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Quick Guide: Renting vs. Buying

Are you thinking moving and not sure which route to take? To rent or own?

There are a few things to consider when trying to decide what works best for you and your family…

Are you financially ready?

If you’re buying, you’ll need a down payment to pay upfront that will fund the equity in the property that proves to lenders you’ve got skin in the homeowner game. The amount you’ll need varies, but the standard preferred amount is 20% and that often gets you the best rates.

When renting – in most cases – there’s no need for a hefty down payment. You may have to come up with a deposit, but it’s generally a lot less than the 20% usually required for buying.

Are you ready for monthly mortgage payments?

If you’re buying, this is the amount you’ll pay each month, which in most cases includes principal, interest (both of which are amortized over the term of the loan), along with your homeowners insurance and property taxes.

When renting, you’re still required to make monthly payments and sometimes they’re more than what you would pay for a mortgage. Landlords generally require more than the standard payment for their property to allow for repairs or damage done to the property.

Are you emotionally ready?

Before you jump into the homeowners circle, you need to realize that there is a lot that goes with owning your own home. There’s repair and maintenance that you’ll be responsible for, you’ll no longer have a landlord to call. You’ll need some basic handyman skills so you do not have to pay for a repairman when minor repair needs arise.

One benefit of renting is that when something goes wrong or breaks, you simply call maintenance to repair it. That doesn’t require any money out of your pocket for the repairs and therefore some prefer this over having to take care of it yourself.

These are just a few comparisons between renting and buying. What are some factors you would consider when deciding between the two?

8 Questions to Ask Before Leasing an Apartment

It’s time; you’re ready to get out on your own. You’ve done the location research and today you’re scheduled to tour a few locations. What an exciting day! Be prepared; know what to ask the leasing agent once you arrive. Before signing that long legal document— Here are several things to consider asking… Continue reading “8 Questions to Ask Before Leasing an Apartment”

4 Smart Strategies to Protect Your Identity

 

In 2016 15.4 million Americans lost $16 billion due to identity theft. Woah! Take a few minutes to wrap your mind around that.

Now lets talk about a few easy rules you can incorporate into your daily routine that will help you protect your identity from those pesky thieves. Continue reading “4 Smart Strategies to Protect Your Identity”

Spring Cleaning Your Finances

Spring is in the air, and there’s more to spring cleaning than reorganizing the attic. Chances are, your finances could use some cleaning up as well!

 

In this day and age, checkbooks aren’t used nearly as often as they used to be. That doesn’t mean there isn’t a digital version that can help you save and manage your budget though! Continue reading “Spring Cleaning Your Finances”

5 (Real Life) Reasons to Have an Emergency Fund

We’re told time and time again to “have an emergency fund” and “save for a rainy day, just in case…” Have you ever asked yourself… “In case of what?” Here are 5 legitimate reasons for an emergency fund:  Continue reading “5 (Real Life) Reasons to Have an Emergency Fund”

5 Ways to Lower the Cost of Tuition Before Considering a Student Loan

If you’re considering financing your college education with the help of a student loan, the smartest thing you can do for yourself is to only borrow what you truly need. (This advice applies to pretty much all loan products, by the way.) Pursuing post-secondary education should be an exciting time in your life. You’re making decisions and opening up possibilities that will shape your future—a future that is adventurous and fulfilling and that decidedly does not include years and years of crippling debt. Continue reading “5 Ways to Lower the Cost of Tuition Before Considering a Student Loan”

5 Challenges of Choosing a Career

“When I grow up, I want to be a ___________.”

Depending on who you are, filling in the blank above can be an exciting, troubling or outright confusing task. If you happen to be a kindergartner, filling in the blank is awesome, because at that age, dinosaur and superhero are both perfectly viable career options. If you happen to be in high school, filling in the blank can be motivating because it takes all your talents and interests and captures them in a single goal that you can pursue through high school and past graduation day. If you happen to be an adult, filling in the blank can be a little bit terrifying because that could mean you’re now a grown-up (regardless of whether or not you feel like one) and here you are, still secretly looking for ideas.

Choosing a career path is a big deal. Even if you don’t consider yourself career-driven, your choice of vocation will inevitably influence your lifestyle. Income is only part of the equation—your career also has the ability to determine where you end up living, who you end up meeting, and the activities you end up having time for. So why is it so challenging to choose the right career? Read on. Continue reading “5 Challenges of Choosing a Career”

4 Questions to Ask Yourself Before Signing a Mortgage

Asking the right questions is an important part of every financial decision you make, and home ownership is no exception. If you’ve been thinking about buying a place, preliminary research will turn up a long checklist of questions for you to ask at every part of the process. There are questions for your financial institution, questions for your mortgage broker and questions for your real estate agent. But what about the questions you should be asking yourself? Continue reading “4 Questions to Ask Yourself Before Signing a Mortgage”

3 Ways to Counter the Effects of Inflation

When most people think of inflation, their response is usually similar to when they see a vintage advertisement: reminiscing about the cheaper prices of the past (15 cents for a burger? Awesome!) while simultaneously feeling some resentment towards today’s ever-rising prices. Generally, inflation is seen as a frustrating “financial fact of life” that passively affects everyone as price levels climb and as the dollar’s purchasing power decreases over time.  Continue reading “3 Ways to Counter the Effects of Inflation”

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