502 – Should I Buy or Rent a Home? What Makes Sense in Today's Market
Debt Free in 30 · Doug Hoyes
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Show Notes
Should you buy a home or rent in Canada? We look at the risks and expenses involved when it comes to purchasing a home. From the unpredictable market trends to steep mortgage penalties and ongoing maintenance costs. As we weigh at the pros and cons, this episode may make you rethink your views on homeownership, not only as an investment but as a consumer choice. Could renting be the smarter choice in 2024? Watch the episode now to find out.
Time Stamps:
00:00 Introduction
01:00 Reasons you should own a home
03:38 Is a mortgage a forced savings plan?
06:10 Reasons not to buy a home
06:21 Timing is everything in real estate
08:17 Variable rate interest only mortgage vs. amortization mortgage
12:03 Moving if you own a home vs. if you rent
15:29 Maintenance
18:50 Credit creep
24:11 Practical advice
Related Links:
Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/
Hoyes Michalos Bankruptcy Study: https://www.hoyes.com/press/joe-debtor/
Why Does Home Ownership Cause Financial Problems?: https://www.hoyes.com/blog/why-does-home-ownership-cause-financial-problems/
Think Twice Before You Get a Home Equity Line of Credit: https://www.hoyes.com/blog/think-twice-before-you-get-a-home-equity-line-of-credit/
Why a House Does Not Guarantee Financial Security: https://www.hoyes.com/blog/why-a-house-does-not-guarantee-financial-security/