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re: Buying home vs Continuing to rent
Posted on 8/5/16 at 11:04 am to SouthMSReb
Posted on 8/5/16 at 11:04 am to SouthMSReb
The hidden costs of owning a home really add up over time. On my last house that I owned for ~10 years, I had the following:
- New roof (insurance deductible)
- New roof again (deductible)
- Property taxes
- Deck repairs
- Garage door replacement
- Carpet replacement
- window replacement
- landscaping
- Mortgage interest
- Home insurance
etc.
After adding up all the costs that I could not recoup, I spent over $900/month over 10 years just to own the house.
- New roof (insurance deductible)
- New roof again (deductible)
- Property taxes
- Deck repairs
- Garage door replacement
- Carpet replacement
- window replacement
- landscaping
- Mortgage interest
- Home insurance
etc.
After adding up all the costs that I could not recoup, I spent over $900/month over 10 years just to own the house.
Posted on 8/5/16 at 12:00 pm to notsince98
Yep, that is something a lot of people don't take into consideration. If the house is over 10 years old, there is always something that needs to be done to it. Repairs add up QUICKLY, especially when you start talking about replacing windows, doors, light fixtures, sinks, etc. I had to get a new front door a couple of years ago and was blown away at how expensive they were. Ended up being about $6,000 installed. You get a couple of expenses like that in one year, and renting looks more attractive.
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