How to Buy a Home

Ep 154: Condos vs. Single-Family Home – Which Should You Buy?

A lot of people want to buy a house instead of a condo because they have always thought that condos depreciate. But did you know that condos are now selling faster than single-family homes? 
In this episode, David Sidoni is dropping some truth bombs and crushing the confusion around buying a condo vs. a house. The housing market is getting turned upside-down and things are happening in a way that we've never seen before. And whether you’re looking to buy a condo or a single-family house, remember, the goal is to stop renting as soon as possible. Hopefully, this episode will help you in making your plans for 2023.
Here are some power takeaways from today’s conversation:
Townhomes vs. condos: what’s the difference
The pros and cons of owning a condo vs. a house
Why an HOA (homeowners association) is a necessary evil
Why condos are now selling faster than single-family homes
Why consider buying a condo right now
Episode Highlights:
[02:31] Condo vs. Townhome vs. House
Legally, there’s no such thing as a townhome, and everything is a condo. But some communities try to get fancy and make themselves stand out by referring to themselves as townhomes. A condo is an individual residential unit within a multi-unit building. Houses, on the other hand, are usually standalone structures separated from the neighboring residences by private property.
[08:04] The Pros and Cons of a Condo
Living in a condo community is a great way to specialize. Condos are more affordable (even with the HOA added to your PITI). This means you can make the purchase sooner since you don't have to save up for the more expensive single-family home. This also means you're going to stop renting sooner, which is the goal, to begin with. Condos also offer more choices due to the low inventory depending on your area. They take up less space than traditional houses, and they’re closer to the more hip, cool urban areas. Condo living affords you a wonderful minimalist life and you may have a common area for your pet friends to hang out with.
On the contrary, condos appreciate lower (which isn’t actually the case right now) and they have a low-maintenance HOA lifestyle. Parking is also usually an issue and some condos may have some pet restrictions. 
NEW SHORTER SOUNDBITE FOR SOCIALS
[17:41] Why Condos are Now Selling Faster Than Single-Family Homes
Right now, condos are more appealing and selling faster, and higher than homes. Because of the rising mortgage interest rates in the single-family homes that had shot up in pricing in the summer of 2022, condos became the next best thing. 
Hence, the myth that condos don't appreciate enough and that they're not good investments has been debunked. We don't know how long this correction is actually going to go. David recommends buying for more than a five or seven-year hold. 
[23:06] Why You Should Consider Buying a Condo
Condos are an inexpensive first step toward your forever home as they can help you stop paying your rising rents sooner rather than later. You can save up with a nice fixed payment while you're living there in your brand-new condo and they do appreciate just fine. 
Resources Mentioned:
Ep 98 - Time for A New Game Plan To Buy Your First Home – My Story
https://www.moneyunder30.com/

E153: Get a Home Loan Without Two Years Employment - (even right out of college!)

Who says you can’t purchase a home right out of college? David Sidoni believes first-time home buyers DON'T need two years on the job. In this episode, he shows you how this is possible. Find out how to buy your first home right out of college and NEVER pay rent. 
David shares how you can build your credit history when you’re young and get a bank to get you a loan. So skip those random Craigslist apartment roommates and all the mess that comes with it. Whether you’re fresh out of college or just venturing out to buy your first home, join this conversation and learn the tips you can use to make this goal come true. Plus, find out David’s special announcement!
Here are some power takeaways from today’s conversation:
How to build your credit score
How a bank evaluates your ability to get a loan
The power of giving yourself options
How to get a home loan even if you don’t have two years of work history
Episode Highlights:
[05:52] How to Build Your Credit Score 
First, google the credit score pie chart to see how your credit score is calculated. On your 18th birthday, get a credit card or two IMMEDIATELY. We are a society where credit score matters. So get a card because you need years of history. This is the system we’re in and you have to understand how to play the game. Don’t rack up debt obviously. You're doing this just to get credit history since you understand how they work and you know how to handle it. Listen to episodes 3, 8, 56, 64, and 90 to learn all about credit and how to keep that score going up. 
[09:56] How a Bank Evaluates Your Ability to Get a Loan
The home loan is based on monthly numbers, not the gross amount of your debt. They look at your monthly debt-to-income ratio, which is the amount you bring in every month minus just your monthly payments out. 
[13:46] Options, Options, Options!
Do not let the student loan scare you into doing nothing and never even exploring your options. One of the biggest mistakes of people in their 20s who have student loans is that they never ask what they could do to improve their situation. Check out Episode 126 to discover what you can do to improve YOUR situation.
[15:24] How to Get a Home Loan Without Two Years of Work History
Everybody always says you can't get a home loan without two years of steady employment. But that’s a myth. If you've got a degree and you've got a job offer in the field that you just got your degree in, you're almost a shoo-in to get a mortgage.
Resources Mentioned:
E129: Interview With A First Time Home Buyer Who Bought WITHOUT Two Years Of Employment
E126: Buying a Home When You Have Student Loans

