To Buy, Build, or Rent - How To Get a Home You LOVE with Ryan Serhant
Jan 24, 2024
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Joining us is Ryan Serhant, power broker, bestselling author, and star of Bravo's Million Dollar Listing New York. He shares insights on the housing market, the perfect time to buy a home, advantages of building from scratch, and the pros and cons of renting. Ryan also discusses his journey in real estate, finding success on Million Dollar Listing, embracing unique qualities, and dealing with public exposure and criticism. He provides tips on buying a home, including estate sales, maximizing bedroom count, and considering fringe locations. Plus, he emphasizes the importance of building a personal brand and effective marketing strategies.
Consider estate sales for discounted homes that can be renovated to your taste.
Increasing the bedroom count can significantly increase the value of a property when selling.
Prioritize natural light and good ventilation when buying an apartment.
Explore fringe locations for more affordable options with potential for future growth.
Deep dives
Finding Value in Estate Sales
One valuable tip for buying a home is to consider estate sales. These are homes being sold by the estate of someone who has passed away, often at a discount because they require a full renovation. Estate sales can offer great potential for finding a hidden gem with good bones that can be renovated to your taste and preferences.
Increasing Bedroom Count for Value
Another tip is to focus on increasing the bedroom count of a property. Buying a home with a lower bedroom count and a larger square footage can provide an opportunity to transform unused spaces into additional bedrooms. By increasing the number of bedrooms, you can significantly increase the value of the property when it comes time to sell, as buyers often base their decisions on the number of bedrooms needed.
Importance of Light and Air
When buying an apartment, it's crucial to prioritize light and air. Even if a property seems like a great deal, don't overlook the importance of having natural light and good ventilation. Avoid purchasing units that face a wall or lack access to natural light, as these factors can greatly impact the overall quality of living in the space.
Consider Fringe Locations
Lastly, consider looking at neighborhoods on the outskirts of popular areas. Fringe locations often offer more affordable options while still providing access to amenities and potential for future growth. These areas may not have reached their full potential yet and can offer great investment opportunities.
Conclusion
When it comes to buying a home, exploring estate sales, increasing bedroom count, prioritizing light and air, and considering fringe locations are key factors to keep in mind. Each of these strategies can help you find value, potential, and the right property for your needs and preferences.
The Challenges of Being in the Public Eye
The speaker reflects on the unexpected public reaction after the first season of a show they were on, sharing how they were labeled negatively by a stranger. They discuss the stress and pressure of being filmed for a year, constantly fearing they would be fired. The speaker highlights the selective nature of reality TV editing, only showing intense moments and not capturing the full reality of their life.
Insights on the Current Housing Market
The podcast host asks the speaker for their thoughts on the housing market. The speaker explains that the current market is unique due to record-high pricing, high-interest rates, and low affordability. They discuss the impact on rentals, explaining that high rents result from people being unable to afford buying a home, while also acknowledging the importance of home ownership as a means of wealth creation.
On today's episode of Networth and Chill, I'm joined by power broker, bestselling author, and star of Bravo's Million Dollar Listing New York, Ryan Serhant. He has made a massive name for himself in the real estate, and has years of experience selling and renting properties. With the housing market continuing to be in an unprecedented state, people have a lot of questions. Will there ever be a perfect time to buy? Is it better to buy then rent? Why exactly is the housing market so confusing? There is no one better to help answer these questions that realtor extraordinaire, Ryan Serhant.
Got a financial question you want answered on a future episode? Text me or leave me a voicemail at 908-858-3410.
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