We often end up watching the "First Time Homebuyers Hour" which includes two shows, My First Place and Property Virgins. These people usually drive us crazy!
They have no financial sense.
Last week we heard a husband and wife have this conversation:
Wife: I'm not sure we can handle $2500 in monthly payments. We might have to lower our budget.
Husband: Honey, that's what we were approved for-- I'm sure they would know.Seriously? Maybe this particular episode was filmed before the housing crash, but I thought it was common sense. Just because you're approved for a certain amount doesn't mean you have to pay that much.
They add their down payment to the approved mortgage amount.
This may actually be kosher in the world of real estate, but Matt and I aren't sure it's a good idea. When these shows lay out a budget, they'll say something like, "Dick and Jane have been approved for a $350,000 mortgage and have a $15,000 down payment, so their budget is $365,000." To us it just seems like a good way to start getting in over your head.
They don't do their research.
This is a big one on Property Virgins. The Virgins take the host to a neighborhood where they want to live, and are shocked when the host reveals the average price of houses in that neighborhood. Spending about five minutes on realtor.com isn't that hard.
They rule out houses for stupid things like paint color/wallpaper/curtains/furniture.
This is why HGTV's staging shows are popular-- because most people just see what's in front of them and not what is possible. But hey, once Matt and I start our own house-hunt, we'll be more than happy to snap up an awesome house that someone else didn't want because of unfortunate paint choices.
They won't walk away from major problems.
Call me cold-hearted, but I was never one of those people who believes there is "one true soulmate" for me out there. I figured that nobody is perfect, so there were probably several guys I could have made a good marriage with-- I think Matt is the best there is, but still. Anyways, people get so caught up in one house that they won't walk away if the price is too high or if there are major problems with the house.
I remember seeing one episode of My First Place where the homebuyers loved a house they were viewing. Then they got to the basement and found two feet of standing water. The pregnant wife wanted out, but the husband swore it could be fixed. So she let him call in a plumber friend, who told them the water was actually sewage. Still, the husband wanted to stick with the house. The city flushed the sewer lines, which drained the sewage from the house. Then a home inspector found toxic mold where the sewage had been and ordered the pregnant wife out of the house while he finished the inspection. The husband STILL wanted to stick with the house, but the wife finally put her foot down. Drove. me. nuts!!
On the plus side, though, I feel like Matt and I will be well-prepared when we finally start our own homebuying process. These shows have gotten us talking about how we would want to handle different situations. And we get to look at lots of houses, so we have a pretty solid idea about what appeals to us. Thankfully we match up well on those issues.
In the meantime, we'll just keep yelling at HGTV the way others yell at sports.
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