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.
4. Costs of improving the property.
5. Lost deposits