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Home Sweet Rental: The American Dream Is A Bunch Of Baloney

By Ilene
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Home Sweet Rental: The American Dream Is A Bunch Of Baloney

By James Altucher, courtesy of The Business Insider

sinkinghouse.jpg…When making the decision to buy vs. rent, people usually consider several factors — the rent vs. mortgage payment being the primary question. But there are other financial factors to consider, including:

* Your insurance premium.

* Property taxes (which are usually higher than any tax deduction you get from your mortgage interest).

* Maintenance (pipes break, electricity problems, etc.).

* Utilities (utilities and maintenance for renters is often reflected in the rental price, but it’s not reflected in a mortgage when you own).

* Yard work, pest control, remodeling, etc. (again, rents usually have this built into the price, but mortgages don’t)…

* A down payment of at least 15 percent, which is $90,000 on a $600,000 home.

* Closing costs, usually 5 percent of loan amount, or another $25,000.

* Initial remodeling costs…

Read the whole thing at NY Post >

 

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