Renters Do Not Have To Pay These Home Expenses
There has always been a debate about whether it is better to rent or to own. Those who own their home usually have the argument, why pay rent when that money could go to a mortgage? Renters may have a thing or two up their sleeves though. Here are some expenses that renters do not have to worry about.
Property taxes are one expense that those who rent do not have to worry about paying. You have to take this into consideration when figuring out the cost of a home. Once you purchase that home, the property taxes are yours to take care of. However if you rent, this is something that your landlord must deal with, not you.
Homeowners must pay for all home maintenance. When you rent this is again something your landlord must deal with. As a renter when something needs fixed or replaced you call your landlord and they come and deal with it. When you own your own home, you do not call anyone; you must take care of it yourself. This could mean you pay for the supplies needed to fix whatever is broken yourself, or you can pay to have someone fix it for you, but either way you have to pay.
Depending on where you purchase your home you will have home owners’ association fees to pay. If you are required to pay this, there is no way out of it. When you rent this is not something that you have to worry about, this again is something that falls to your landlord to deal with.
Mortgage interest is another expense that renters do not have to worry about. Most people who purchase a home do not have the money in the bank to simply purchase it outright, therefore they must get a mortgage. Getting a mortgage means that you will not only have to pay for the home, but you will also have to pay interest on the loan as well. Renters do not have to deal with that.
Depending on what you are renting, whether it is an apartment or a house, and what your lease says, lawn care and snow removal is another fee that renters do not have to worry about. While there may not be many costs associated with removing snow from a driveway, you still have to have the shovel to do it, and you must spend the time doing it as well. When it comes to lawn care, the mower may only cost you once, but you will have to continue to put gas into it to make it run.
There are many expenses that those who own a home must deal with that those who rent simply do not have to worry about. These things must all be taken into consideration when figuring out the cost of homeownership. Many do not want to pay rent on a place when they can be paying on a mortgage instead, but they must not forget about all the other fees that come with owning a home.
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