor Swift “Reputation” (Album), 

Colonial House Style (Five, Four and a Door),  

Cape Cod Style,  

Greek Revival, 

Plantation Home Style,  

Hulk Hogan (Entrance Song)

Stone Cold Steve Austin (Entrance Song)

Shawn Michaels “The Heartbreak Kid” (Entrance Song)

The Ultimate Warrior (Entrance Song)

Beyond the Ring (Let me know if you can find it)

Tony’s Walk Up Songs: Jimi Hendrix - “Voodoo Child” & New Kids on The Block - “Hangin’ Tough”

Kyle Walk Up Song: The Ultimate Warrior Entrance Music

The Red Bridge Area, 

Earnest Money = Skin in the Game,  

Escrow Account, 

SNL Zillow Edition, 

Kansas City Regional Association of Realtors

Tony Long, Principal Agent -  Long Real Estate Team

Website,

Email, 

Long for Realtor Campaign, 

LinkedIn,

Facebook,

Instagram, 

Pintrest

Kyle Hill, CFP® - Hill-Top Financial Planning, LLC

Website,

Email,

LinkedIn,

KCFAN (Kansas City Financial Advisors Network),

XY Planning Network (XYPN),

NAPFA,

FEE-ONLY Network, 

CFP Board

 

*This podcast uses sounds from freesound: Dry Transition by Electroviolence , Metal Door Slam Shut by ecfike, and Scream by ngrib