Whether you are looking to rent or purchase your next home, it is important to evaluate the various costs associated with each option.
When renting, it is important to remember fixed costs, such as the following:
- Monthly Rent
- Renter’s Insurance (optional)
- Utilities
In addition, you may have upfront costs such as the following:
- Application fee
- Security deposit equal to one or two months rent
- Pet deposit (if applicable)
- Move-in fee (if applicable)
- Broker fee (if applicable)
In owning your own home, costs to consider are the following:
- One-time payments such as down payments and closing costs
- Monthly payments for either a 15 or 30-year mortgage (payment to include principal, interest, and PMI insurance)
- Home Utilities (electric, water, sewer, trash)
- Yearly taxes, insurance, and overall home maintenance