Tools: What basics do you really need?

from http://www.nytimes.com/2010/10/14/garden/14pragmatist.html?_r=1

I read a great article today in the New York Times. It outlines the key tools everyone should own in order to complete basic projects around the house.

The Tools You Really Need to Maintain Your Home

The article recommends tools that add up to about $250.  Having these tools will save you the expense of renting them or of hiring a handyman. It can also save you the annoyance of having to buy or borrow them as projects come along. I would recommend checking Craigslist for some of the items, especially the power tools and wrench set. Additionally, I think the hammer drill is more than most people need, you'd be fine with a regular cordless drill.

Do you agree with the article? Any items you disagree with?

Buy vs Rent: CNN Money Results

In the rent vs buy debate, most of the time it seems that buying real estate is the better choice. However, there are definitely some places where this is not the case. CNN/Money recently published a report on 12 cities and whether renting or buying in each was the right choice. Not surprisingly, it's better to rent in Manhattan and Seattle, but a buyer's market in Detroit and Miami...

12 Cities: Where to Buy and Where to Rent

Anyone facing a rent vs buy decision right now? It's a tough one.

Home Mortgages- Shop around before you lock in

Did you shop around for your home mortgage or did you go with the first rate you found? If you don't get the lowest rate possible on your mortgage, the single largest financial outlay for most families, it doesn't matter how thrifty you are with coupons and travel because you could be spending thousands extra!

A recent article in the Minneapolis Star Tribune showed that rates can vary greatly. It pays to ask several banks for their rates before you lock in.

Mortgage shopping results in big savings

Did anyone out there get a great rate by shopping around?

Why it still makes sense to own your home

 Read an interesting article in the New York Times. Many people have been spooked by the real estate market downturn over the past few years, and have kept renting even when they could be buying a home. However, the benefits of home ownership, for many, outweigh the risks. Some key benefits include the fact that paying a mortgage is a way of forcing you to save money, avoidance of landlord issues, and the ability to live in good neighborhoods and school districts.

My husband is famous among his friends for his "rent vs buy" excel spreadsheet model. It takes into account taxes and the costs of renting and of buying and helps to show if renting or buying is better for a given person or family. If you are trying to make the tough decision, I encourage you to look online for rent vs buy calculators to help you make your decision.

In Defense of Home Ownership