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How I Ended Up Saving $275,000 Off Of Buying My First House
Imagine that you've been living in a slumlord's apartment for a year, and you're trying to terminate your lease in the next 45 days. Thinking about next steps in life, you've decided that you're finally over the woes of renting and are ready to buy your first place. Now add to this picture a beautiful realtor who pretends she's here to save the day, but in reality, she's prepping for a big payday on one of your most vulnerable moments.
That's how I almost paid $275,000 more than I needed to on buying my first home.
I've lived in New York City for three years and have been contemplating buying a place for a while now. After living through roaches, gnats, spiders, broken ovens, roommates and floods, I decided that I had enough and was ready to buy something I could take care of myself. I was looking for duplexes in Jersey City, and someone referred me to what seemed to be a great realtor. She had five star reviews online, was very knowledgeable, and had been in the industry for over eight years. More importantly, when we spoke on the phone, she sounded like my long lost aunt who would guide and protect me during my purchase. I was so excited to work with her!
On that Saturday, the realtor took me out for a drive. We drove around for hours! We talked about everything under the sun while looking at different neighborhoods. She then took me to the house that she wanted me to buy. This house was in an up-and-coming neighborhood, and her husband was closing on it that week. He and his business partner were going to flip the house to a buyer, and were letting me look at it in case I was interested due to my timeline.
We walked in the house, and it looked scary, yet the realtor kept insisting that the house only needed basic cosmetics that I could take care of with $50,000. She even went so far as to have her husband's contractor come out, and she showed me some of his work in other houses. Of course, I fell in love with the potential of this home!
Then, we talked numbers.
I gave her my pre-approval letter earlier in the week. She said the home was for sale $425,000, the top of my budget, and called my lender to see if I could borrow $50,000 more for modest renovations. At the end of the day, I went home dreaming of renovated kitchens, bathrooms, new furniture, and hosting my first housewarming with friends.
But I also did my research…
And to my surprise, I found out that the home was listed six months earlier in the exact same condition for $150,000! Furthermore, there were no comparable homes to support this new $425,000 asking price, as the highest home price in that area was $268,000. I was livid, and felt betrayed and taken advantage of.
But most of all, I felt proud that I was able to save myself years of financial distress.
So before you buy your first place, take these five steps to make sure you're covered:
1. Let go of emotion.
Realtors are salespeople, and many great salespeople are very relatable. If you're working with a realtor day-to-day, it is natural to grow a bond with them. While some people genuinely have your best interest at heart, it's sometimes difficult to tell who actually does. That being said, always verify any information that a realtor gives you, no matter how much you trust them.
2. Search for the property online.
Zillow gives you an idea of property values to help you figure out if you are paying too much, just right, or if you've got yourself a steal and should move fast! You can also see how many days a home has been listed, how many people are looking at it, and plenty of other useful information. Trulia is another good site that provides similar facts. Their crime rate heat map is very helpful if you are looking in unfamiliar areas. Use these sites and others to supplement information you receive from your Realtor.
3. Call the listing agent.
Even if you're working with a realtor, call the listing agent to verify everything that you've heard about the area and the property. And while you're at it, call one or two more realtors! Ask the same questions across the board to make sure you're getting consistent responses.
4. Phone a friend.
One of the biggest reasons I was able to dodge this bullet to my finances was because I called someone who knew more than me about real estate. He helped me research the area, and together we called the realtor's bluff. Talk to someone who owns a home or pays attention to the market. If you don't have any friends in the industry, see what you can find out from the online community. Start with leaving a comment below.
5. Ask the lender.
One benefit to taking out a mortgage is that the lender will have to verify the property value. If you've been pre-approved for a mortgage loan, send the property address to your lender and get their opinion on the numbers. In the end, I did not purchase the house. By taking those five steps, I learned that the purchase price was much higher than the actual market value according to homes in the area. The house also needed a lot more work than the realtor let on. A few weeks later I decided to make a different house my home.
