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Should I save up to buy a place or should I could I go out right now and just rent out an apartment or a house? Yeah that's a really good question especially for any young person who's in their parents basement looking to get out because it is a big financial decision. Housing will always be the major part of your budget whether you're renting or owning it's going to cost a lot of money so my suggestion is to stay in your mother's basement as long as possible and invest that money and have that grow for as long as you comfortably can. When it comes time to move out it really depends on your own personal situation if you can afford to buy and if owning a home is going to suit your own personal needs. Yeah. So what would be the benefits of buying over renting? Well if you own your own house the nice thing about that is you know your cost so it may be expensive because you have to come up with your down payment initially but in the long run you know that your mortgage payments $1200- more than likely it's going to stay at that and in fact when you do your mortgage term you're guaranteed for 5 years or 10 years whatever term you want to commit to that that's all you're going to pay where if you're renting you can pretty much be assured that if you start off at $1200- in year one that next year it's going to go up to $1250- or $1300- but it is definitely going to increase in time. Real estate's really easy in a lot of ways because you can just look back in history and see well what happened 10 years ago? What happened 20 years ago? Well 20 years ago a one bedroom cost $600- a month now you're looking at 12 or $1400- a month or more right and same thing with housing you know that 20 years ago you could buy a nice house in Crestview for $85,000 now that nice house is going to cost you $400,000 or more but the good news is if you had bought 20 years ago you'd still be making the mortgage payment on that you know and your payment may only be $600 a month Yeah. Right but if your lifestyle doesn't suit owning meaning that you're not sure where you're going to be in 2 3 years or how your life's going to change or you might be wanting to travel renting could be a great option for you because houses can be expensive if you get in the wrong house and you have a lot of expenses like say you have to start doing roofs or you have to do your hot water tank and furnace that can add up very quickly and if you're on a limited budget these things can really be tough on you. Absolutely. It feels a little bit discouraging to know that everything was so much cheaper 20 years ago and I should have bought my house when I was 2 years old but there is no time like right now. Right. Like you were saying earlier. right? That was the same thing when I was your age instead of buying a house for $80,000 in Crestview when I was 20 years before me it was you could've bought that same house for $40,000 and then likewise 20 years before that you could've bought for $20,000 so I'd say real estate is pretty easy cause you know where it's been in the past and more likely where it's going to go in the future and houses exactly what what I said is just like planting a tree, best time to plant a tree? Right now. Yeah. Second best time? Or actually the best time was 20 years ago. Oh yes, yes second best time, so right now. Yeah, yeah So when coming to buy a house don't make the mistake of waiting too long because prices will definitely go up in the future rent prices will go up in the future and as a young person starting out a good idea is to buy a house and then have a friend rent with you like share the cost but you're the one who's owning it and they're helping build your equity

so every year that you're you know if your payment say $1200- a month you're putting you know over time more than half of that is going to go to paying down your mortgage which means directly building your wealth. Absolutely and if your friends helping you pay the rent you know it's going directly to your mortgage you don't have to worry about that Yeah. And that's really good that's very good advice dad, thank you.

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