In looking at cost comparisons between owning or leasing a home, what should I look at beyond the basics?
What are some expenses that people often forget to budget for in either living situation?
Answers | 1
As for expenses to plan for, if you get your homeowner's insurance and property taxes included in the monthly payment, then you don't need to budget separately for them. Things you should budget for: 1) Having enough to pay the deductible on your homeowner's insurance should you need to file a claim, 2) Grounds maintenance - this can go anywhere from needing to buy a lawnmower to hiring landscapers to keep your property looking nice on a regular basis, 3) Depending on the type of home you buy, you may need to pay HOA dues if it's a condo or in a neighborhood that belongs to an HOA, 4) Funds for minor repairs or issues - such as plumbing problems, roof fixtures, etc., 5) You may need to buy new appliances, such as washer and dryer, if they don't come with the home, If you do decide to buy, make sure you use an experienced agent who can negotiate properly for you and make sure the home is in great shape (always get a home inspection, no matter what). A Home Warranty is never a bad idea. Hope this helps. If you want more detailed information, feel free to contact me to provide more details. Good luck.