My Favorite Rent vs. Buy Calculator! Should you Rent or Buy a Home | Renting vs buying a House

[@ShaheedahHill]

Here is the correct link - www.nerdwallet.com/mortgages/rent-vs-buy-calculator

[@DallasTX_1122]

My expenses went up by about $1,100/mo by buying vs renting and that’s at 5.25% when I bought in late February. Unfortunately no one’s careers are stable. I can’t tell you how many people thought they were good and had been somewhere a long time but this year were laid off. Including me right after I closed. I was lucky and found something else with the same pay in a matter of weeks. It’s still super scary though knowing if something were to happen I’d be in trouble. Much of my emergency fund has been spent on life things this year and some on this house. My new 1 bedroom apartment in Dallas was about $1,750/mo, where my mortgage with taxes and insurance is now $2,890/mo. This is going to go up next year because in looking at my taxes the builder claimed taxes on about $115k less than what my home is worth. I’m guessing he just claimed on the land or something but I know next year because of this it’s going to go up even more and I’m screwed.

[@jayshaun87]

I pray for you. You are so right, No one knows what the future holds. I’m in Dallas and honestly I made the decision to choose a mortgage or ever rising rent. At least I’m owning my property 🤷🏽‍♀️🙏🏿 it really is about your values & personal goals.

[@DallasTX_1122]

@@jayshaun87Dallas is supposed to get a huge homeowner tax decrease that was approved by the Governor and goes into effect next year so keep your eye out. They say it’s one of the biggest ever in the state for home owners. We’ll see We need it as we pay one of the highest property taxes in Dallas other than probably California and New York.

[@ACCOMPLISHEDSHEIS]

I assumed you was supposed to pay a tax fixed rate.

[@obaaAkos02]

⁠@@DallasTX_1122 New Jersey have had the highest property taxes in the nation for the past 5-7 years next being DC. I am paying a little over 13K for a 990 sqft home 😢. My parents taxes are few dollars off of 20K per year. They do live in a very affluent town in NJ. California and New York aren't even on the top 10 states with the highest taxes.

[@DallasTX_1122]

@@obaaAkos02 Wow that’s crazy. I definitely wouldn’t likely try to own in those states with those type of property taxes unless I was pretty well off. Both are probably the size of an apartment. I hope not though.

[@jay198827]

I bought my house in July and I still love watching your videos for helpful information.

[@ShaheedahHill]

Awesome! Thank you!

[@davidbrooks8809]

Buying is more expensive than you think there's a lot of hidden costs.. maintenance property taxes association fees the big down payments the interest.. you can be foreclosed on.. a bad roof furnace.. if you're single is probably better to rent but if you do buy a home you need to have at least 25,000 saved up and your emergency fund

[@ShaheedahHill]

@davidbrooks8809 Thank you for watching

[@v_n6563]

Excellent content! I was finally able to buy my first home this year. 🎉 My break even is 5 years; not bad in this economy. At least I will be building equity.

[@ShaheedahHill]

You got this!

[@YeddaHeguedusch]

Hi Shaheedah ! I’m Realtor in Las Vegas, I secret watch all your content 😂which is been very helpful . Just want to give you a BIG thanks for share your knowledge with the public. Thank you!

[@ShaheedahHill]

Hey, thank you so much!!

[@StJames1938]

Wonderful video I appreciate how you speak to the point in an understanding tone. Thanks 🙏🏾

[@ShaheedahHill]

I appreciate that!

[@Marbbspen]

Thank you for sharing this tool! Much appreciated 👏🏽👏🏽👏🏽

[@ShaheedahHill]

You are so welcome!

[@iomis2001]

It depends. I was able to get a mortgage for $711. One bedrooms near me average $1,200. It was a no brainer to me to buy.

[@ShaheedahHill]

That was a no brainer! Thanks for sharing and watching.

[@sdhaynes333]

Thanks for sharing! This was very valuable information to know when it comes to buying your first home. Can you please talk about buying a home in your latter years as well before retirement.

[@ShaheedahHill]

This is my video on buying in retirement kzbin.info/www/bejne/qJi2o6ylosmssJI thanks for watching.

[@ACCOMPLISHEDSHEIS]

Buy the house if you have 80% down payment, must have slew of active and passive incomes, over three years worth a living expenses. I do this as a renter with two years of living expenses and slew of passive incomes. Currently laid off and is living off my savings. My two years worth of living expenses is $30,000 that I must cover to maintain a roof over my head. In addition, I signed a two year least yesterday. Been living in this apartment going on five years. After all this, I’m still scared due to no income. So. It’s ruff at my end.

[@ShaheedahHill]

Sounds like you will be fine...I hope you are able to regain employment soon.

[@MzzzOne]

I prefer to buy, but some lenders are very shady especially when they gets your hopes up on pre approved, then when underwriting comes it’s a totally different situation, just go to straight underwriting (my opinion)now I’m waiting for interest rates to drop hopefully that will work🙏🏾 use to be you have good credit, money in bank, it’s a very good chance, now it’s hard to get approved Smh

[@ShaheedahHill]

@MzzzOne Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7

[@terryadams5536]

I want to buy!!

[@ShaheedahHill]

Use this calculator - www.nerdwallet.com/mortgages/rent-vs-buy-calculator

[@jones2277]

this is a great calculator! do you have a video on how sellers apply credits?

