Highlights of today's show:
- Renting vs. Buying
- What are the reasons why you would rent?
- When is the right time to buy a house?
- How to put yourself in a position to make your home purchase a joy
- Why March is a special month for budgeting
No matter where you live, what your income, or what the size of your family, one of the financial questions you'll have to answer is whether to rent or buy a home. On today's show we talk about the pros and cons of each and share why the choice to rent or buy depends on what season of life you are in.
We also break down the reasons why it might be good to rent and why it might be good to buy. The good reasons to rent:
- You just moved to a new place
- You've had past financial problems
- You just got married
- You move around a lot from city to city
The good reasons to buy:
- You are established in the area
- You have your finances in order
- You can afford it
- You are ready to do the work
In addition we also discuss why your house really isn't an investment, how buying a house will probably save you more in the long run, and why an $800 mortgage payment is not the same as an $800 rent payment.
For more information on renting vs. buying please check out the following blog posts/podcasts:
- The 4-1-1 on the current real estate market with guest Mark Hutchison
- How much should I put down on a new home?
- The 15 year vs. 30 year mortgage revisited
- When do you sell the house?
- How higher mortgage rates affect how much house you can afford
- Tips on purchasing a home
- The Mortgage Interest Myth
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If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. There are two ways to get in touch with me: 1.) Email me at JWFinancialcoaching@gmail.com - Please put “podcast” in the subject line and keep your questions brief so they are readable on air. 2.) Simply fill out the form on the contact page. Please fill out your name, email, and your question/comment/suggestion and we will read it on air.
You can find prior editions of the podcast at the podcast archive page.