https://padlet.com/kkphillips14/rabmc9dhvfed9lf3 Kaylan Phillips en-us 2021-10-26 00:28:10 UTC 2024-05-29 09:00:11 UTC hello@padlet.com kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1891988081 Hello everyone, my name is Kaylan Phillips and I have created this pallet to inform people on the all the information needed on making a clear decision to Buy or Rent a house. This pallet will separate the two and compare the differences, rates, even go as far to input your own personal situation to assist on making it easier to make a decision to buy or rent a household. I hope you enjoy reading further, and I hope through all the information you stumble upon, there will be something you find useful to take with you.


Picture sourced from: https://www.google.com/url?sa=i&url=https%3A%2F%2Fslate.com%2Fbusiness%2F2018%2F07%2Fdoes-buying-a-home-count-as-saving-for-retirement.html&psig=AOvVaw0Z6B18jwrJNQm3JK0BBee4&ust=1638233514494000&source=images&cd=vfe&ved=0CAsQjRxqFwoTCLj2j8etvPQCFQAAAAAdAAAAABAL]]> 2021-11-15 17:58:47 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1891988081 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1904656520 This post was very helpful in going over the basics and pros and cons between Renting vs Buying a home. It states that really no matter what you purchase, you're almost always going to end up with something called "dead money". Which refers to the money that you spend and invest towards your property, that has no return value with it, such as monthly rent, or property taxes. It goes on to state the simple pros and cons  between renting and buying a household. it then continues to talk about "The 5% Rule", which I have posted as a video more in depth. In short, the cost of owning a home is 5% of the property value. If rent is lower than that for a similar home, suggested keep renting. If higher, best choice would be to buy. 

I enjoyed this article because of how much information it with-held, while still maintaining a very simple and easy understanding of the subject. Some articles I find to be overwhelming when reading so much information. This article recites it very straight forward without leaving important parts out.]]> 2021-11-21 17:54:29 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1904656520 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1904656937 They say save the best for last, and here we are. This article is packed full of amazingly rich information to do with all ends of the spectrum when it comes to renting and buying. Unlike the other articles that mainly focus on one topic, this one combines all of them plus more into an extremely helpful guide. It goes as far as explaining and even comparing the market currently to the crash of 2007. Explains that even though more people may be settling down to buy, renting is just as important for the market. Comparing the new rent vs buy factors, with renting ultimately being cheaper, but with no return investment in the long run. It also goes as far to explain the renting and buying market currently in 2021. As well as providing links to Buy vs Rent calculators, that way you can input your own information and the system will do it for you. All in all, an extremely well thought out informative article. I will be returning to this link in the future to help me in the decision of purchasing a home. 


This article was a clear choice as to why I decided to add it to my presentation. After reading through, I couldn't pass up sharing all the information I found useful within this article. Having touched on so many helpful posts and information within this presentation, having this website as the wrap up post for everything seems very suffice. Pulling all the information I've touched on, plus more into one big article. This post is different in a way where it almost takes you from begging to end, decision wise. It's almost as if it walks you through the entire process already, touching on so many points along the way, ultimately which leads to a calculator to calculate your own information. In the end hopefully being able to find which option would be more suffice for your given situation.]]> 2021-11-21 17:55:01 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1904656937 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1904657707 This post about mortgage math was a great addition to my presentation for the sole purpose that it doesn't just compare Buying to Renting, it talks about a thing called "Mortgage Math" and how implementing it into your home search would be extremely beneficial. The article takes data to compare average costs between renting and buying with "Mortgage Math".  The short answer, renting was cheaper by $705. That being said, the equation doesn't account for the mortgage payments being returned to the owners pocket. In turn, buying is (sometimes) cheaper than renting when you think about it, and you can thank the Homeowners Advantage for that. 

I chose this article to include because of the "Mortgage Math" equation. Something as simple as comparing costs and rates with a little mortgage math, is something very beneficial to know, and I can see myself applying it to my very own property in the future. We've read about a lot of different equations on how to properly calculate the differences between the costs of Renting and Buying, but this is the one that stands out the most, and will be remembering for future reference. ]]> 2021-11-21 17:55:59 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1904657707 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1904658742 This article is great because it takes a whole different approach to the Rent vs Buy debate. Instead of just choosing one or the other option, why not have both? Sounds strange, I know. This article suggests the Rent-to-Own option. Essentially when you rent a home, from the money that you put towards your rent on a monthly bases, a portion gets set aside and eventually gets put towards your down payment for a home in the long run.

You would think this method wouldn't be feasible, because of all the landlords out there that have a rental property as a second investment. Actually, the investors choose to get involved a lot of the time. It saves them time and effort trying to find responsible tenants, and they end up making a greater return on their investment. 