E152: How These Newlyweds Broke Their Lease & Bought a House – with One Income!

Is it possible to buy your first home in a very expensive area with just one income? This Baltimore first-time home buyer couple did it! 
Allison and Ephraim found out their rent was going up 30%, and they discovered it was over $10,000 cheaper to break their lease. So they decided to buy their first home with only ONE income and ended up paying their monthly mortgage only $50 more than their rent. 
Tune in for a ton of incredible tips, tricks, and hacks, including how they used the podcast to help them make a decision – a decision based on facts, and not fear!
Here are some power takeaways from today’s conversation:
How Allison and Ephraim prepped for their first home purchase
Realizing the positives of the numbers
Their biggest fears going into the process
What could have been their biggest nightmare
Do not waive your inspection
Making choices based on facts, not fear
Episode Highlights:
[06:29] Ways to Save Effectively
Statistics suggest that 73% of Americans have less than $1,000 saved. Whether it’s your Netflix subscription, your cable, or your daily Starbucks fix, identify which expenses can you cut back on for the short term so you can make the long term happen. Make a few sacrifices now for the long term. The bigger your savings, the larger the down payment you can make when buying a house, and the less you have to pay on your mortgage. 
[17:59] Realize the Positives of the Numbers
Make sure the numbers work and that you stick to your numbers. Lenders are going to ask you to show all your bank accounts that you’re going to feel like you’re naked. Then they will crush your dreams. That’s why you have to realize the positives of the numbers because that will keep you going.
[19:02] Be Extra Careful When Wiring the Money
When you close a deal, sometimes you have to wire a down payment, which involves a large chunk of money. Sometimes, if it's over a certain amount, they'd prefer to wire it versus a cashier's check. This couple happened to send the money to the wrong place. Fortunately, the money got sent back to their bank account just in time. To prevent this kind of mishap, always check with your lender if they allow you to pay through a cashier's check instead of a wire transfer, or check with your bank to learn how to wire money safely.
[37:35] Making Choices Based on Facts, Not Fear
Sometimes, you might find that the house does fit you perfectly. But if it makes you compromise on something, do not be afraid to walk away because there will always be another house out there. The reason people are not confident is that they're not knowledgeable. Ignorance is not a bad word. But the more information you have, the more you know, and the better choices you’re going to make because your decisions are based on facts, not fear.
Resources Mentioned:
Instagram: @DavidSidoni
Tik Tok: @howtobuyahome"
www.HowtoBuyaHome.com

Ep 151 - How Much Time Do You Need To Plan to Buy Your First Home?

