Despite the bruising housing market crash of 2008, home ownership still ranks up there with a successful career and happy family life as a key pillar of the American Dream. In fact, a recent survey found that 71% of adults say that purchasing a home is a top personal goal.

Buying often makes financial sense, which is why phrases like “renting is just throwing money away” and “it’s better to buy than to rent” have likely been drummed into your head.

“Historically, buying has been the way to go,” says Certified Financial Planner™ (CFP®) Jennifer Lane, founder of Compass Planning Associates. “Members of the Baby Boom generation settled down young and usually worked for a single employer with a pension.” But these days, the old rule doesn’t necessarily apply. “Now, it’s important to be mobile for your career,” adds Lane.

The fluid nature of today’s work world may in part explain why renting is on the rise. According to the report, ‘From Own to Rent’ by real estate information site Trulia, the number of tenants jumped from 39% to 43% between 2006 and 2014. But a host of other circumstances also make writing a monthly check to a landlord a smarter course of action.

Before you hit the open house circuit, find out the eight signs renting is the wiser strategy.

SEE ALSO: A financial planner helps a couple earning $75,000 a year save an extra $800 a month

1. You might move in the next 5 years.

It takes about five years for your investment in a home to earn money, so if you suspect you’ll want to move before then, beware. Not only will you have to shell out serious cash for a down payment, selling can be pricey, too.

In addition to the average Realtor’s commission of about 5%, you’ll pay transfer and capital gains taxes, escrow fees and moving fees—plus the potential cost of improvements to bring your house up to code and have it staged to make it attractive to potential buyers.

“You want to stay in the home long enough for the equity you get from paying off the mortgage to outweigh those additional costs,” says Ralph McLaughlin, chief economist at Trulia. “When making the decision about whether to rent or buy, the single most important consideration is how long you think you’ll be there.”

Even if you’re planning on staying put after you buy, take an honest look at how secure your life situation is. “If you don’t have a solid career path, dislike your boss or have a gut feeling that the company is headed in the wrong direction, hang tight and keep renting,” says Brendon DeSimone, manager of the Bedford, New York, office of Houlihan Lawrence and author of “Next Generation Real Estate.”

Evaluate your personal life as well. “Your relationship should be on stable footing,” DeSimone says. Expect to settle down in the near future and even start a family? Don’t buy a place that suits the single-and-no-kids version of yourself. And if your love life is rocky, hold off on purchasing a home together. “I’ve had clients tell me they bought a place because they wanted to make the relationship work,” DeSimone says. “Then they end up getting divorced and are forced to sell too soon.”

Finally, get real about the lifestyle you hope to pursue. When you project what your life will look like in half a decade, does it make sense to live where you are? “Remember that renting gives you the flexibility and freedom to travel,” DeSimone says. If enjoying a free-wheeling, footloose experience is appealing, then don’t spring for a place right now.

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2. You can’t afford a 20% down payment.

Congrats, you found your dream home! Put down less than 20%, however, and it can end up costing you in the long run. “If you can only put a low down payment on a house, that generally means you’ll be charged a higher interest rate,” McLaughlin says. “You’ll also likely have to pay mortgage insurance, a monthly fee that ranges from about $50 to $500 and goes directly to an insurance company protecting the bank’s interest—not yours.”

Usually you can stop paying for insurance once you hit a 20% loan-to-value ratio, but in the meantime, the whole situation is a money suck. And since the majority of your mortgage payments are going toward interest, you’re not building a lot of equity.

Contributing less than 20% can also put you in a precarious financial position. “Even if you think you’re ready to be in the home forever, life happens, and the 20% down payment gives you a safety zone,” Lane says. Since the cost of selling can be in the ballpark of 10% of the house’s value, if you’ve only made a low down payment, the closing fees can easily surpass what little equity you’ve earned.

On top of that, if the property has lost value, you might not be able to net what you bought it for. And if you don’t have enough ready cash to bring to the closing, you could be stuck in the house or forced to file for bankruptcy. Gulp!

3. You already have a sweet deal on rent.

If you’re paying next to nada for a fabulous pad in a high-demand area, it may be savvier to sign another lease instead of buying. “On a month-to-month basis, it’s often cheaper to rent,” says Lane.

Of course, just because you’ve scored a bargain, don’t make the mistake of spending that extra cash on fun stuff, like clothes, dinners and trips. “A mortgage is a forced ‘savings’ program, where the amount of principal increases over the years,” Lane says. “So if you do have a crazy-low rent, establish an intentional savings plan and invest the difference.”

Begin by calculating how much you’d pay for a mortgage on a similar home in the same area—let’s say $1,800 a month compared to your $1,200 rent. Then, set up direct deposit to funnel the $600 difference straight into a mutual fund. Who knows? You just might be able to use it for a down payment in the future.

Despite a $13.6 billion bid by Marriott International, some industry insiders say Anbang Insurance Group may have enough capital to lock down a takeover offer for hospitality giant Starwood Hotels & Resorts.

If Anbang is successful, iconic buildings such as the W, Sheraton, Westin and St. Regis would join a growing number of New York City properties being snapped up by Chinese investors. The list includes the iconic Waldorf Astoria hotel and the Baccarat hotel.

Watch the video above to see some more trophy properties in New York City that were bought by Chinese firms.

For more videos, visit The Real Deal’s YouTube page.

