In today's video we dive deep into what the Renting vs Buying situation looks like for prospective home owners. This video is inspired by Ben Felix, Canadian Portfolio Manager, make sure to check out his video here: https://youtu.be/Uwl3-jBNEd4
In Ben's original video, the 5% rule was presented when mortgage rates were around 3%. The 8.71% Rule takes into account the newest mortgage rates of 2023, as well as a slightly higher rate for property taxes.
Refer to the timestamps for all the fun stuff.
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0:00 - The Premise 1:00 - Cost of Home Ownership 1:40 - Property Taxes 2:24 - Maintenance Costs 3:00 - Mortgage Payment 6:44 - The 8.71% Rule 8:28 - Flaws of Rule (DO NOT SKIP) 11:40 - Pros of Owning 13:47 - Pros of Renting 14:57 - The Main Takeaway
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