• 43. Should I Buy or Rent?

  • Jun 19 2024
  • Duración: 9 m
  • Podcast

  • Resumen

  • I tackle the frequently asked question of whether to buy or rent in a new location, which is especially pertinent for military families or those with jobs requiring frequent relocations. I cover essential considerations such as mortgage interest rates, down payments, and financial health. Using NerdWallet's calculator, I demonstrate how to evaluate these factors, offering a case study of a client's situation. I also explore the impact of interest rates, transaction costs, and the amortization schedule. Lastly, I discuss how financial stability may influence the decision to rent or buy, emphasizing the importance of personalized advice based on one's unique circumstances.


    Key Takeaways:

    • How long should I stay in a place if I choose to buy?

    • How can I take advantage of the different financial tools, like a VA Loan, to help me make my decision?

    • How does the interest rate and down payment affect the amortization schedule?

    • How to factor in savings, debt rate, and other budgeting factors into a decision to rent or buy a home.


    Key Timestamps:

    (00:00) Introduction: Buy or Rent?

    (00:51) Calculating Cost to Rent vs Buy

    (01:43) The Impact of Interest Rates

    (03:55) Down Payment Considerations

    (05:46) Client Case Study

    (07:35) Conclusion and Final Thoughts

    (08:13) Outro and Additional Resources


    Key Topics Discussed:

    Erik Baskin, Baskin Financial Planning, BLUF, Bottom Line Up Front, The BLUF Finance Podcast, Military Money Manual, veteran finances, cost to rent, mortgage payments, interest rates, amortization schedule, NerdWallet


    Mentions:

    https://www.nerdwallet.com/


    More of Baskin Financial Planning:

    Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.


    Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.


    Questions or comments, drop me a note at: erik@baskinfp.com


    www.baskinfp.com/post/43

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