The journey to home ownership can be exciting, but personal finance columnist Christopher Liew warns about the trappings of becoming 'house poor' -- where an overwhelming portion of your income is devoured by housing costs The journey to home ownership can be very exciting, especially with your realtor selling you dreams of the perfect home.
Buying a home is often presented as a more affordable alternative to renting. If you were to compare monthly rent versus mortgage payments on the same property, the mortgage payments would almost certainly be smaller. Remember that real estate agents are, at their core, sales professionals. As much as it’s their job to help you find something within your budget, it’s also their job to help you find a house that you really love and upsell you on all of the benefits of it., the home buying process can often lead you on an emotional rollercoaster, and you may find yourself willing to go outside of your budget for the perfect home.
The size of your property relative to the dwelling unit itself can also play a factor here. A larger, more rural property may come with higher landscaping costs or require you to buy a four-wheel drive vehicle so you can drive up and down your dirt driveway. Many financial advisors recommend using the “30 per cent rule” when it comes to housing. This rule advises keeping your combined living expenses below 30 per cent of your income. Only around 20 to 25 per cent of Canadian home owners exceed this, according to the latest studies by thewho will also contribute to your household income, you may be able to use your joint income to purchase a larger home while still staying within your budget.
The state Department of Corrections and the University of Alabama at Birmingham face disturbing allegations from the families of five inmates whose organs were removed and reportedly kept without consent, according to a series of lawsuits.One of the most prominent figures in the far-right Alternative for Germany party went on trial Thursday on charges of using a Nazi slogan, months before a regional election in which he is running to become his state's governor.
The NFL draft will be offensive. We’re not talking about hurt feelings. This draft has the potential to set a record for most offensive players selected in the first round.Toronto Raptors player Jontay Porter has been handed a lifetime ban from The National Basketball Association following an investigation which found he disclosed confidential information to sports bettors, the league says.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CTVNationalNews - 🏆 82. / 51 Read more »