Financially Naked Bevin, Danielle & Jazmin Gymsplain Renting vs Buying a Home
Mar 15, 2022
32:47
Homeownership is a goal we see a lot with our clients, but how do you know if it is for you! On this episode of Financially Naked: Stories from The Financial Gym, three of our Certified Financial Trainers, Bevin, Jazmin, and Danielle sit down to talk about buying a home. Since all of them have been on various home buying journeys, they share their experiences and what they've learned along the way. They talk about the benefits of owning a home, the costs associated that aren't always obvious, and how to be prepared for it all. Podcast Notes
- Everyone shares a little bit about their personal home ownership journeys to start the conversation.
- Jazmin talks about purchasing the home she had been renting.
- Danielle tells us about finding her forever home in Atlanta
- Bevin went from owning multiple properties to now being in the process of selling them.
- Is it better to rent or purchase a home? There is no right answer. It truly depends on your finances, your goals, and what's important to you!
- Do you plan to live in a place for a long time?
- Can you afford a down payment?
- Can you afford to maintain a home? Repairs and replacements can be expensive.
- Do you want to maintain a home? Do you have the time, energy, or physical capability to do so? Renting allows these things to be taken care of by someone else and are included in the cost of rent.
What are some benefits to home ownership?
- If you know you want to live somewhere long term, owning a home offers a certain stability. You can create a safe space and make it truly your own.
- There's peace of mind knowing a landlord won't kick you out or sell the place with short notice.
What are some unexpected costs associated with home ownership?
- Repairs can be expensive. Even with inspections, things can be missed. They almost always happen within the first year, but will definitely happen at some point.
- If you refinance a mortgage, closing costs must be paid again.
- While a landlord won't raise your rent, taxes can change and increase the monthly financial commitment.
- Your first purchase does not have to be your dream home!
- Housing costs have exploded the last few years. If you plan to buy a home, take your time and really do the research!
- If you are planning to buy a home and want a Certified Financial Trainer to make sure you've planned for it all, check out our newest service, Trainer-on-Demand!
Meet Bevin, Level 2 Certified Financial Trainer