SEE ALSO: New York's famed Plaza Hotel is going up for auction

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NOW WATCH: Adam Savage reveals why he and 'MythBusters' cohost Jamie Hyneman won't be working together anymore

This Singapore building — known as "The Interlace"— was named the world's best at the World Architecture Festival in November 2015.

The awe-inspiring building contains more than 1,000 apartments spread over 1.8 million square feet, and features open courtyards, rooftop gardens, and breathtaking views.

Story by Allan Smith and editing by Chelsea Pineda

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Max Azria, the legendary fashion designer who founded women's clothing brand BCBG, is selling his Los Angeles estate for an eye-watering $88 million.

The 60-room California mansion, called "Maison du Soleil", has it all: 17 bedrooms, a pristine pool and pool house, tennis court, huge living spaces, a 6,000-square-foot movie theater, fitness center, greenhouses, and entertaining patios and gardens galore.

"The house is off the charts," listing agent Alla Furman told Business Insider. Furman and Branden and Rayni Williams of Hilton & Hyland have the listing.

Originally built in the 1930s by the classic California architect Paul Revere Williams, the three-acre property is set on iconic Sunset Boulevard in Holmby Hills, an exclusive Los Angeles neighborhood bordering Beverly Hills and populated by bold names. It's about a five-minute walk to the infamous Playboy Mansion, which is also currently on the market.

According to public records, Azria and his wife purchased the house in 2005 and spent $30 million on renovations, the Wall Street Journal reports. The 30,000-square-foot manse is filled with unique touches, from a domed gold-leaf ceiling in one room to a "frozen waterfall" chandelier made up of 150,000 individual crystals.

Last year, it was put on the market for $85 million, but it failed to sell and was delisted. The new $88 million price tag is a "lucky number," Furman said. "If you're there, it's worth every penny."

SEE ALSO: Nightlife mogul Neil Moffitt just slashed the price of his penthouse — the most expensive apartment ever sold in downtown Manhattan — to $55 million

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The three-acre property is situated in the uber-rich enclave of Holmby Hills, with downtown Los Angeles and the Pacific Coast visible in the distance.

A private gated entrance ensures security.

The 1930s two-story house sprawls across the property.

SHoP Architects has unveiled renderings for 38 Sixth Avenue, a 23-story building at Brooklyn’s Pacific Park development that will exclusively house affordable apartments.

The Greenland Forest City Partners-developed building will house 66 studios, 131 one-bedrooms, 90 two-bedrooms, and 16 three-bedrooms, and will cater toward those with incomes ranging from $31,000 to $128,200.

Here’s a sneak peek of the property.

For more videos, visit The Real Deal’s YouTube page.

SEE ALSO: We got a peek inside the starchitect-designed luxury apartments that are dramatically changing New York City's skyline

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NOW WATCH: This futuristic 'vertical village' looks like something out of Dr. Seuss

House prices in the Chinese cities of Shenzhen and Shanghai have soared over the past 12 months, rising by 57% and 21% respectively.

The enormous price acceleration, buoyed by a raft of government incentives to encourage housing investment, lower interest rates, a flourishing shadow banking system and lack of investment alternatives elsewhere, has all the hallmarks of yet another dangerous housing bubble forming, particularly given the size and economic significance of both property markets.

With prices bubbling higher, policymakers in both cities have decided to act, announcing a slew of measures that came into effect last Friday in an attempt to quell rampant levels of speculation.

According to the state-run Xinhua news agency, investors in Shanghai who already own a house must now provide a down payment of at least 50% when applying for a new home loan, up from the 40% level previously required.

Beyond that, authorities stated that they will ban developers and housing agencies from offering certain loan services to buyers.

Non-local buyers must also prove they have paid income tax and social security premiums in the city for five consecutive years, up from two years under the previous requirement, said the Xinhua report.

Gu Jinshan, a director with Shanghai’s housing and urban-rural development commission, suggested the tighter restrictions were implemented to curb surging prices resulting from “irrational emotions”, speculation and illegal practices by some companies and agencies.

In a similar move to Shanghai, policymakers in Shenzhen — home to the hottest housing market in China at present — also announced measures to quash speculative forces, stating that those who have taken out a mortgage over the past two years, or those looking to buy a second property, must now make at least a 40% down payment to secure an additional mortgage.

Authorities also strengthen measures to guard against financial risks in the property sector, announcing they had banned financial institutions — including internet finance companies and small-sum lending firms — from offering margin lending to home buyers.

Yes, the same practice that led to the implosion of China’s stock market in 2015 has now infiltrated property investment in the city, allowing some investors to borrow their initial down payment in order to receive additional housing finance.

Leverage used to obtain additional leverage; what could possibly go wrong?

Shenzhen officials also stated that the government will increase land supply and build more government-funded houses to balance the market, adding that it planned to build 400,000 government-funded houses in the five years to 2020.

The question now is whether the tighter restrictions on housing investment will make a difference. To many, the horse has already bolted, with something more substantial required to reduce what are undoubtedly building financial risks.

You can read more here.

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NOW WATCH: Adam Savage reveals why he and 'MythBusters' cohost Jamie Hyneman won't be working together anymore

Courtney and Bob Novogratz have transformed dozens of properties all over the world, but they've never felt more at home than in their latest redesign.

