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10 Hidden costs of owning AND renting a home

submitted on January 20, 2011 by orangearrows in "Member's Lounge"
http://www.trulia.com/blog/tar.....rvb_012411

Everyone thinks that the costs of renting are limited to, well, rent! On the other hand, there is a laundry list of expenses we all know go along with owning a home.

But many people aren't aware of the hidden, surprising costs associated with both owning AND renting a home, and it's what you don't know that has the potential to derail your rent vs. buy decision-making, so here are the Top 5 Hidden Costs of both renting and owning your home:

Top 5 Hidden Costs of Owning

1. Special assessments.
2. Utilities and services you didn’t need while renting
3. Private mortgage insurance
4. Penalties and fines.
5. Items you didn't need while renting, but you do as a homeowner.

Top 5 Hidden Costs of Renting

1. Opportunity Costs.

2. Income taxes.
3. Storage.

4. Costs of improving the property.

5. Lost deposits

     

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  Comments
  • 97789
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut on January 20, 2011
    [reply] 2 0
    So true.
  • 97922
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut on January 21, 2011
    [reply] 2 0
    Still better to buy before interest goes UP!
  • 98089
    CouponNut
    deity
    23 14 8
    12 10 2
    Posted by CouponNut on January 21, 2011
    [reply] 1 0
    Ask about assessments before you buy.

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