Lots of emotions come with house hunting from excitement to anxiety. Let's make sure we stay informed to make the best decisions that we can. To all the homeowners out there, what's your experience been in buying your first home?
Related Post: 10 Major Keys for First Time Home Buyers
Jasmine T. Brown is founder and CEO of Onward Holding Company, LLC, a real estate investment group.
Featured image by Shutterstock
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This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
Feature image courtesy
Summer Travel Guide: 9 Safest Vacation Spots For Black Women
When it comes to planning and choosing our international travels, there’s one question that is bound to come up: “Is it safe for Black women?”
At times, our travel plans can be halted by whether or not our desired destination is safe not only for solo travel but for overall protection as women of color. We want to have fun, go on excursions, taste the food, and let our hair down, so the last thing we need on our minds is navigating microaggressions and worrying about our safety.
According to a report by The Mandala Research Firm, 17% of Black Americans take one or more international trips and travel locally more than six times per year. Even more exciting, 42% of Black Americans said they would spend more in 2020 on travel than in 2019 (pre-Covid), and 50% of Black adults (16% more than the general population) are more likely to travel to locations associated with their ethnic or cultural heritage. All of this goes to show that we’re not afraid to pack our bags and book flights to our heart's desire.
Our passion for travel and exploration highlights a growing desire to connect with a wide range of cultures while discovering new fresh locales. By choosing destinations with positive reputations for safety and belonging, you can enjoy your next adventure with peace of mind. And to help, we’ve provided a list of the best vacation spots to add to our travel bucket list.
1.Havana, Cuba
Known for its vibrant culture and welcoming locals, Havana offers a unique travel experience for you and your girlfriends. Stroll through the historic streets of Old Havana and immerse yourself in the lively music and dance scenes that make this city unforgettable.
2.Rio de Janeiro, Brazil
Famous for its Carnival, stunning beaches, and warm hospitality, Rio de Janeiro is a lively and safe city to explore all year long. Don't miss a visit to the iconic Christ the Redeemer statue and the bustling Copacabana Beach for a true taste of Rio's energetic spirit.
3.Belize
With its beautiful beaches, diverse wildlife, and laid-back Caribbean vibe, Belize is a safe and adventurous destination for travelers. Discover the underwater wonders of the Belize Barrier Reef and explore ancient Lamanai Maya Ruins.
4.Paris, France
Who doesn’t have Paris, the city of lights, on their travel list? Renowned for its art, fashion, and iconic landmarks like the Eiffel Tower, Paris offers a blend of romance and safety for travelers. Wander through the charming neighborhoods of Montmartre and Le Marais, explore the Louvre, and indulge in the city's exquisite culinary delights.
5.Lisbon, Portugal
Portugal's capital city, Lisbon, charms visitors with its historic architecture, delicious cuisine, and welcoming atmosphere. Enjoy breathtaking views from São Jorge Castle and savor traditional pastries at the famous Pastéis de Belém bakery.
6.Bali, Indonesia
We’ve all seen the viral photos off the Bali coast and Gates of Heaven, so why not make it a reality? Famous for its lush landscapes, vibrant culture, and serene temples, Bali offers a safe and enriching travel experience in Southeast Asia.
7.Tokyo, Japan
Recently, the value of the Japanese Yen has seen a significant drop, making it the lowest it has been against the dollar since 1986, which also means that there’s no better time than now to make your travel plans to the renowned cultural hub.
8.Accra, Ghana
There’s no FOMO like the kind felt from seeing all the beautiful faces enjoying their holiday at Ghana’s Afrochella Festival, so let this be your sign to start planning the trip now. Often referred to as a welcoming home for the African diaspora, Ghana offers rich cultural experiences and a sense of belonging. Explore the vibrant markets of Accra and visit the historic Cape Coast Castle to connect with the nation's poignant past.
9.Seoul, South Korea
You may be surprised to find this city on the list, but for Black travelers, Seoul is said to be one of the safest and most exciting cities to travel to. There will be plenty to eat, buy, and experience from this city’s rich history and culture.
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Featured image by Klaus Vedfelt/Getty Images