The couple and their seven children — who have built their DIY empire over 25 years with books, reality shows, and a do-it-yourself aesthetic —  have officially moved away from New York City and into their California dream home … er, make that their dream castle.

"We sold our house in New York two months ago [Ed note: for a cool $14.5 million] and finished our house here," Bob Novogratz tells Tech Insider. "It was a total gut job — it took 10 months."

Called "The Castle," the latest Novogratz project is nestled in the Hollywood Hills near the famous Chateau Marmont. Cortney previously told Tech Insider it's her favorite property the pair has done so far. Not only were their seven kids deeply involved, but so were the design clan's fans, since they were continually updating the plans on Pinterest, Instagram, Facebook, and their website.

Tech Insider spoke to Bob recently about the newly finished home, life in California, and the new Novogratz web series, "The Castle Next Door," which illustrates the painstaking redesign process.

"It feels like home for the first time to us," Bob says.

Keep reading to see life inside The Castle.

Welcome to the Novogratz family's new home, The Castle in Los Angeles, California.

The renovation took 10 months to complete. According to Bob Novogratz, it was a "total gut job." Here's the before picture of the Hollywood Hills home, which was built in the 1920s.

"We wanted to keep the history of the house and update the outside," he tells Tech Insider. "We kind of gutted the inside and made it more modern."

Buying a home is still cheaper than renting in nearly every major U.S. market. That’s one of a few key trends that have mortgage lenders expecting big things in 2016. Nearly two-thirds of industry professionals think purchase loan volume will rise this year, according to a recent survey from trade group Lenders One.

Bullish outlook aside, there are still plenty of challenges for many would-be buyers, from shaky credit to sputtering incomes and more. To be sure, the right time to pursue a home purchase is when you’re financially and emotionally ready.

Here’s a look at a few signs you’re not quite there.

SEE ALSO: The way Americans use credit cards was supposed to change in October — here's why everyone still hasn't switched

1. Bruised and beaten credit

You don’t need top-tier credit to land a home loan. You don’t even necessarily need what’s often considered “good” credit. But consumers with scores below a 620 can have a tougher time securing financing. That’s a common credit score benchmark for government-backed loans (Federal Housing Administration, U.S. Department of Veterans Affairs and the U.S. Department of Agriculture), while conventional lenders might want more like a 640 or 660 score.

If your score is subpar, it’s important to take charge of your credit profile before you look to buy a home. You can pull your credit reports for free each year from AnnualCreditReport.com, then hunt for and dispute errors and discrepancies.

Different lenders can have different credit score cutoffs. Even if you clear a lender’s baseline, working hard to improve your score may also help you nab a better interest rate. You can monitor your progress by getting your free credit report summary each month on Credit.com.

2. Insufficient savings

You don’t need a mountain of money to buy a home. You don’t even necessarily need a down payment – just ask VA and USDA buyers and the thousands of folks who tap into down payment assistance programs in their community. But you’re going to need at least some cash in the bank, in part to possibly cover expenses like a down payment, earnest money deposit, appraisal, inspection, closing costs and more.

Conventional loans typically require a 5% down payment, although some lenders may offer them at just 3% down. FHA loans require a minimum 3.5% down payment. On a typical $250,000 loan, that’s anywhere from $7,500 to $12,500. An appraisal and inspection might set you back another $600 or more.

If a new home means higher housing costs, having a solid nest egg can also help you avoid any “payment shock” when it’s time to make that first mortgage payment.

3. Income instability

Mortgage lenders want to feel like you’re a safe bet. A rocky employment situation can raise red flags. Ideally, you’ve been working the same job for at least the last two years. But that’s certainly not a reality for millions of American workers.

Employment scenarios are always a case-by-case evaluation. Generally, though, you might have a tougher time securing a home loan if:

• You’ve been on the job less than a year.
• You’ve been self-employed for less than two years.
• You’re a commission-based employee without a two-year track record.
• You’ve recently changed career fields or had a lengthy job gap.

Again, every borrower’s situation is different, and guidelines and policies can vary by lender.

The new housing crisis isn't just about homes themselves, but about the land they stand on.

At least that's according to Stuart Miller, CEO of Lennar Corp., the second-largest home builder in the US.

In a quarterly conference call after the company's earnings, Miller laid out the two biggest underlying reasons for the current shortage in housing supply that is causing the price of houses to soar.

"Land and labor shortages will continue to constrain supply and constrain the ability to quickly respond to growing demand while the mortgage market will continue to constrain purchaser's access to mortgages," said Miller on Tuesday.

As we've noted before, consumer credit has held back potential homeowners, and home builders have faced a serious labor shortage.

Miller, however, does make an interesting distinction. It's not that only home builders are having trouble building houses, but the cost to find somewhere to put them has spiked.

"Our results reflect slow but steady growth in the over home-building market as our new orders increase 10% year-over-year," said Miller. "Even while continued labor shortages and land and construction cost increases have tested our ability to match sales and delivery pace."

According to a Business Insider analysis of land and home value data from the Lincoln Institute of Land Policy, the value of the underlying land for most states has far outpaced the value of the structure costs.

Between the third quarter of 2011 and the third quarter of 2015, the average value of structures has increased 12.8%, whereas the value of the land the structures are on has jumped 58.6%.

Now this is a slightly imprecise way to address the issue — there are a number of things that can affect the land vs. structure value. But it highlights Miller's idea that not only is it more expensive for buyers to get into a house, but it's simply more expensive for builders to create more supply.