Everyone wants to know. When should I call a realtor? When CAN I call a realtor, a lender, or an attorney? What's the right timing to do this whole thing right? In this episode, David Sidoni dives into the best, most efficient, and most money-saving time frames every first-time home buyer should know.This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome

Ep 150 - Global First Time Home Buyer Tips For Everyone From 2 Experts In Australia

In today’s episode, we went global! American and Canadian first-time home buyers are so frequently ignored and disrespected that I had to go halfway around the world to find real estate pros that have dedicated their careers to these hungry buyers. The gals from Your First Home Buyer Guide Podcast bring their years of wisdom, and tons of fun, as we break down the proper mindset for first-time home buyer planners all over the globe. A fascinating discussion with great tips and hacks. Tune in to this engaging episode now!This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome

Ep 149 – First Time Buyers Who Got The Keys, And How You Can Too!

Buying a home may seem like an incredibly daunting experience. But that is only because there are more negatives out there than successes! Don't let these discourage you from fulfilling your dream. Join me in this inspiring episode about real-life success stories on home buying. I do my best to help prepare first time home buyers, but I know, after almost 4 years, you may be sick of me and my thoughts. So, today, we go back and reminisce with homeowners that DID IT! Use these interview lessons with real people to help you on your journey.This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome

Ep 148 - Buyer Power Is BACK! - Prepping For 2023

Everything's dead and flat in the housing market these days because nobody is buying and no one is selling. The homes are just sitting patiently! But the insanity of 2022 is slowly morphing into something closer to reality. The future looks much better for first-time home buyers as we head into 2023 because the buyer power is back. No matter where you are in your planning or home-buying journey, waiting is the worst thing you can do as the market shifts. You don't have to buy next month, but the longer you plan and prepare, the sooner you can be ready to buy with more options. Or you could wait, all with everything already prepared! Tune in to this episode and learn the best way to navigate the current real estate climate. This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome

Ep 147 - Gaby Dunn From ”Bad With Money” Interview On Money, Mortgages, And A Feral Cat

What can I say about this one? Gabby Dunn from Bad With Money is excellent. In this episode, they talk with David Sidoni about their rags-to-stability story. They explain how confounding the mortgage qualification system is for non - W2 employees by opening up about their own mortgaging struggles. Gabby shares insights about buying properties versus renting one, especially for those living a non-settled-down lifestyle. They even discuss their love-hate relationship with Pinky the feral cat, why IBUs are a scam, and why rich people are not necessarily financially savvy. Tune in to this engaging episode with Gabby Dunn and learn more about money and mortgages!This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome

Ep 146 - Down Payment Assistance Is BACK! - Holiday Episode

Time for the annual pre-Thanksgiving secret down payment assistance hack with David Sidoni. In this special holiday episode, he notices the downslope in the charge for home prices today for the first time in over a decade. David shares the four positive trends he noticed in this annual trend in market. Not only does he unravel the secret, excellent holiday down-payment assistance program, and he also provides some tips for you! So if you're commuting home to see your family? Listen to this episode on your travels, and don't miss this hack!This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome

Ep 145 - First Time Home Buyer’s Terms And Definitions From A-Z – “U,V,W,X,Y & Z”

This is the final installment of all the terms you need to know from A-Z. Save this episode and all the A-Z episodes as a reference so you can get all the answers in your home buying journey. Join David Sidoni today, and congratulations for making it to the end of the definitions.This podcast was started for YOU, to demystify things for first time home buyers, and help crush the confusion. After helping first timers for over 13 years, I knew there wasn’t t a lot of clear, tangible, useable information out there on the internet, so I started this podcast. Help me spread the word to other people just like you, dying for answers. Tell your friends, family, and perhaps that random neighbor you REALLY want to move out about How to Buy a Home! A really easy way is to hit the share button and text it to your friends. Go for it, help someone out. And if you’re not already a regular listener, subscribe and get constant updates on the market. If you are a regular and learned something, help me help others – give the show a quick review in Apple Podcasts or wherever you get your podcasts, or write a review on Spotify. Let’s change the way the real estate industry treats you first time buyers, one buyer at a time, starting with you – and make sure your favorite people don’t get screwed by going into this HUGE step blind and confused. Viva la Unicorn Revolution! Instagram @DavidSidoniTik Tok @howtobuyahome