ACCOUNTANT EXPLAINS How Much Home You Can Afford in 2024 | Buying vs. Renting Your Home

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  • Опубликовано: 1 июн 2024
  • Pay your Rent by earning Rewards & building Credit with Chexy: www.chexy.co/?...
    HOW MUCH HOME CAN I AFFORD CALCULATOR www.gabrielletalksmoney.com/p...
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    00:00 Intro
    00:39 How to Earn Rewards & Build Credit When Paying Rent in Canada
    02:21 5 Factors Affecting Your Home Affordability
    03:10 Calculate How Much Home You Can Afford in 9 Steps
    19:21 Buying vs. Renting
    Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for advice related to your specific situation.
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    Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, Gabrielle worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, advising Fortune 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Комментарии • 34

  • @elizahvlediani
    @elizahvlediani 3 месяца назад +9

    Chexy CEO here - AMA 👋

    • @David-fx8sm
      @David-fx8sm 3 месяца назад

      Fees seem unbelievably low - Is there anyway to lock in fees for the term of my lease?

    • @elizahvlediani
      @elizahvlediani 3 месяца назад +2

      @@David-fx8sm We keep it low so you can take advantage of the rewards from your ccs. There is no way to lock in but I can say we don't currently have plans to increase pricing and we haven't changed it since launching the business :)

    • @rohitlakshman9900
      @rohitlakshman9900 3 месяца назад

      How does it compare to Bilt?

    • @elizahvlediani
      @elizahvlediani 3 месяца назад +1

      @@rohitlakshman9900 Thanks for the question! We do not issue our own card, instead allowing you to pay with any major credit card. We are also in Canada not in the US :)

    • @Bilgewater
      @Bilgewater 3 месяца назад

      What if my girlfriend is my landlord? I pay $1000, less the fee, but plus the cc benefits - isn't it net positive in our relationship balance? I must be missing something

  • @ntt2k
    @ntt2k 3 месяца назад +3

    This video should really be titled: Why you CAN'T afford a home in 2024 :(

  • @its.graceaudrey
    @its.graceaudrey 3 месяца назад +3

    Finally I found this type of video for the Canadian market ! Thank you for the very detailed explanation

  • @ibarocky
    @ibarocky 3 месяца назад +2

    30% against pre-tax income is too high
    After taxes, social insurance deductions, your $120k salary might be $90k
    $4k (just for home expenses) every month against a take home pay of $7.5k/month is too risky. Need to also factor in other living expenses like food, kid's education, etc
    A safer threshold is 20% against pre-tax income or lower

  • @rezaolad543
    @rezaolad543 3 месяца назад +1

    Well presented! Adding to that; the uninsured mortgage can be amortized up to max. 30 yrs. which improves affordability.

  • @Grumptr0nix
    @Grumptr0nix 3 месяца назад +3

    Why use gross annual income and not your net? Surely your net is more relevant?

  • @carimairealestate
    @carimairealestate 2 месяца назад

    Hi Gabrielle! Love how you're showing people how you're breaking down the costs of homeownership! What's the program you're using to screen share and record your face at the same time? It's so pro!

  • @paulbernard2094
    @paulbernard2094 3 месяца назад

    Hello! Thanks for making such great videos.
    I have a question about my two young children. I want to open accounts for them now so I can get them started for investments and have accounts working for them.
    Please advise of what the best thing to do is?
    Or maybe a good idea for a video 🙂

  • @lotusroot4087
    @lotusroot4087 3 месяца назад +1

    so what your saying is i should rent for the rest of my life if i want to live in toronto or vancouver?

  • @KevinPon.
    @KevinPon. 3 месяца назад

    Wow, I'd definitely use Chexy if I was renting.

  • @deodats-mc8se
    @deodats-mc8se 3 месяца назад

    if youre able to get a mortgage helper it helps tremendously and mortgage isn't so bad compared to renting

  • @jesse9192tw
    @jesse9192tw 3 месяца назад

    Love you

  • @x780
    @x780 3 месяца назад

    Can you explain why the variable rate is higher than the fixed rate for mortgages?

  • @oliverf.rupert5408
    @oliverf.rupert5408 3 месяца назад

    Nothing like having a smart woman, to crunch the numbers. Dig it 🖖

  • @GabrielleTalksMoney
    @GabrielleTalksMoney  3 месяца назад +5

    Pay your Rent by earning Rewards & building Credit with Chexy: www.chexy.co/?

  • @sneakysnake2866
    @sneakysnake2866 3 месяца назад +1

    We have a combined income of 165k, I'm guessing a 3.6k mortgage is not a smart idea?

  • @rockshankar
    @rockshankar Месяц назад

    You are selling the Excel sheet for 10$? :D .

  • @glintrhmj
    @glintrhmj 3 месяца назад

    If everything was paid for (house debts everything null) and you had 60k in savings cash but did not have a car cause you were in a car crash (that debt is also zero 😢 what would you do? I want to buy a Tesla 😂😂😂 also I make a measly horrible 85k a year pre tax

    • @destinyschild5768
      @destinyschild5768 3 месяца назад

      How is that horrible?

    • @glintrhmj
      @glintrhmj 3 месяца назад

      @@destinyschild5768 idk ask the western women who have been telling me that. Apparently due to the way I look I have to earn atleast double that

  • @rippedlikrambo1
    @rippedlikrambo1 3 месяца назад

    tldr; you cant afford a house in canada lol

  • @boscochen9438
    @boscochen9438 3 месяца назад +1

    where can you buy a home for 500k lol

    • @anirudh_s17
      @anirudh_s17 3 месяца назад

      Mexico, probably

    • @whothou
      @whothou 3 месяца назад

      Uganda

    • @turbochoupette
      @turbochoupette 3 месяца назад

      You have 9900 houses under 500000$ on centris. Probably not your dream house and far away from big cities, but they exist.

    • @danielromanov8166
      @danielromanov8166 3 месяца назад

      Alberta, Edmonton

  • @walterego4785
    @walterego4785 2 месяца назад

    Sorry but i thought you should know, its pronounced "Especially" not "Expecially". More emphasis on the the letter (s) in the word. Hope you dont mind me correcting you on that. Thanks for the content. Im learning lots from your channel 😊

  • @69ingMonkeys
    @69ingMonkeys 3 месяца назад

    hey, I have been trying to reach out to you via Instagram and emails but I'm not getting any responses