SMS 138 – Rent – How Much to Pay or Should You Buy

How Much Should You Pay for Rent?

  1. One week’s pay equals on month’s rent
  2. Consider all of the costs when comparing

Determining Your Housing Rental Needs:

  1. Can you do a reference check on your landlord?
  2. Location, location, location
  3. Assess how long you plan to live there
  4. How much space do you really need
  5. Luxury comes at a cost
  6. Beware of a deal that is too good to be true

Rent vs Buy:

  1. You are not throwing money away – you get a place to live
  2. Home ownership is not for everybody
  3. Home ownership does not make sense at every stage of life
  4. There are more costs to home ownership than just mortgage payments
  5. The transactions cost of buying and selling are significant
  6. Read the Wealthy Renter by Alex Avery
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