The affordability of land, and its constraints on supply, was even highlighted by the President's Council of Economic Advisers in its 2016 economic report.

The report said:

Gyourko and Molloy (2015) argue that supply constraints have worsened in recent decades, in large part due to more restrictive land-use regulations. House prices have risen faster than construction costs in real terms, providing indirect evidence that land-use regulations are pushing up the price of land. According to Gyourko and Molloy (2015), between 2010 and 2013, real house prices were 55 percent above real construction costs, compared with an average gap of 39 percent during the 1990s.

In other words, it's not more expensive for builders to get the four walls up, but regulation and land costs are making it harder to find a place for the four walls.

Miller said that the problem is showing up on Lennar's bottom line. The company spent $527 million on land acquisition in the fourth quarter, and Miller said it's also crushing margins.

"The prior year's gross margin percentage was 23.1%. The decline year-over-year was due primarily to increased land costs," he said.

But there is a possible solution. As Miller and KB Home CEO Jeff Mezger noted, much of the building has been near city centers where demand has been high. As the labor market and wages improve, said Mezger, more people are moving to the suburbs. These are areas where spending on land will be lower, allowing builders to put up more houses.

SEE ALSO: One home-builder executive summarized America's new housing crisis

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NOW WATCH: JAMES ALTUCHER: This is why owning a home is financial suicide

Remember the story of Herbert J. Sukenik, the famous Central Park West “hermit holdout?” Developers paid the rent-controlled curmudgeon $17 million and gave him a free massive pad overlooking the park in a legendary buyout.

His female counterpart might be one Fannie Lowenstein, whom none other than Donald Trump is said to have ended up bestowing a sprawling suite in the venerable Plaza Hotel at 1 Central Park South, complete with a Steinway grand piano and maid service. For zero dollars a month. For life. Here’s how the story of the woman the hotel staff referred to as “the Eloise from Hell” became yet another Manhattan rent regulation legend, as told by Vice.

While the original “Eloise,” Kay Thompson’s pint-sized pain-in-the-neck of a curious little girl, may have caused her share of disruption, Mrs. Fannie Lowenstein, ensconced in the storied hotel for 35 years and paying about $500 a month for a three-room suite, had a reputation of her own.  She and her Wall Street bigwig husband moved in just after WWII, managing to snag a rent controlled studio, though they could afford market-rate rents.

Her husband died shortly thereafter, leaving the widow Lowenstein with a Plaza suite overlooking Fifth Avenue and Central Park that might cost the average guest over $1,000 a night.

Hotel employees remember Mrs. Lowenstein in Suite 1001-1003 as “a scourge who exploited every wrinkle in rent-control law with the subtlety and skill of a top-tier real estate attorney,” and, at best, an eccentric character. As general counsel for the Plaza from 1977 to 2004, attorney Gary Lyman remembers, “She complained about everything…Everyone was terrified of her–this little woman, who was then about eighty, of small stature…We referred to her as the Eloise from hell.”

She certainly made herself at home in the shabby old-world elegance of the late-20th century grande dame of a hotel, frequently joining a tattered collection of neighborhood eccentrics at the Palm Court, wearing, “the same old purple dress.” Lyman remembers that she didn’t seem to have much else in the way of clothing, other than “a long coat and a small pocketbook, even in the summer.” With an accent that was “sort of British,” though Mrs. Lowenstein was not British, “she walked around as if she owned the Plaza.”

In 1987, infamous landlord Donald Trump moved to buy the Plaza, when he was told, “The biggest issue… is Fannie Lowenstein,” according to the New York Times. He reportedly offered her an apartment in the hotel that was nearly ten times the size as her small suite, with a view of Central Park and new furniture, new dishes, and, at her insistence, a Steinway grand piano. By Mr. Lyman’s account, the two had a one-on-one meeting shortly after Trump completed the purchase of the building, and she agreed to the deal.

Soon thereafter, failing health forced Mrs. Lowenstein from the hotel (she was convinced her room harbored toxic paint) into the Park Lane, where she died in 1992 at the age of 85. Under Trump’s ownership the hotel foundered, declared bankruptcy the same year, and was sold in 1995. Though Fannie Lowenstein and the old New York in which she lived are both long gone, the legends of these rare, lucky and often cantankerous holdouts remain.

SEE ALSO: You can live in one of New York's most iconic hotels for $26 million

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NOW WATCH: The median sale price of a Manhattan apartment is now $1.15 million

What if your home was more than just a place to live? What if it took care of the tedious parts of everyday life (like cleaning, paying utility bills, and shopping for the basics) and there were always a bunch of interesting and like-minded people hanging out in your living room? Brad Hargreaves, CEO of Common, has structured his co-living housing company to be just that.

While we’ve reported on Common before (as well as WeWork’s similar new shared housing setup in FiDi), today we’re going behind the scenes at Common’s first outpost located in Crown Heights. We asked three residents why they chose to live at Common, if this catered style of co-living beats the standard New York roommate setup, and, of course, what we all really want to know—with 10 different personalities under one roof, just how “Real World” do things get?

