Smart Money Happy Hour with Rachel Cruze and George Kamel Answering Your Top Housing Questions
Apr 10, 2025
The hosts dive into the complexities of homeownership versus renting, emphasizing financial strategies and personal stories to navigate today’s housing market. They caution against using HELOCs for renovations and highlight the emotional aspects tied to home choices. Key insights on the impact of unique home features on resale value are shared, alongside practical upgrade advice. The conversation lightens up with favorite nighttime routines and a delightful tart cherry mocktail recipe, adding a touch of warmth and fun!
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Renting Is Okay
- It is okay to rent if you're not financially ready to buy a home.
- Renting can provide time to save and avoid unexpected homeownership expenses like maintenance and repairs.
Buy When Financially Ready
- Buy a home only when you're debt-free with an emergency fund and a reasonable down payment.
- Your mortgage payment should be no more than 25% of your take-home pay on a 15-year fixed rate loan.
Avoid HELOCs For Renovations
- Avoid using HELOCs as they are variable-rate and put your home at risk.
- Pay cash or save to renovate your home rather than using home equity loans.