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I am going to move out of my apartment end of next month. What are the other dos and don'ts I need to be aware of before I move out of my apartment?
Additional Details
Am I in ... |
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Elector Count | Cost of owning a home versus renting a home? |
What is the real cost of owning a home verses renting
Additional Details
I guess what I am asking is what other fees are there in owing a home. Is tax a major issue etc. |
 |
 
Allan
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The surprising answer is that the real costs are about the same, because people over-emphasize the differences in taxation and do not take into account the hit to your bank account because of the downpayment.
The biggest advantage of owning a home is that you have more control over your environment -- you get to decorate it like you want, and have pets if you want.
The biggest advantage of renting is that you don't have any unexpected costs -- if the heating breaks down, or the pipes freeze, the landlord is responsible for those expenses. |
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johnropp
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Dollar cost can be calculated, but there are many aspects of owning vs. renting that aren't so simple to calculate. For example, if you own a home, it is yours to do with what you want, without needing approval from the owner. However, if you own a home and something breaks, you have to fix it, whereas if you rent, the landlord may be responsible for it.
As for dollar cost, a mortgage payment should generally be higher than a rental payment for the same piece of property. One advantage of the mortgage, however, is that the interest is tax deductible, which could bring the immediate cost of buying below that of renting by itself!
Keep in mind though, that when owning a home, you are also responsible for taxes and insurance, not just the mortgage. There may also be fees such as HOAs associated with ownership.
Something else to keep in mind though is that money put toward the principal on your home becomes an asset. With renting, you don't accumulate any asset, so all your rental expense is basically gone.
Hope this helps! |
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tonalc1
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Aside from the down payment...
Owning--property taxes are deductible, certain costs involved with the purchase are deductible, mortgage interest is deductible, your mortgage payment is usually less than what the rent would be. You have better coverage from your insurance (i.e. many theft losses away from home are covered by your homeowner's insurance--my laptop was stolen from my car and it was covered!)
Renting--You're not responsible for any repairs or upkeep. You can leave the place without financial hassle. |
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mortgage help
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everything you can possibly think of that your landlord currently does for you. think of all the utilites you use; the gas co., electric company, water bill, waste and sewage, trash pick up, any local taxes on top of your state property taxes. |
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dapixelator
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Owning means you have an asset that typical appreciates. My house more than doubled from when I bought it 5 or so years ago.
Every payment (typically) adds to your equity in the house. (Unless of course, you have an interest only loan)
You wil get some tax advantages in that you can deduct the interest.
Sure you have to do maintenance and upkeep. You also have the expense of fixing things when they go bad.
YOu also have taxes to pay and insurance (you need renters insurance though with renting).
Renting - you don't have to do upkeep but you also don't own anything and your rent simply goes to the landlord. You're basically only getting the roof over your head. When you move, you have nothing to show for it necessarily.
Now, if you can rent more cheaply than own AND you put money away, that can be worth it. |
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Dr. A Elashi
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Owning is much cheaper. I own several properties and despite charging rent that is at or below average rental prices, I profit well. |
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goolionov
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depend where you live! but usually it's mostly the same except for taxes and improvement...
But you have a nice investment...
you can visit web site like: www.desjardins.com if you are in canada or http://www.lib.umich.edu/govdocs/stdemog.html#house for USA |
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Should be Working!
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When you own a home you are financially responsible for anything that goes wrong, i.e. water main breaks.
While renting the landlord is responsible for making repairs etc. But by renting your not investing your money into anything. If you own then your money is invested in that home, so if or when you sell you will get some of it back. The real decision is what is important to you. Not being responsible for maintenance and other things, or investing your money?
My niece will not buy because she doesn't want to have to deal with the hassles of owning. I personally like to know that I have something to show for my money.
Good luck. |
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~*meme*~
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Owning of coarse is better...you'll be responsible for the repairs and maintance, but you can take the intrest paid on the loan as a deduction on your taxes.. you are not just throwing money away like when you are renting - you can sell them home and get your money back...it's really a good investment! |
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artlogical
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Pay rent and get a month.
Pay a mortgage monthly payment, and get equity.
Not to mention, most rental rates are the same as a low-cost mortagage per month.
Also, you have great tax deduction benefits based on the mortgage interest you pay. |
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Searchlight Crusade
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Renting:
You pay rent (goes up over time)
You get a roof for a month. A place for your stuff.
You get to keep down payment money (if any) in other investment vehicles
Own:
You pay interest on the loan
You pay property taxes
You pay insurance
You pay maintenance
You get ownership. Control of your housing expenses forever!
The ability to do what you want with your property
You get appreciation if you sell, net of the costs of selling.
It usually takes three to five years before owning beats renting.
If you're going to be where you are with stable income for five years or more, chances are you should buy.
If you're going to be transferred this year, buying is probably a bad idea.
There are exceptions to all of the above. |
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ButwhatdoIno?
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Really depends on the condition and age of the house. When you rent, you cannot do any improvements or if you do, the most you can do is maybe paint it (and work out a rent deduction for doing the work). But that is money frittered away. Owning your own home, that is an investment improvement which would come back later to you in an increased price because the home has been "kept up".
The landlord owns the house and is making an income off the house doing nothing but "charging you to live there" You as a renter -pay, pay, pay.
What about house taxes....yes that is once a year for the community you live in. (But you are paying that to the landlord in your rent so he can make that payment.)
You pay for your utilities in your rent or are they seperate? Would be no different as if you owned. You don't pay for them you don't get them.
The real cost is buying it and the mortgage. Mortgage is no different than rent in many ways. Only difference is you default on payment, and the bank or mortgage company can kick you out and you have lost all you have invested.(and with a mortgage, your payments were going toward total payment of the structure)
In the case of rent, well that is money spent...what you have to show for it is zero.
So, you really got to decide whether you want to stay in one spot for awhile - in other words have a steady job. Owning a house would be better....you could rent out part of it to help pay the bills-if you want.
Or you want to travel around the country(renting is best this way)... as it is better than a tent and cheaper than living out of a hotel room.
Costwise, maybe it is cheaper to rent but you have nothing to show for the money you paid out. You bought air time. |
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galdesigns
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Basically renting is less responsibility but you have nothing to show for it in the end.
Buying is more responsibility but you have equity and you can start building wealth for yourself.
From google "buying versus rent" article. |
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