RENTING vs BUYING A HOME by Ana Gabriela Ruiz Téllez https://padlet.com/ruizana393/7xsh47ldcdz59lji Ana Gabriela Ruiz Tellez en-us 2023-01-27 04:02:57 UTC 2023-02-03 03:11:16 UTC hello@padlet.com Welcome! ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458523904 Hello everyone! Welcome to my wall. 

Here you will learn to differentiate if you should buy or rent a home according to your stage in life. In this wall, I will provide websites, videos, images, and tools to help you assess rates, compare payment plans, and clarify more about the good and bad aspects of renting or buying a home. ]]> 2023-01-27 04:15:41 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458523904 5 Financial Reasons to Buy ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458526165 5 Financial Reasons to Buy 

I really like this image because it clearly outlines the TOP five reasons to buy a home instead of rent. It also provides some interesting facts and quotes from a well-structured Harvard Report. 

]]> 2023-01-27 04:19:15 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458526165 First-Time Buyer Incentives ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458536233 The video showcases the First Time Home Buyers Incentives offered in Ontario, Canada 2023. In this video Callum starts outlining the 4 incentives that first time buyers can have access to. The first incentive  is the " Provincial and Municipal Land Transfer Tax Rebate" and it is applicable to all of Ontario + Toronto" . The second incentive is " First-Time Home Buyer Incentive Plan (FTHBI)" . The third incentive is " First-Time Home Buyers Tax Credit and the last First-Time buyers incentive that you might apply to , is " RRSP Home Buyers Plan (HBP). The also explain the characteristics , benefits and eligibility for each of those incentives. 

I chose this video because the presenter is using up-to date information , the examples , facts and explanations provided are well structured and easy to understand. He is also very experienced in this topic and give us tools on how to find your real estate representation anywhere in Ontario.]]> 2023-01-27 04:34:30 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458536233 Analyzing the Condo Market ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458538764 This YouTube video was uploaded on the platform in 2022 by Prime Properties TO. The presenter, Zhen, is an actual real estate agent from Toronto who uses current market information to reveal the real advantages and disadvantages of buying or renting a home. By watching this video, you will get an idea of what type of property you might want to buy or rent. He also talks about the potential interest rate of your monthly payment that goes towards paying down your home. In the video, he explains that "when your interest rates are higher and higher you are technically throwing away more money faster and faster."

I chose this video because I really liked the way he explains the difference between renting and buying, he also used real life examples such as Toronto Condo Market, and showed some calculations that make easier to understand the financial reasons. One of the things I liked most about this video is the way he emphasizes that there is no right or wrong answer about whether buying or renting is the perfect choice. It is more about recognizing the differences and choose the one that make better match to your stage in life.


]]> 2023-01-27 04:37:38 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458538764 Step-by-step process to buy a home in Canada ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458540101 This video explains the step-by-step process of buying a home in Canada. The video starts by explaining that in Canada the minimum amount you need in order to buy a home is a down payment of at least %5 of the cost of the house, however, If your down payment is less than 20%, your bank will require that you purchase mortgage default insurance through either CMHC or Genworth Canada. This insurance is applied for and set up through your bank. In Canada, the fees paid to real estate agents are paid for by the sellers. When you buy your home the person who sold you the home will be paying the fees for your real estate agent. Your realtor will help you negotiate the price and the day you want to move in.

I chose this video because the steps are very well explained and they also remind us that we need to ensure we have enough money set aside for closing costs. Closing fees include the cost of our lawyer as well as additional expenses that we might have to pay. As a general guide, they suggest to have about 1.5% of the purchase price saved up to cover these costs.
]]> 2023-01-27 04:39:48 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458540101 Type of Housing in Canada ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458542338 This video was uploaded on YouTube in 2020 by Daisy Raouph. Daisy Raouph is a Mortgage Broker & Financial Security Advisor with over 30 years of experience. In the video, she explains the characteristics and the difference among the several types of housing found in Canada. It was a really interesting video because, in my home country, Nicaragua, we can only find detached houses. On the other hand, Canada offers many housing options such as single-family homes, semi-detached homes, townhouses, and apartment buildings. She also shares with us information on the unique features of each type of house, as well as the pros and cons of each. 


