Buying a House w Jessica Moorhouse | Millennial Money Expert

Are you planning on buying a house in 2022? Is it a New Year's Resolution? Here's everything you need to know about buying a home from people that did it in 2021. 

Jessica Moorhouse is an award winning blogger, podcaster, and an accredited financial counsellor in Canada. Ratehub’s Director of Insurance, Matt Hands, sat down with Jessica to discuss the home buying process. Jessica sold her townhouse and bought a new house in Toronto this year in the wild and crazy market. Matt decided to leave Toronto after buying his house in London, Ontario. 

The two discuss the stress of buying a house, mistakes they made, how to save, how to find the best mortgage rates, and why working with professionals is critical to your home buying success. 

 

[0:00] Intro

[0:36] A brief history of Jessica Moorhouse (from student debt to blogging to home buying)

 

[2:30] MONEY MISTAKE OR MAKEUP

 

[6:57] We’re supposed to buy a house, right? We’re preconditioned to buying one, but why? Why do we buy homes? Toronto vs. Vancouver. Jessica talks about simply buying land because houses are too expensive, but buys a townhouse in 2016. You don’t have to buy a house. 

[13:15] On housing affordability and choosing your lifestyle

[13:43] Alterna Savings survey - scariest part of home ownership was saving up enough because goal posts keep moving. 

[15:12] If you decided to stay a renter, what are you missing out on? Rent vs. buy 

[17:50] Matt talked himself out of a property. What do we do about a non-buyer's regret? Maybe there are reasons you didn’t buy the place. Think beyond just the house. 

[19:55] How do you save for a house? How much should go towards buying a house? What questions do you need to ask regarding high-ratio mortgages, insurance, registered accounts, etc. 

[23:04] Did you tap into the first time home buyer's plan for your first home purchase? A loan you have to pay back. 

[24:35] How can the government help first time home buyers? Affordability is the problem, not incentives. Housing prices just continue to go crazy. 

[25:55] Fixed vs. variable rates - which one to choose?

[33:45] How did you find the best mortgage rate? Online? Friends? Banks?

[35:00] Why you should interview your financial representatives, agents, and brokers about mortgages and insurance

[37:15] What are the hidden costs of home buying? Realtor fees, property taxes, land transfer taxes, and other closing costs. 

[41:30] Thoughts and considerations about buying a house in the city vs. out of the city. Businesses must adapt to changing work culture. 

[44:23] Let’s talk about bidding wars in your home buying journey. Emotional decisions. 

[46:51] Bully offers and the need to be aggressive when bidding

[48:00] On the value of a great realtor

[49:31] Blind bidding in Toronto. How much do you actually want for the house? Houses being underpriced to drive prices up. 

[51:00] The importance of making a list of everything you want in a home, including what you want in your future life. 

[53:36] What is going to happen to the housing market? Will prices continue to rise? Will it go down? Will the bubble burst? 

[54:42] I could’ve bought a house but glad I didn’t. 

[55:12] Differences in generations on housing vs. stock market. 

[57:25] Posted rates vs. finding the best mortgage rate for you

 

[58:31] RAPID FIRE QUESTIONS

What’s in your wallet?  A book everyone should read?  What was your first job and what did you learn from it? What is a commonly held belief about your industry or space that you passionately disagree with?  If you had one tweet that everyone in the world would read, what would it say?   What’s your number (to walk away from it all and live financially independent, never worry about money again?)  What do you want to be known for when you die?  Where can people find you if they have more questions? 

 

[1:08:07] OUTRO