ACCOUNTANT EXPLAINS How Much Home You Can Afford in 2024 | Buying vs. Renting Your Home
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- Опубліковано 22 тра 2024
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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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Chexy CEO here - AMA 👋
Fees seem unbelievably low - Is there anyway to lock in fees for the term of my lease?
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How does it compare to Bilt?
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This video should really be titled: Why you CAN'T afford a home in 2024 :(
Finally I found this type of video for the Canadian market ! Thank you for the very detailed explanation
Well presented! Adding to that; the uninsured mortgage can be amortized up to max. 30 yrs. which improves affordability.
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 $7.5k/month is too risky. Need to also factor in other living expenses like food, kid's education, etc
A safer threshold is 20% against pre-tax income or lower
Hi Gabrielle! Love how you're showing people how you're breaking down the costs of homeownership! What's the program you're using to screen share and record your face at the same time? It's so pro!
Why use gross annual income and not your net? Surely your net is more relevant?
Hello! Thanks for making such great videos.
I have a question about my two young children. I want to open accounts for them now so I can get them started for investments and have accounts working for them.
Please advise of what the best thing to do is?
Or maybe a good idea for a video 🙂
so what your saying is i should rent for the rest of my life if i want to live in toronto or vancouver?
Wow, I'd definitely use Chexy if I was renting.
if youre able to get a mortgage helper it helps tremendously and mortgage isn't so bad compared to renting
Love you
Can you explain why the variable rate is higher than the fixed rate for mortgages?
Invest More to cut short of your Mortgage rates dear 💞
Nothing like having a smart woman, to crunch the numbers. Dig it 🖖
We have a combined income of 165k, I'm guessing a 3.6k mortgage is not a smart idea?
Pay your Rent by earning Rewards & building Credit with Chexy: www.chexy.co/?
You are selling the Excel sheet for 10$? :D .
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
How is that horrible?
@@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
tldr; you cant afford a house in canada lol
where can you buy a home for 500k lol
Mexico, probably
Uganda
You have 9900 houses under 500000$ on centris. Probably not your dream house and far away from big cities, but they exist.
Alberta, Edmonton
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 😊
hey, I have been trying to reach out to you via Instagram and emails but I'm not getting any responses