Common manages residential properties owned by real estate developers. Common residents don’t pay typical rent, they pay a “membership fee.” This fee includes rent for a private bedroom (ranging from $1,800 and $1,950) and utilities, but it also gives them access to shared common areas, free on-site laundry, weekly cleaning, wifi, two bathrooms, kitchens stocked with appliances, all furniture and bedding and an unending supply of coffee, tea and toilet paper (the things most roommates fight over).

Common members use the group messaging app Slack (along with Common employees and the building manager) to ask questions to other residents (“does anyone have a cup of sugar”), alert the manager to problems (which reportedly get fixed within hours) or suggestions (one resident commented, “wouldn’t it be nice to have blenders” and all the kitchens had blenders the next day).

The refrain heard over and over by those who live in Common buildings is that living there makes life easier while they focus on getting their careers on track.

So far the residents are thrilled with their housing saying, “This is Common’s product and they are trying to make it the best experience possible.”

SEE ALSO: You can buy an entire Italian castle — and its surrounding village — for $8.3 million

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Jason Choi, 30

What’s your profession?

I’m an iOS engineer at Conde Nast.

Where are you from?
I’m from L.A. but I moved to New York from San Francisco three weeks ago.

I moved around three times in my five years in San Francisco and it’s like the wild west. I have always had roommates because rents in San Francisco are so incredibly expensive. The moment something comes up on Craigslist, you have to be there, be ready with credit score, be vetted, and you have to sweet talk the person showing the place to make sure you are the person they remember.

How long do you intend to stay?
I first signed a month-to-month contract but I just extended it to a three-month lease. That will give me some time to meet some real estate agents and figure out which neighborhoods I want to live in. I only visited New York twice before I moved here.

My biggest hurdle was finding a place without being here. I was talking to friends who live in New York and they were telling me all about the brokers’ fees, how things go off market really fast. Not understanding how New York works and what it’s like to live in one of these boroughs, I really needed time to explore all of my options. This is a great way to do that.

There are certain places similar to this in San Francisco. I met a few people who are co-living in giant Victorians but they weren’t run by a company, it was just a group of people. They were always really interesting people and there always seemed to be a few artists to help decorate the house.

What about co-living appeals to you the most?
The idea of co-living was daunting when I initially thought about it. Having nine roommates is a lot. But I figured, what the hell? I realized that we’d each have our own floors so it’s really like I have two roommates and others are a part of the complex. The place looked beautiful online and the situation kind of fell into my lap.

There are a lot of great perks to it, but most importantly it’s one less thing to worry about. Supposedly, Obama only has to choose between two suits in the morning, a blue suit or a grey suit. He says it optimizes his productivity. It’s just one less thing to have to worry about. That’s what it’s like here.

What about this experience is not what you expected from co-living?
It was really nice to see that everything was already set for me when I got here. I landed at the airport at 9 p.m. on a Friday. The caretaker and his brother met me at the building and helped me carry two 50-pound boxes to my room. When I got into my room it was picture perfect. All I had to do was unpack.

How is this different than college dorm living?
I lived in a college dorm for one year. The only similarity of dorms to here is that I didn’t know the people I was living with. But other than that, it doesn’t feel like college to me at all. Everyone here is in different stage in their life. We all stumbled on this situation and we’re living here for the meantime. I’m sure most of the people will move out in a few months, it’s so easy.

Is living there anything like being on “Melrose Place” or “The Real World”?
Co-living seems to attract people that have similar mindsets and want to have an experience. People think, “Maybe these places will throw cool parties, and go on trips together.” You either spend your time at work or at home. If you’re not married, might as make the most of it and be with people you enjoy.

What has been your favorite event at Common?
I am pretty busy with work. I’m new in this city so I feel I have to overachieve. I go to work early and stay late so I don’t get to do everything they do here, but my favorite event was the Thanksgiving dinner we had a couple of weeks ago [it’s March]. For me Thanksgiving is something you do with your family and the people you care about. So it was really nice to be with a bunch of people that kind of know each other and are getting to know each other better. It was so great that the person who suggested we hold this dinner used to be a chef. He made an epic turkey! And everyone contributed. I made a homemade mac and cheese and one of my roommate’s made yams. We had a really amazing dinner.

Kamilah Gray, 25

What’s your profession?
I do global marketing at Bloomberg.

Where are you from?
I was born in New York but grew up in Georgia.

Where did you live before this?
I’ve moved around a lot lately. Before this, I had a year lease on the Upper East Side with two roommates. I thought I was going to relocate out of the country so I gave up my apartment, sold all my furniture and moved in with a relative for a few weeks. Then my move out of the country didn’t happen so I needed to find a place, at which point, I had my “quarter life crisis.” I took a trip to Asia for business and ended up extending the trip for a few weeks and backpacked around Thailand. I traveled by myself and had an amazing time meeting all of these people while staying in hostels. Everyone I met was from different walks of life but they had a similar mindset. When I came back to New York, I wanted to have a similar experience.

I googled hostels in New York but I would never live in a hostel here. There was no way I going to sleep in a bunk bed. Then I looked at Airbnb but that was too expensive. Then I googled “adult dorm” and that’s how I found Common. But this is very different than a dorm.

Buying a vacation home can be a smart investment — if you know how to pick out the right one.

We sat down with Scott McGillivray, real estate expert and star of HGTV's "Income Property," to hear his advice for vacation home buyers who want to earn a little extra cash by renting out their new place when they aren't around. 

Here's how to spot a property that will generate some additional income and provide you with a place you can enjoy for years.

