Info about Housing & Vehicles

Renting and Owning Your Home

Whether you are looking to rent or own your housing, there are things you need to understand.

Renting

Questions to Ask:

  • What is the total cost of rent and other fees, such as security deposits, utilities, or parking?
  • What lease options are available and what are the lease terms, renewal options, and penalties for breaking the lease?
  • What amenitities are available, such as laundry, fitness center, or community room and pools?
  • What is the neighborhood like and what amentities are nearby, such as restaurants, grocery stores, and public transportation?
  • What is the process for paying rent and what options are available, such as online payments or automatic withdrawals?
  • Is Renter's Insurance included?

Check out this Renting Calculatorto see what you can afford.

Owning

What to Know:

  • How your downpayment will affect the amount of the loan and interest you will pay
  • What costs are involved in purchasing the home
  • Know the local property values and market conditions
  • The owner is responsible for all home repairs, taxes, HOA fees

Check out this Mortgage Calculator.

Housing Pros Cons
RENT
  • Flexibility- easier to relocate when needed
  • Lower upfront costs
  • Limited responsibility for maintenance
  • Lack of equity
  • Limited freedom to personalize the property
  • Cost of rent can increase over time
OWN
  • Build equity- when your property value increases, your wealth-building assets increase
  • Freedom to personalize the property
  • Fixed monthly payment if the mortgage is a fixed loan
  • Higher upfront costs (down payment, closing costs, property taxes, house insurance)
  • Responsible for ALL maintenance

Purchasing a Vehicle

For most people, purchasing a vehicle is the second highest priced item that will be buy during their lifetime (next to purchasing a home). Before handing over your hard-earned dollars, know what the vehicle is really costing.

What to Know:

  • What is the total cost of the car (including taxes, fees, and add on cost)?
  • What financing options are available and what are the interest rates, loan terms, and monthly payments associated with each option?
  • What is the car's fuel efficiency, maintenance history, accident history, and warranty coverage?
  • What is the dealership's return policy and what options are available for exchanging/returning the car?
  • Does the vehicle align with what you need and value?

Try out this Auto Loan Calculator and learn about the real cost of the vehicle.

Purchasing a Used Vehicle vs. New Vehicle

Vehicle

 Pros Cons
NEW
  • Manufacturer's warranty
  • Latest technology/features
  • Lower maintenance & miles
  • Financing options
  • Higher price
  • Rapid depreciation of value
  • Higher insurance costs
  • Limited negotiation
  • Availability and waiting periods
USED
  • Less expensive
  • Slower depreciation
  • Lower insurance cost
  • Wider variety of models
  • Possibly more maintenance & repair
  • Limited Warranty
  • Possible unknown history
  • Outdated features/technology
  • Limited financing options

Have questions? Want more individualized support about housing and purchasing vehicles? Click here to meet with a mentor!

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