Deciding to Rent or Own as a Parent
The Savvy Parent Podcast
Deciding to Rent or Own as a Parent
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When you’re a parent, where you live is hugely important. Deciding to rent or own can be a challenging decision, especially as we have seen changes in the market due to COVID. Liz Sylvan, a Financial Planner from Cultivating Wealth joins us to discuss the idea of renting versus owning.

Look at the Whole Picture

For many parents, we believe that owning a home is the goal and that renting is throwing money away. Liz helps to clarify these outdated beliefs and discusses what you do want to consider when making this big decision to rent or buy. There are a number of practical considerations to make, and tools you can use to help you understand the costs associated with owning versus renting. Liz brings clarity to what can feel like an overwhelming choice. 

Keep your Estate Plan in Mind

If you’re holding off on creating an estate plan because you’re renting, or you’re in the process of deciding what to do about owning a home, we encourage you to move forward with your estate plan. There are other important pieces like your will and guardianship that you’ll want to address regardless of owning a home, and if you set up a living trust now, then you can purchase a home later in the name of that trust. 

Resources mentioned

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About the Author

Shannon McNulty

Shannon McNulty is the founder of The Savvy Parents Group and a lawyer in New York City who provides legal planning for parents with young children. Shannon received her J.D. from Georgetown University Law Center and her LL.M. in Taxation from NYU School of Law. She has also earned her CERTIFIED FINANCIAL PLANNER(TM) designation. You can learn more about Shannon and her firm at www.mcnulty-law.com.

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