Why I Just Bought A House (For The 1st Time In My Life At Age 55) | Adam Taggart & Melody Wright
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So, yes, after 55 years on this Earth, I've finally become a homeowner for the first time!
Many of you have asked me to share the "why?" behind my decision as well as what the process has been like for me, and if I've learned any valuable lessons to pass along to potential homebuyers.
Housing analyst Melody Wright turns the table in this video and interviews me to reveal those answers.
To hear it all, watch this video.
#homebuying #realestatetips #housingmarket
0:00 First home at 55, and why my situation is not typical
2:34 The long path to deciding to buy
3:08 Looking in Palo Alto in 2003 and the $800k “starter” homes
4:08 Overbidding and losing houses anyway
5:14 Finding the housing-bubble warnings instead of a reason to buy
6:18 Sitting it out, then looking briefly like a genius after the GFC
6:55 Why I still didn’t buy after the crash
7:11 Moving to Sonoma in 2012 and missing the rebound
9:01 Leaving California for Nevada as empty nesters
10:28 Asking Melody, Nick, and others about South Reno
12:57 Melody: this is a personal choice — don’t overextend
15:05 Am I willing to take a loss?
16:20 Years of feeding a house fund
18:33 Why Reno, and why the old “Reno sneer” is outdated
21:48 Mount Rose, Tahoe access, and hunting the view
25:20 The ridge lots and the best view I could find
27:18 The permitted Toll Brothers unit that came back
33:09 Pick the neighborhood first, then the house
37:38 New-build reality: a year to move-in and a two-week design crunch
40:53 How builders make money on upgrades, and using outside contractors
46:35 No outside trades until handover, and the waste of “move-in ready”
50:02 Model homes, sales pressure, HOAs, and protecting the view
56:34 Realtor registration, lot premiums, and how commissions are calculated
59:07 Getting the mortgage, hating debt, and considering an ARM
1:08:18 Owner’s title insurance and the details that raise resale value
1:13:52 Water in Reno, risks you can’t fully hedge, and why others shouldn’t copy me
1:20:22 Where to follow Melody and the Thoughtful Money conference
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