https://padlet.com/alora2424/tcb101leda2bvvhq Created by: Alora Lightizer en-us 2021-11-26 23:47:36 UTC 2025-09-27 04:41:27 UTC hello@padlet.com alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914923923 Hi Everyone!

My Padlet that I have created is about the pros and cons of renting and purchasing a house.  
I hope this project is educational for anyone reading, and makes the path of difficult decisions clear to choose what best fits your needs when it comes to comfortable living!

Enjoy!]]> 2021-11-26 23:54:00 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914923923 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914927310 This website explains whether or not buying or renting is right for you.  It explains the 5% rule, unrecoverable cost breakdowns, advantages of buying and renting, and includes an educational video.  This website is very simple, and to the point which makes it manageable and not overwhelming with all the other information floating around that can get confusing when financing.  

I chose this website because it is  organized, and has lots of information in the simplest forms.]]> 2021-11-27 00:00:39 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914927310 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914927741 This website contains a very detailed article about the options of town houses, apartments, and condos, as well as purchasing a home.  It lists resource articles and a quiz to help you get started.  It also explains the 5% rule which can be applied to renting and purchasing homes.  The 5% rule talks about unrecoverable costs, like paying rent, that is money that goes straight to the landlord. Whereas paying a mortgage goes towards paying off your house.  The unrecoverable costs that come with buying a house are all the maintenance it requires to keep the house valueable.  The 5% rule compares the yearly cost of rent, compared to the home value, so if it is over 5%, then renting might be an issue financially, but if it is under 5%, then renting is a great way to save money.

I chose this website because of how well detailed and informational it is to help scope out the correct decision of renting vs. buying a home for you and your family.]]> 2021-11-27 00:01:32 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914927741 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914928232 This website is a fantastic resource, especially locally.  This website is a great advertisement for a brokerage in Toronto, Ontario.  This gives very accurate renting and buying prices of houses and the breakdown of costs to consider when choosing the right living environment for yourself.  This website lists great examples of pros and cons for both choices of renting and purchasing with realistic expectations.  This website has captions such as "You Should Buy If..." and "So Who Should Keeping Renting?" which lists reasons it would be a good reason to buy if you qualify and reasons to keep renting if you do not.

I chose this website because I loved the real life examples it provided, that were easily readable and mapped out for my convenience. ]]> 2021-11-27 00:02:33 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914928232 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914928482 This website provides a great format to calculate the suitable choice of renting or purchasing a home.  For renting, it provides a province, city, apartment type, monthly rent, and tenant insurance cost to provide you with the information needed to know whether renting is suitable for you.  It then provides listings of houses and apartments for rent with the information provided.  For the purchasing section, it provides sections for you to input the Home Purchase Price, Down Payment, Mortgage Interest Rate, Length of Mortgage and all the Utilities and Tax Amounts. With all these sections filled in, this calculator will present to you your monthly payments, assumptions, and disclaimers.  

I chose this website because it is a highly rated calculator for not only renting, but purchasing too with detailed calculations that provide you with all the information you need to consider when renting or purchasing a home. Overall, I found this website to be a great resource.]]> 2021-11-27 00:03:09 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914928482 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914929426 This video explains how comparing the cost of renting and purchasing a home is not an apples to apples comparison.  To convert the apples to oranges comparison to apples to apples, you need to use the 5% rule.  The 5% rule compares the cost of unrecoverable costs of renting and owning.  Owning has a lot of benefits, but it far more expensive in the long run.  Renting frees of you of maintenance costs, but you'll never own the home.

I chose this video because it provides graphics, easy understanding and friendly tone of discussion.  It gives a excellent understanding of the 5% rule which is an important part of comparing pricing.]]> 2021-11-27 00:05:10 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914929426 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914929913 This video shows clips of real families deciding what is their next best option when it comes to their living situation.  The first gentlemen is going over his budget and comes to the realization that he is better off renting and investing compared to owning a home.  The other family is currently renting their home, and are focusing on the possibility of owning a home for the investment purposes to provide for their son.  

I chose this video because it shows real life families and a finance professor viewing their options of what suits their lifestyles best. ]]> 2021-11-27 00:06:07 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914929913 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914930788 This video demonstrates a wonderful visual of the comparison of renting and owning from monthly to annual costs.  It shows that renting is much easier, costs much less and is appropriate for the renter's situation in the story.  The narrator goes over the owner's costs including all the expenses that go into monthly maintenance, property tax fees, insurance, and all the mortgage details.  

I chose this video because of how well it is drawn out on paper. This video makes it much more clear of what kind of expenses and responsibilities come along with owning a house.]]> 2021-11-27 00:07:44 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914930788 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914931728 This video is a great and steady paced explanation of the 5% rule, and why renting should be in favour of owning.  As owning a home was much more reasonable decades ago, but is increasingly more difficult for the new generations reaching adulthood.  This video shows humourous skits that compare the benefits of renting over owning a home.  Not that there are not benefits to owning a home, but the realistic aspect is that renting is far more attainable.

I chose this video because it was interesting and was easy to keep my attention focused on the content which is important when discussing financial topics such as this.]]> 2021-11-27 00:09:38 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914931728 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914932445 In this photo, it shows two collumns comparing the lifestyle that is required when renting or purchasing a house.  If you wish to rent, it is best that you do not plan to stay there long, and live a flexible life.  Renting is beneficial when saving for down payments on houses or cars, and correcting credit scores.  Purchasing a home is a good idea when you plan to find a home that you wish to live in for many years, fix up and sell, or when you wish for the freedom of stability.]]> 2021-11-27 00:11:08 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914932445 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914933350 In this photo, it presents the pros and cons of renting a house, and the pros and cons of buying a house. Of course there are downsides to both, but there are upsides when you make the right choice for your lifestyle. Buying a house is a great way to build equity, and have a sense of pride knowing you worked hard to purchase the largest investment in your life. Renting is great for young adults, travellers, and when you have sporadic job sites for work. ]]> 2021-11-27 00:12:48 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1914933350 alora2424 https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1915792410 1.  What surprised me the most about this topic is how inaccessible purchasing a house is in the economic state of 2021.  People in their 20s will never be able to qualify to buy their own house, because the cost of housing is unbelievable.  Even renting is quite expensive for the rate of wages this year.

2.  This topic is relative and interesting to me because I am currently living in my first apartment that I started renting when I was 18 for my daughter and I.  The cost of starting out on your own and collecting all the furniture, utensils, and tools was difficult to acquire on top of working out moving costs, first and last month's rent, and bills.  It is anxiety riddling to know that buying a house is so much more expensive than that and such a huge responsibility for many decades of our lives.

3. I think the most important thing to pass on is to know how to play your cards right, especially if you are purchasing a house. You need to know every specification on the contracts you sign, and have a financial advisor with you because the expenses stack up incredibly high and can be tricky to keep up with all of them.]]> 2021-11-28 01:07:03 UTC https://padlet.com/alora2424/tcb101leda2bvvhq/wish/1915792410