SEE ALSO: 13 ways to make sure you and your information are safe at a hotel

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Use a financial equation to figure out whether your new place is worth it.

If you want to know whether a vacation home is worth its price, there's one equation you should follow. 

Look at the total monthly costs of the property — including the price of rent, utilities, renovations, mortgage, and taxes — and see if you can make what you'd spend on a month by renting the property for a week.

If you're able to make enough to cover the month's costs by renting for a single week, you're in a good place.

There are typically 12 weeks in the high renting season, so you want to ensure that you're making enough in the high periods to make up for the low ones. 

Keep distance in mind.

Where a vacation home is located will also affect how much you can charge for rent.

McGillivray recommends purchasing your first vacation home in a location that is between two and two-and-a-half hours away from where you live, so you can be close enough to access it regularly. 

You also want to ensure that the property is at least a few hours from an urban center so that those renting the property can have easy access to various amenities. 

Consider destinations that have year-round appeal.

According to McGillivray, some destinations tend to stay popular for longer periods of time, usually because they have warm weather, lower prices, and close proximity to water.

For these reasons, McGillivray finds that destinations like Florida and Arizona are often the most popular. 

Finally, the direction a home faces — whether it is turned towards or away from the sun — can also affect its pricing, depending on the renters' preferences. 

Buy or rent?

Real estate investor Grant Cardone, who has been in the field for 25 years, writes on Entrepreneur that buying a home "is for suckers" because monthly payments make it a liability, not an investment.

On Quora, MIT Economist Erik Brynjolfsson explains that buying is better than renting, because you get dividends in the form of rent you pay to yourself.

On the Altucher Confidential, James Altucher writes that between the taxes, closing costs, constant maintenance, and demand on your cash, he'll never own a home again.

So really, it depends who you ask.

The answer won't be the same for everyone. Perhaps the intangible feeling of ownership is priceless to you; perhaps you like the freedom of knowing you can up and leave your rented home whenever you want.

If you are making the decision for yourself, Tara Siegel Bernard of the New York Times highlights an equation from financial adviser William Bernstein, author of "If You Can: How Millennials Can Get Rich Slowly" to use as a tool in your arsenal.

She writes:

Never pay more than 15 years' fair rental value for any home, or 180 months of rent. Why 15 years? By his calculations, someone paying more than 180 months of rent might potentially do better by investing in the market, after considering the costs of owning.

So if an apartment would rent for $4,000 a month, that means you shouldn't pay more than $720,000 ($4,000 x 180) for an equivalent property.

That's simply [cost of market value rent] x 180 = [maximum purchase price].

If you're not sure about the rental price of your would-be home, real estate listings site Zillow usually provides a sales and rental estimate ("Zestimate") for listed properties. To verify accuracy, look up the estimates for surrounding properties as well.

Punching a few numbers into your phone's calculator may not make up your mind for you, but at least it's somewhere to start.

SEE ALSO: Buying a home was the greatest investment I ever made — but it was also the toughest

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NEW YORK (Reuters) - Before introducing Donald Trump to roughly a dozen Republican lawmakers at the Washington law offices of Jones Day, U.S. Senator Jeff Sessions paused to acknowledge the man he said had facilitated the closed-door talks.

He said it was Jared Kushner, a 35-year-old real estate investor and newspaper owner, who had suggested the get-together last month, arguing that it would enable Trump to win more allies on Capitol Hill, according to a person in the room.

Kushner is also Trump's son-in-law, having married the Republican presidential front-runner's daughter Ivanka in 2009.

A real-estate tycoon like his father-in-law, Kushner has emerged as one of a very few advisers as Trump seeks the Republican nomination to the Nov. 8 election, according to five people close to Trump.

It is especially rare given that Trump styles himself as his own best adviser and has said he consults only a few people despite a promise to hire the country's top minds once he becomes president.

While "well respected," Kushner has no official campaign role, Trump spokeswoman Hope Hicks said. She confirmed however that Kushner had helped with the Sessions meeting and had informally advised the candidate on Israel and in other areas.

In an interview Kushner's friend David Schulhof, founder of a music publishing company, cited a level-headedness and listening skill that would make Kushner a calming influence.

This could be helpful to Trump, 69, who entered the race 10 months ago hailing his having never held public office as an asset, but whose campaign has been rocked by turbulence over remarks offensive to women, Muslims, immigrants, party loyalists and others.

At times Kushner has urged Trump to behave like a more traditional candidate, stressing the importance of building relationships with politicians and traditionally active donors, say the sources close to Trump, speaking on condition of anonymity.

They also say Kushner can use friendships like the ones he has with media mogul Rupert Murdoch and real estate billionaire Ronald Perelman as a bridge to influential people with whom his father-in-law is not close. Neither Murdoch nor Perelman would comment for this story.

Israel connections

An Orthodox Jew, whose wife Ivanka converted to Judaism before they married, Kushner and his family have connections to Israel. Along with his father, also a prominent real-estate developer, Kushner was listed in a 2015 report by the American Israel Public Affairs Committee (AIPAC) as a benefactor for its real estate committee, which required a donation of at least $36,000 to the powerful pro-Israel lobbying group.

Kushner's parents donated $20 million two years ago to a medical school campus in Jerusalem now named after them.

