Keep it or leave it?

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They say you can’t take it with you, but that doesn’t apply to moving. Some things can come along on the ride, and some things are in it for the long haul with your current home. So what stays and what goes?

CHIC (Pearl)

A good rule of thumb is anything custom or built into the home is going to stay when you move, no matter how attached you are to it. The exception is large appliances like a fridge or a custom electric fireplace. Just be clear with the buyer about your intentions. The same goes for landscaping like trees, bushes, lawns, and garden structures. But you can probably take that potted succulent you’ve managed to keep alive since college!

GEEK (Kevin)

My rule of thumb is take everything that isn’t nailed down or unique to the home, because you never know if you’re going to miss it. So yes, commandeer all the major appliances, furniture, hardware, cabinets, tables, and TV wall mounts. And if you can’t decide on a certain item, just keep it. You can always sell it at a garage sale if you can’t use it in your new home. Just listen to Pearl and set ground rules up front with the buyer.

A Spectacular Investment

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If you’re young or living on a tight budget, renting a home makes a lot of sense. But there’s no substitute for the power of homeownership to build wealth and financial security. So how do you get the most out of your investment?

CHIC (Pearl)

The benefits of ownership vastly outweigh the upsides of renting, especially over the long term. According to the S&P CoreLogic Case-Shiller Index, home prices in the San Francisco Metro Area rose a whopping 375% from 1990 to 2021, and every mortgage payment builds your equity and allows you to leverage more of that value. Speaking of payments, instead of basically throwing money away on rents that increase with inflation, a fixed rate mortgage locks in your monthly budget for the duration of the loan. You can also deduct interest payments on your tax return and take advantage of other tax incentives. And if you don’t need the home, you can always rent it out and get an even greater return!

GEEK (Kevin)

No matter if you’re buying to occupy or rent, the home you purchase should fit your life goals — and your monthly budget. Buying your dream home might not make sense if you’re starting a family or embarking on a new career. Quick turnarounds can also get you into trouble responding to market fluctuations instead of betting on trends. And it’s incredibly tempting to borrow against your growing equity to pay for non-essentials like a new car when you should be accruing wealth and setting yourself up for the future. A better option would be to consider refinancing as mortgage rates decline. You could also think about maintaining a “rainy day” reserve fund for those unexpected curve balls life likes to throw.

Buying a home is a deeply personal decision and possibly the most significant financial transaction you will ever make. We’re here to help, but in the end, it’s your future — and your choice!