I really enjoyed this article because of the different approach on the renting and buying debate. Instead of siding with one or the other, the alternate perspective really opens peoples eyes to a wider variety of opportunities they didn't know were possible.]]> 2021-11-21 17:57:12 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1904658742 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1905097016 This image directly compares the monthly expenses of the costs between buying or renting a home over the span of 5 years. The image highlights the value on either side where the costs are almost the same between a different time period between buying and renting. ]]> 2021-11-22 02:29:02 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1905097016 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1905097457 This image shows the simple differences between renting and buying a house hold. These are the main differences people would think to look at when deciding  whether to punched or rent a household. ]]> 2021-11-22 02:29:20 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1905097457 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1905097947 This photos explains exactly what to expect when it comes to comparing the costs of buying or renting a home. Although the living situations may be similar, the way its broken down by common costs, things can vary more than you think.  ]]> 2021-11-22 02:29:41 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1905097947 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1905122463 This photo exhibits and explains the differences of the price of homes in different regions across Canada, as well as the salaries needed to purchase the home. Someone who is able to purchase a home in one region with their salary might not be able to purchase a home in another region because of how vast the housing market is through out the different provinces and cities.]]> 2021-11-22 02:45:41 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1905122463 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1906184955 This video perfectly describes the break down of the financial side of things between the costs of buying and renting a house. He takes two separate individuals with different wants and living situations. He explains the differences between the two and how much money they're spending and paying off monthly, and yearly. In turn finding the total at the end. Thats being said, that doesn't mean renting is a bad option. If you're planning on staying in a house for less than 5 years, renting would be a more feasible option. Buying a house would be more of a long term investment, as he states in the video. 

I chose this video because I liked the way he broke down the financial side of buying a home as well as renting. Not only did he break down the costs, he also included a fake scenario of two individuals and their financial situations of buying and renting, which I found extremely helpful.]]> 2021-11-22 14:11:18 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1906184955 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1906189797 This video touches on the comparisons between buying and renting a home. Not only on the financial aspect of things, but the lifestyle side as well. Not only do you need to factor in which option will cost more, but which option also fits your lifestyle as well.

I chose this video as apart of my presentation because of the sole purpose that it touches on the two sides of the equation between buying and renting; financial vs lifestyle. This video takes a different perspective on renting vs buying because not only does he explain in great detail the differences of the financial side between renting or buying a home, he goes the extra step by explaining how lifestyle can also effect the factors of buying or renting a house. ]]> 2021-11-22 14:13:10 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1906189797 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1907030378 1. Was did you learn about this topic that surprised you the most?
After researching this topic extensively and getting a feel of the differences between renting and buying a home, there were quite a few things that surprised me. In the end, there really is no right answer. It all depends on your financial situation and your personal living situation. If you're not planning on staying in a place for more than 5 years, go the renting route to save you money in the long run. If you're planning on staying somewhere for longer than 5 years, and are willing to invest money and time into a property, purchasing a home would make more sense.

2. Provide a real life example of how this topic is relevant or interesting to you.
I decided to choose this topic because I've always been personally interested in buying a home myself, as a longterm investment. Being unsure of what the best option would be for my situation, I chose this topic to enhance the knowledge of what I already knew, and to learn about things I had never head of before. After extensively researching this topic I came out with a lot more knowledge and understanding that I had originally started with. I can now apply my knowledge to real living situations in the future to assist me in making the best decision possible for my circumstance.
3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
One piece of information would pass on to a family member or friend would be to inform them about the "Rent-to-Own" options when it comes to investing in a property. A lot of people are unsure about what they're wanting in a home, living through unsteady living situations, or even just not having enough available capital for a down payment. Looking around for Rent-to-Own options will be beneficial in the long run, for the people who aren't sure of what to do as of yet, but have a plan for the future. ]]> 2021-11-22 21:26:54 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1907030378 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1907071614 In this video he describes something called " The 5% Rule" 
He further explains that by using this percentage number you can apply it to the way you purchase or rent a house.
He also explains the added costs that are attached to home owning. These are costs that people seem to forget about or oversee, such as property taxes, maintenance costs, utilities, etc.

I chose this video for my presentation because like other videos, he takes the break down between renting and buying and applies it to "The 5% Rule" as he states in the video. He uses this %5 rule to help him estimate which money he's going to spend and where. He compares it between the scenario of owning a home, and renting a home. I enjoyed this video because its different in a way where he explains that people usually compare the costs of owning a home, they look at the material values. He takes his own equation and applies it to realistic situations in order to find the best suitable option. ]]> 2021-11-22 22:08:55 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1907071614 kkphillips14 https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1909729150 This video covers off all the pros and cons to buying a house as well as renting a house. He makes it extremely simplified by breaking down different situations and explaining why that option would be more suffice.  The decision of renting or buying can be a tough one, but this video makes the entire idea less intimidating.

I chose this video because he made the information he was reciting very easy to understand. If someone were start looking for a home, I would show them this video as a good starting point. The one thing that stands out to me in this video apart from the others is he takes each side of the argument and divides the conversation up evenly. He takes a more personal approach to the video which in turn makes people less intimidated to start looking for a property.]]> 2021-11-24 03:17:22 UTC https://padlet.com/kkphillips14/rabmc9dhvfed9lf3/wish/1909729150