https://padlet.com/sarah_mason1/5fpcurn2ntbu Which Option is Better for You en-us 2016-11-17 21:53:11 UTC 2023-02-12 18:47:12 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Simplehouse.png sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140295019 Hello, and welcome to my padlet wall. Here we will discuss the many different advantages and disadvantages between buying and renting a home.]]> 2016-11-28 18:50:41 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140295019 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140309211 This here is a informative video I have found to help eliminate some of the assumptions related to renting a home instead of purchasing one. This video goes into detail about the various factors to buying or renting a home such as: down payments, legal fees, provincial and municipal LTT, and net worth. The example used within the video takes place in Toronto and is easy to follow. I learned much from this video and I hope you do too. ]]> 2016-11-28 19:23:45 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140309211 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140315069 The Huffington Post has written a nice article about renting and buying a home in several different locations throughout Canada. Not only does the site have a nice little visual slider used to compare costs between renting and buying a home in some of Canada's major cities but they also take into consideration for property tax and interest. Unfortunately their calculations don't take into account for Utility bills, house insurance, or condo fees, as these can vary greatly. The numbers used in their article are not out of date, as they were collected earlier this year (February 2016). I enjoyed swiping through and comparing the various prices between the cities and was surprised to discover that in some cases it was actually cheaper to buy.]]> 2016-11-28 19:37:04 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140315069 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140320991 Here is an easy to use real-estate calculator to help you decide which option is better for you. Simply choose the area in Canada you wish to live in, punch in how much you spend on rent (including utilities), how much you wish to spend on a home, as well as your expectancy of living there, mortgage rate and down payment. The website will then calculate and display a side by side bar graph for the difference in costs between buying and renting a home in the area of your choosing. I found that this visual comparison really helps one see the financial differences between the two. Global news also posted some in depth questions to ask yourself before finalizing your decision. These questions go into detail about where you see yourself in five years, the hidden costs of home ownership, and many more. Its a good read and I feel everyone should take these points into consideration before buying or renting a home. ]]> 2016-11-28 19:52:18 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140320991 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140326231 A little bit of a longer video, but very informative. Phil Pustejovsky is an actual real estate agent and is sharing some insight on the main differences between renting and purchasing a home. He goes into detail about pros and cons, especially when it comes to renting. Fixed costs, low down payments, and no transactional costs are just some of the pros he puts down for the renting side. He also brings into consideration of renovations, debt pay down, and just how huge the commitment of owning a home can be. Phil really does bring in a unique perspective on this topic of home ownership and it really is worth a good listen. ]]> 2016-11-28 20:08:16 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140326231 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140332754 Related to the topics discussed in video #2. This website goes in a little deeper into short term versus long term aspects of the whole buying and renting discussion. As well as explaining the writers own personal experience with the housing market, and giving some tips to home owners, the article examines some key factors about the market and why renting can be much better for some. This article goes into detail about how things such as inflation, closing costs, "fixing up" costs, and even the neighborhood, can have such a large impact on a home buyer. There is much discussed in this article and it even goes into point about owning and renting out parts of a "plex", such as a duplex or triplex or even a quad. It's a great read and has even brought up some points that I have not found anywhere else in my research. ]]> 2016-11-28 20:28:57 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140332754 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140346368 In this interview with Canadian businessman Kevin O'Leary we learn of his opinion on the fact that 70% of millennial's are delaying home ownership. He makes several interesting points on how this is a smart move in that their is no need to take on the extra debt of a mortgage at this time as a lot of younger people are not yet established in a career with a comfortable fixed income and often times have large student debts to pay off. He also makes the point of how its much more financially secure to "simply rent a small apartment near the office and walk or take an uber to work". Kevin O'Leary makes a great argument to the fact that there is no guaranteed that a house will go up in value and that there is not need to risk your net worth on such an asset. ]]> 2016-11-28 21:23:29 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140346368 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140352129 This image is great as it provides a great amount of information for when you consider purchasing a home in one of Canada's major cities. The picture has side by side stats on the average home price and the needed income for each province and city. ]]> 2016-11-28 21:53:56 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140352129 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140357385 This image shows statistics on the average amount of income spent on housing. It has stats on both homeowners and renters and shows how Canadian home ownership has increased throughout the years. ]]> 2016-11-28 22:22:44 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140357385 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140359672 This small image is a simple, easy to understand table that lists some of the pros and cons for buying or renting a home. It makes some good points about each and defiantly worth looking it over. ]]> 2016-11-28 22:39:52 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140359672 sarah_mason1 https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140363233 2016-11-28 23:08:12 UTC https://padlet.com/sarah_mason1/5fpcurn2ntbu/wish/140363233