of Lloydminster

Your Community Minded Realtors

Contact Us Anytime

Office: 780-808-2700
Toll Free: 866-666-2700
remaxlloydminster@gmail.com

RE/MAX Of Lloydminster
5726 - 44 Street
Lloydminster, AB
T9V 0B6

"each office independently owned and operated"

 

The decision to buy or rent a home in is one that should not be taken lightly. After all, the choice you make is going to affect you for at least a year and probably much longer than that. While this is a personal decision, you can use the following tips to help you figure out which option is going to work best for you.

 

 

1. Consider Your Lifestyle

 

When you are deciding whether to rent or buy , you should take into consideration your current lifestyle. Do you travel a lot or can you put in the time it takes to maintain a home properly? If you travel frequently, renting an apartment provides exceptional flexibility that allows you to simply pick up and leave whenever you want, no matter how far you intend to travel. On the other hand, if you rarely travel, you'll have the time needed to mow the lawn, trim the bushes, and complete necessary maintenance on the house.

 

2. Explore Your Financial Goals

 

Home ownership can be expensive, but buying and selling frequently can be even more costly. If you are looking to build up equity in a home, then you should intend to live in it for five or more years. Since owning a home brings with it taxes, insurance costs , mortgage payments, and expenses for the upkeep of the property, you should be in a financial position to meet those costs. If you currently have a lot of debt, you might not want to take on the responsibility of owning a home.

 

3. Look at the Housing Market

 

While buying a home is often less expensive than renting, the opposite is true in certain areas of the country. Before you finalize your decision, talk to a professional in the field to determine which option makes more sense for your particular budget.

 

Making a choice between buying and renting a home can be difficult. However, your decision might come more easily if you consider your existing lifestyle needs, your financial stability, and the price to rent or buy in the city in which you intend to live. Take a good look at how you want to live, and you'll be able to make up your mind with ease.

 

 

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Being in debt is undoubtedly stressful, more so when the interest rates keep pushing your overall debt to skyrocketing amounts. Many people fall into the temptations of unnecessary expenditures and end up making purchases more than they can afford. Nonetheless, there are smart ways to reduce your debt and regain a sound financial health. Follow this step-by-step solution to help you manage your finances and work your way toward a debt-free life.

 

 

1. Create a debt payoff plan.

 

Take time to come up with a strategic debt payoff plan that fits your budget, and be sure to stick with it. Determine the amount of your total debt load so you can devise a realistic plan. Make a list of all your debts, including the debt amounts, due dates, creditors, and monthly payments. Identify your monthly expenses, such as electricity bills, transportation costs, and groceries. Calculate how much is left from your overall monthly income after deducting monthly expenses, and allocate a portion to debt payment.

 

It helps to cut back on certain expenses and use the extra money to pay down your debt. When making payments, check your debt list and update it as your debt changes. Also, make a bill payment calendar to make it easier to know which bills to pay with your paycheck.

 

2. Prioritize your most expensive debt.

 

If you carry a balance on multiple cards, it's essential to make at least minimum payments. Compare the interest rates of your credit cards, and focus on paying off the balance with the highest interest first. Double or triple your minimum payment on the most costly card. Whenever your budget allows, try to pay weekly instead of monthly. Early and multiple payments help you pay off debt more quickly. You can continue to make the minimum payment for your other credit cards while increasing your payment on the credit card with the highest rate.

 

After paying off the card's balance, focus on the next credit card with the highest interest rate. Make sure to stay consistent with your debt repayment plan. Avoid skipping or easing up on monthly payments even as your debt decreases considerably. Always keep in mind that your goal is to drive your overall balance down to zero.

 

3. Pay your bills on time.

 

Avoid missing monthly payments, as interest rates and finance charges usually increase when you consecutively miss payments. Paying late is a bad habit that makes it more difficult to pay off your debt, because you also need to pay a late fee. If you tend to forget about due dates, create a reminder on your phone or computer that will alert you several days before the payment is due. Create a list of your pay-down goals, and put it near a calendar or in your wallet to keep yourself reminded whenever you're tempted to skip payments. If you miss a payment, settle it as soon as possible so it won't be reported to a credit bureau and affect your credit score.

 

4. Include your holiday bonus in your debt payoff strategy.

 

Now that you're determined to reduce your debts, it helps to allocate your bonus to debt payment instead of spending it on luxury purchases. This way, you can accelerate your debt payoff and also improve your credit score. Additionally, save any extra cash and build an emergency savings fund by putting part of your bonus in an investing account or a high-yield savings account. Keep adding to your emergency savings fund throughout the year. When an urgent expense comes up, you don't have to use your credit card as you have a backup savings plan in place.

 

These are the first steps that you can do to take control of your debt and get on the right track. Be sure to limit the use of your credit cards, and avoid making unnecessary purchases. If you can't stay away from the temptation, bring cash with you instead, and leave your credit cards at home whenever you go shopping.

 

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