[@ShaheedahHill]

I don't have a credit video specifically. But here is a closing cost video where there were seller credits. kzbin.info/www/bejne/Y4uqp5yjm86jbbc

[@brown_beauty7499]

What do you think about going with a Realtors suggestion for a home inspector? Do you think it's better for me to chose my own?

[@ShaheedahHill]

You are in luck! I just did a video on this topic...you can start with their recommendations but you make the final decision - watch this video kzbin.info/www/bejne/eqiqmWeHgaxll8k

[@brown_beauty7499]

@@ShaheedahHill Thanks!

[@obaaAkos02]

Don't do it. Get your own inspector unless the realtor is giving you a list of inspectors to choose from. Try to avoid having the lender, realtor, inspector and othe individual in the deal tooo connected because it will be difficult to back out of the deal. They will force you to close no matter what. At the end of the day, the transaction just a deal for them. They only make money when you close. Good luck.

[@brown_beauty7499]

@obaaAkos02 thanks a lot!😊

[@85NDanielle]

Very helpful, thank you 🙂

[@ShaheedahHill]

You’re welcome 😊

[@MumDulay]

What about maintenance and home repairs? That should also be included in the cost of buying.

[@ShaheedahHill]

Tha calculator does account for that and you can adjust the amounts as well. For the most part I tell first time home buyers to not fear home maintenance, with so many things available to you online, minor maintenance and repairs you are able to do yourself and major costs you can calculate ahead of time based on the age of the home. @MumDulay Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7

[@anitamczorn8297]

Hi, shaheeda, can you do A segment on when the new FHA loan amount increases for 2024?

[@ShaheedahHill]

Sure! @anitamczorn8297 Thank you for watching

[@AO2007US]

What if your rent is low enough and it makes sense to still rent but I have a good amount of money in your bank account and just calling it there depreciates year after year, especially in today’s inflation rates

[@ShaheedahHill]

You should be investing your money to beat inflation. Index funds are a good easy start in a retirement account like a ROTH IRA.

[@teroweezy7405]

If we’re under contract on new build get our house in January we have a locked interest rate but I feel we could’ve got it lower can we still negotiate or it’s too late? Will we have to pull out to negotiate a new deal?

[@ShaheedahHill]

You want to talk to your lender about floating down your rate, because if rates get lower over the term of your build you could just switch lenders. They usually do not want you to do this so they many offer you the option of the lower rate if you request it, or they can match a rate. Now if you are using a preferred lender and getting incentives it may be a little more difficult but I would still inquire. Here is more information. I have had clients do this at no charge for the lender to keep them as a customer - www.investopedia.com/terms/m/mortgage_rate_lock_float_down.asp

[@teroweezy7405]

@@ShaheedahHill thank you!!

[@leshtalks]

The calculator link isn't working for me but thanks for sharing this information

[@kat-oe7gb]

Yep, didn't work for me either!

[@ShaheedahHill]

www.nerdwallet.com/mortgages/rent-vs-buy-calculator

[@ShaheedahHill]

www.nerdwallet.com/mortgages/rent-vs-buy-calculator

[@ShaheedahHill]

@@kat-oe7gb Sorry about that. I was able to fix the link below. Let me know what you think

[@ShaheedahHill]

Sorry 😔, please see the link below and let me know what you think .

[@chefbrooklyn5140]

Hi @Shaheedah I have a question, when the county atrrorney drag their feet when it comes to issue a corrective deed what can I do and who can I speak to in order for this issue to resolved. Thank you

[@ShaheedahHill]

Most courts will have a court clerk you can speak with to get your questions answered. If that doesn't work you many need to consult a local real estate attorney. Also, maybe reach out to your local elected officials for assistance in that city, whoever represents you on the local level where they property is located. Best of luck Chef!

[@chefbrooklyn5140]

@@ShaheedahHill Thank you @Shaheedah

[@Avanaih]

I want to sell my condo, but I am afraid I won’t break even.

[@ShaheedahHill]

Do the math and have a game plan after you move!

[@davidbrooks8809]

I Rent..and I am Doing Great 😂😅

[@ShaheedahHill]

@davidbrooks8809 Thanks for watching and sharing

[@thetruth-lh6ie]

Always buy no matter what.

[@davidbrooks8809]

Not true!!!

[@angelrogers3880]

Every one can’t afford to buy.

[@JEARICK.]

Discovered your KZbin channel and thoroughly enjoyed your content! I'm interested in connecting and exploring potential opportunities. Would you prefer a direct message, or is it more suitable to reach out via business email?

[@ShaheedahHill]

@JEARICK. Thank you for watching

[@piinkytokes2790]

@ShaheedahHill 😐 any help/advise you can share with an individual who’s stuck living on SSI BENEFITS due to health situations, but wants to better himself by buying a place to call HOME?? Could really use some help on what to do.. Epilepsy is what’s got me by the foot.. 😪 hope to hear back, “first time buyer “ so I really hope you have some good words to share.. thanks for your assistance and time.

[@mememy2302]

You should check out the NACA program if you’re on SSI

[@piinkytokes2790]

@@mememy2302 thanks for the info. Going to give it a thorough check. I appreciate the help.

[@ShaheedahHill]

Here is a video that I did for buying with SSD and a video on USDA direct, the help you pay your mortgage. kzbin.info/www/bejne/qprJk2Z7qttmjMk kzbin.info/www/bejne/jp6adYCuab-id6s