I found this video very informative and I liked that they also included pictures to help viewers better understand the difference between them.


]]> 2023-01-27 04:43:54 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458542338 Affordability Calculator ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458545196 This webpage is created and managed by the Canada Mortgage and Housing Corporation and provides an amazing tool used as an affordability calculator to help users determine if they are able to buy or rent a home. This type of calculator allows individuals to select their desired living situation, their current financial status, and their monthly expenses. The calculator analyzes all the data provided by the users and gives an estimate of whether you will be able to afford your dream home. In order to obtain a realistic estimate, you will need to provide as much financial information as you can.


I chose this website because is a reliable source , you can add you real information to obtain a more accurate result, the process to use this calculator is pretty easy. I also like that this website provides this tool for free and everyone can use it without having to create an account. ]]> 2023-01-27 04:49:10 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458545196 Mortgage Calculator ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458545405 The Canada Mortgage and Housing Corporation created this website in order to provide people  an efficient and user friendly mortgage calculator. By using this calculator, people will be able determine if they are able to buy a home depending on their mortgage details. This mortgage calculator allows individuals to select their desired living situation, their current financial status, and their monthly expenses. The calculator analyzes all the data provided by the users and gives an estimate of whether they will be able to afford their dream home. In order to obtain a realistic estimate, you will need to provide as much financial information as you can.


I chose this website because it is created by a reliable corporation where you can add you real information to obtain a more accurate result, in your calculation you will be able to disclose the purchase price, down payment, amortization period, mortgage interest rate and the payment frequency that you will feel comfortable with.]]> 2023-01-27 04:49:31 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458545405 Debt - Service Calculator ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458545607 This debt-service calculator was developed by the Canada Mortgage and Housing Corporation. On this website, they explain that Gross Debt Service (GDS) ratio is your housing costs as a percentage of your income. It is also called the housing expense ratio. The monthly housing costs used in the GDS calculation include your monthly mortgage payment, property taxes, utility bills (including heating costs), half of your condo fee, or homeowners’ association fees. For this calculation, you will also be able to add your annual household income. After you provide your annual income, your expenses, and your debts, you will be able to assess your financial life. 


I selected to share this website with you because I believe that it is crucial that we compare our monthly debt payments and housing expenses to our gross household income in order to have a healthy financial life.]]> 2023-01-27 04:49:59 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458545607 Canada Revenue Agency ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458547119 This website was developed and is managed by the official Canada Revenue Agency and explains the GST/HST New Housing Rebate. Through this website, they explain the eligibility and how to apply for this rebate. This new program allows individuals who have purchased or built a new home to claim back some of the GST/HST paid on the purchase price or cost of construction. The program applies to homes that are used as a primary place of residence, and the rebate amount is calculated based on a formula that takes into account the purchase price or cost of construction, as well as the GST/HST paid.


I chose this website because is a reliable source and explains the eligibility criteria that people needs to have in order to submit a completed rebate application. I also like that this website provides detailed information on the program, including eligibility requirements, how to apply for the rebate, and what documentation is required. ]]> 2023-01-27 04:52:43 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458547119 ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458547805 I gained insight into the pros and cons of renting versus buying a home. To my surprise, I discovered that owning a home in Canada is achievable. I used to think it was unattainable, but after researching the First-Time Buyer incentives offered by the government, I may be eligible to pursue my dream of home-ownership. I want to share with my family and friends that they should never give up on their home ownership aspirations. They can research government incentives and seek professional guidance, as well as utilize online tools like affordability, mortgage, and debt-service calculators to evaluate their options. ]]> 2023-01-27 04:54:10 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458547805 Benefits of Renting a Home ruizana393 https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458566174 4 Reasons to Rent

I found this image very useful to help people understand the advantages of renting. As we can appreciate from the image, there are 4 TOP reasons to consider renting, flexibility, maintenance, no mortgages, and facilities. These might be all the features you´re looking for in your dream home. ]]> 2023-01-27 05:29:35 UTC https://padlet.com/ruizana393/7xsh47ldcdz59lji/wish/2458566174