Often, people look at a mortgage payment and a monthly rent payment and, if the two are even close, they assume that buying is the better deal. After all, if you rent, you’re just throwing your money away. Or are you?
While there are good reasons to buy and equally good reasons to rent, you should carefully consider the total costs of both before you make a decision to do either. Factor in things like the difference in renters insurance and homeowners insurance and the amount of time you will have to spend maintaining a home.
Consider this: If you rent an apartment or house, you have limited peripheral expenses. In most cases, the utility costs will be lower in an apartment. In some cases, utilities are even included in the rent. Before buying a home, find out what the average utility costs are in a given area. If you’re buying an older house, take a good look at the wiring and furnace. If
Unless it’s happened to you before, or to someone you know, chances are you haven’t stopped to consider just how devastating it would be if you were to lose everything you owned in a fire or other disaster. You haven’t thought about what would happen if you were to be robbed of your most valuable possessions.
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