Quote:
Originally Posted by Press Release Pro
No you do not HAVE to pay rent somewhere.
You forgot all the extra costs of owning instead of renting (taxes / sudden repairs, maintenance etc you never need to deal with as a renter)
Rent: 1000
Loan: 1200
Loan + costs related to owning: 1500-1600
THEN there is normal utilities, tenant: 1400 in total, home owner 2k (add another 200 for home owner associations)
Misc costs related to owning a place may differ based on location
Don't forget that almost 2% of all homes is in foreclosures and companies that backed the loans is getting government aid to survive.
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You make a good point about added expenses. In my case I already pay my own utilities (gas/electric) except water. Right now, with using an average of my utilities, i pay 1300 a month already. I guess I need to find a list somewhere that would point out all of these hidden costs because besides property taxes and unexpected repairs, I can't really think of much.