Using his family and business ties, Kushner arranged a series of meetings for Trump during a trip the candidate planned to make to Israel last year, the sources say.

The trip never happened. Trump scrapped it after Israeli Prime Minister Benjamin Netanyahu condemned his proposal to ban Muslims from entering the United States. Trump later suggested that if elected he would not take sides in the dispute between Israel and the Palestinians, a stance he said would help him negotiate a peace deal but which was unusually neutral for an American politician looking to court voters on Israel.

Ahead of AIPAC's annual conference last month in Washington, Kushner advised his father-in-law to lay out concrete policies that would help smooth over relations with the Jewish community, according to two sources. He further advised him to use a teleprompter for the speech, ditching his usual conversational style, the people close to Trump said.

It was also Kushner who fielded a call from Israel's ambassador to the United States, Ron Dermer, who wanted to offer Trump the Israeli government's perspective ahead of the AIPAC speech, according to the sources.

Dermer's office declined to comment.

In the end, Trump delivered an uncharacteristically detailed speech to the 18,000 people who attended the conference, outlining a series of policy positions broadly aligned with AIPAC's. An AIPAC spokesman declined to comment.

Trump told attendees that Palestinians must scrub hatred of Israel from their educational system and stop naming public places after people who attacked Israel. He said the United States must stand with Israel in rejecting attempts by the United Nations to impose restrictions on Israel or parameters for a peace deal. He criticized the U.S. deal with Iran as bad for Israel.

While helping Trump craft the speech, Kushner sought advice from the politically connected editor of his newspaper, the New York Observer. The editor, Ken Kurson, a former speech writer for former New York Mayor Rudy Giuliani, wrote in an email to Reuters that he reviewed the speech before Trump delivered it.

Family ties

Trump has loomed large in Kushner's life since day one of his marriage. The New York Post reported that invitations to Kushner's wedding, held at a Trump golf club in New Jersey, included a flier advertising Trump's other golf properties.

Kushner, who with his wife has taken family vacations with News Corp owner Murdoch and his ex-wife Wendi Deng, has worked to calm Murdoch's ire with Trump over the candidate's criticism of the company's Fox News Channel and star anchor Megyn Kelly, two people familiar with his activities say.

During regular phone calls and lunches Kushner tries both to soothe Murdoch and stump for his father-in-law, these people said.

Despite his influence behind the scenes, Kushner keeps a largely low profile on the campaign trail. During a Trump rally in South Carolina last November, he hung back while other family members took the stage until his father-in-law called him out.

"Where's Jared? Jared get up here," Trump shouted. Kushner, clad in charcoal-colored pants and a black quilted down vest, shuffled up, hands jammed in his pockets.

"Jared's a very successful developer and he just loves politics now," Trump said, adding with a bit of gleeful teasing: "Look at him. See the way he dresses?"

(Reporting by Emily Flitter; Additional reporting by Olivia Oran in New York and Emily Stephenson in Washington; Editing by Howard Goller)

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While buying a vacation home can bring financial benefits, it can also be a risky endeavor.

We recently spoke with Scott McGillivray, real estate expert and host of HGTV's "Income Property," to get his tips for first-time vacation homebuyers who plan to rent out their second homes.

One piece of advice he mentioned was following a precise financial equation before deciding to purchase the home.

To determine whether what you'll be paying for the home will ultimately be worth it in terms of the money you'll be getting back, calculate the total monthly costs of the property by adding together the following factors:

• The price of utilities
• Any costs of renovation (a step that McGillivray recommends you take)
• The mortgage cost
• Any taxes that will apply

If you can rent the property for one week at the same amount you'd spend on the total monthly costs, the home is likely to be a profitable endeavor for you.

The reason for this is that there are roughly 12 weeks of a high renting season, which means you want to be making enough in that time to cover lower renting periods throughout the year.

So if you're ever looking into purchasing a vacation home and find yourself wondering whether its hefty price tag is worth it, keep this equation in mind.

SEE ALSO: An HGTV star shares 7 tips to keep in mind when buying a vacation home for rental income

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When Leonard Fenton first bought his home — a 13,000-square-foot architectural masterpiece called "Artemesia"— he had no idea just how much work he would end up putting into it. He was in his 20s, and though he had previously restored homes while funding an earlier music career, he had never before worked on a project of this size.

Still, he knew a valuable opportunity when he saw it. 

"I've always been an autodidact. I always jump into learning what I'm working on," Fenton said to Business Insider.

At the time of the purchase, Fenton was heading up an advertising firm, Automotive Dealers' Marketing, that he would later sell to Microsoft.

He called up a few architects who specialized in preservation, consulted the National Trust's guidelines for historical properties, and got to work on the home, which is considered to be the largest ever built in the Craftsman style.

"The people and sources I consulted often didn't have the answer, but they taught me how to research and get the right answers," Fenton said. "I didn't just want a neoclassical house. I wanted a piece of art."

Nearly 25 years later (most of which he spent working on the home part-time, though he has been working on the restoration efforts full-time for the last six years), he plans to put the home back up for sale. The home has been on and off the market for several years, but it's expected to be relisted for just under $10 million.

Let's take a look inside Artemesia. 

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The property spans nearly two acres atop the Hollywood Hills region of Los Angeles. Artemesia was originally built in 1913 for Frederick Engstrum, a construction magnate responsible for the Rosslyn Hotel downtown.

