Money Matters

#MoneyMasterClass Recap–Week 20

Preparing to Buy a Home

Gail started on the topic of shelter last week with a conversation on renting not being a waste of money. She continued the rent versus own conversation this week, focusing on the math behind choosing to purchase a property.

I found these guidelines incredibly helpful. I never had a concrete place to start with planning and dreaming to buy a home. The math Gail’s laid out is a great way to start getting real about the financial reality of purchasing a property.

Bankers are not your friends. Neither are Lenders.

Gail always says that the bank is not our friend. This week, she explained why the people who give us a mortgage aren’t either.

It was eye-opening to read the number of replies (such as this one and this one) to Gail’s tweets about lenders and realtors that tried to convince buyers to borrow more than they could afford.

Calculating the Cost

There are a number of things to include when calculating the cost of purchasing a home.

Know Your Rights

Knowing your rights as a renter is so important. Ideally all landlords will be on your side, but even the most well-meaning can miss some basic rules.

Here are a couple resources for those that live in my area of British Columbia, Canada.

Residential Tenancy Act
Tenant Rights and Advisory Centre Website
BC Housing’s Tenant Handbook

Tenancy laws can vary by province, so make sure to check your local resources.

Have you considered buying a house and had a discussion with a lender about a mortgage? What was that experience like for you?

New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap

Check out Gail Vaz Oxlade’s books here:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids

What are your thoughts? Let us know in the comments!

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