Are you still contemplating whether to rent or to buy your next home? While both options have their pros and cons, here are some homeowner expenses you may want to consider before you make your choice.
Property Taxes
With the purchase of a home comes the responsibility of paying property taxes. The amount you pay in property taxes is based on the value of your home and could increase or decrease annually. Because REIN.com is powered by REIN MLS, you can view property tax prices and history for any listing — right on REIN.com.
Homeowners Insurance
While renters may have to pay renters insurance, homeowners insurance is typically a requirement to receive a loan. While homeowners insurance is usually more expensive than renters insurance, it covers not only the personal property inside of the home but it also covers the structure itself.
Maintenance
When renting, you can usually call your landlord, who may have a dedicated repair person available to answer your requests and pleas for help. When you own a home, you're on your own. You’ll be responsible for DIY-ing any repairs or searching around for a professional to get the job done.
Association Fees
Some neighborhoods require you to pay a Homeowners Association (HOA) Fee or a Condo Fee. While every homeowner won't experience this expense, it’s something to consider in your home search. The fee goes toward upkeep of any common areas, landscaping, and any other amenities the neighborhood may offer to its residents. When you search using REIN.com, you can view any association fees for any listing.
Utilities
Some renters are afforded the luxury of having utilities included in the rental price. When owning a home, you are responsible for paying for all utilities – water, gas, electric, internet, etc.The size of your home could cause your utilities cost to climb.
If you’re still unsure of which option best fits your lifestyle, connect with one of more than 9,000 agents to help you navigate the market. Ready to buy but you’re not sure what you can afford? Check out the mortgage calculator to help estimate possible monthly payments. Download the REIN.com app and put the power of fresh and accurate listing data in the palm of your hand. The app is available free in the App Store and Google Play Store. For local listings you can trust, start with REIN.com.
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