It's situated on a private road and is double-gated, which adds to its secluded feel.

As you approach, you get a sense of just how big the home is.

The median rent in New York City is $3,185 a month, according to residential real estate website Trulia.

It's the second highest in the nation, just after San Francisco ($3,995 per month).

In popular neighborhoods, like Battery Park City and Gramercy Park, you can expect to see rent prices tipping over $4,000 a month, according to real estate website Zumper. Going out of the city and into neighboring boroughs could save you money, but if you want to live in the heart of the city, you're probably going to pay the price.

And how about outside of New York City's five boroughs? What if you took your $3,185 a month and moved to Atlanta, Georgia? Could you get more for your money?

Below, find out what the median New York rent could buy you in the 25 biggest rental markets in the US. The listings, from Trulia, are all located where the crime rate is "low" to "lowest," and rent does not exceed $3,200 per month.

SEE ALSO: Here's the salary you need to be in the top 5% of earners in 21 major US cities

In NYC, $3,200 a month gets you a studio apartment with about 432 square feet like this one in Kips Bay. Amenities include a fitness center and laundry facility in the building.

Source: Trulia

Here are some more listings for a $3,000-a-month rent in New York City.

In San Francisco, California, you can find a one bedroom, one bath apartment.

Source: Trulia

Go a little south to Los Angeles, California, and you'll find more space. This rental offers 1,100 square feet of space with two bedrooms and two baths. There's even a fitness center and pool.

Source: Trulia

Our start in real estate began from very humble beginnings.

My husband and I bought our first property at the ages of 23 and 25, on October 25, 2011 after our 3rd move in 18 months. I had just graduated from grad school and was unemployed and without a job.

We bought a home based on one income and used my husband’s VA loan. Fast forward four years to today; we own seven houses, with two more expected to close by Christmas. We have a net worth of over $400,000 and make almost $2,000/month on our REI rentals.

All of this was courtesy of investing in rental property and thinking outside of the box using the little resources we had. Of those four years, I only worked in a professional capacity for less three of those years, due to relocation for my husband’s job (military pilot).

I share this as inspiration; not as a brag. You can do anything you set your mind to in real estate. In real estate, no beginning is too small, no investment is too large.

Real estate is an awesome investment. It is adaptable to your goals, and your pool of resources. The benefits of owning rental properties are as vast as your goals and desires. Don’t let analysis paralysis or the fear of failure stop you from getting started!

You will make tons of mistakes. Trust me — I did!! Still, I am so thankful for our real estate investments. Most importantly, I’m glad I started.

Real estate comes in many forms — multi-family, shopping centers, storage units, industrial office buildings, residential housing — all of which come with different sizes and price tags.

There are lots of financing and management strategies. This unique melting pot of options means that anyone can gets started with a little bit of wisdom and a lot of out of the box thinking no matter their financial planning.

For this guide we are going to focus on residential single family homes and how to buy rental property in this category.

While we’re focusing on single family homes, with some minor adjustments, this plan could work for many other types of rental property.

The key is to have a model that works, and to use that model to guide your plan. A great plan allows you to get to your goal with minimal mistakes.

Here are 10 things to evaluate before you buy your first income property:

SEE ALSO: An HGTV star says one equation can tell you if your rental property is worth it

What type of property do you want to get started?

While there are tons of property types; we are going to focus on single family. Even within this niche you can get started with a personal property meaning you live in it first and rent it out when you move or you can buy a rental property. This means that it is a rental property from day one.

Do you want to be a local investor or are you willing to buy long distance in the best real estate markets?

Being a local investor allows you to be able to check on your properties easily if there is ever an emergency. It also makes it easier to self-manage or supervise a property manager.

Long distance allows you to invest where the market make the most sense for cashflow; not just your local market (i.e. Kentucky versus New York City). You can live and work in California and invest in the Midwest where your money goes a lot further with higher returns.

Do you want cash flow or cash flow and appreciation?

Some markets such as California, DC, or New York City, see large amounts of appreciation that a landlord can anticipate. Other areas such as small town Texas, Wisconsin or upstate New York are cheaper and return large cash returns but the house will never go up in value. When you sell the house it will be worth the same amount you paid for it.

HGTV "Property Brothers" stars and co-authors of "Dream Home," Drew and Jonathan Scott, stopped by Business Insider to share their inside secrets for selling your home. 

Here's how to price your home so it sells for the most money possible.

Produced by Justin Gmoser and Arielle Berger.

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Eli Manning, quarterback of the New York Giants, has put his New Jersey digs up for rent for $18,000 a month.

The 3,500-square-foot condo has been up for sale since May 2015, with a listing price of $5.2 million, but it has just recently become available to rent. It's a triple unit with stunning Hudson River views, a playroom, and an office, all in one of Hoboken's most luxurious buildings, the Hudson Tea Building.

Manning is heading out after eight years at this home because he needs a bigger place for his family, according to a spokesperson from Douglas Elliman Real Estate. 

The condo is listed with Lisa Poggi of the Sroka Worldwide Team of Douglas Elliman. Take a look inside the famous quarterback's quarters, below.

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The view across the Hudson River from the Hoboken condo offers a picture-perfect shot of the iconic Empire State Building.

The three-bedroom, triple-unit condo is laid out to maximize the view windows.

A spacious kitchen includes a booth-style breakfast table.