Jim Curry - Home Buyers Guide V2 Book

cleanup, and snow removal all need to be taken care of by you. Renter advantage: If you rent, you don’t need to worry about any of these maintenance- and repair-related expenses. Admittedly, this is a major advantage over owning a home. Th ese obligations belong to the property owner/landlord, whether an appliance shuts down or your sink is leaking. Also, you won’t have any lawn or grounds care obligations. However, be prepared to wait for something to be fix ed. Even if you don’t have to foot the bill, there’s a chance that there’s a waiting list of repairs that need to be made for other tenan ts fir st. 2. Upfront and closing costs. Buying a home involves many upfront and closing costs, including earnest money, down payment, home inspection and appraisal, fir st year’s homeowner’s insurance, property taxes, real estate agent commission, attorney’s fees; the list goes on. Some buyers think only about the purchase price, down payment, and monthly mortgage payments and forget about these other important fees. Renter advantage: Renters don’t need to worry about upfront and closing costs; they just need to go through the application and approval process and be able to pay their monthly rent. 3. Relocation In fl exibility: Once you’ve purchased a home, it becomes trickier (and a lengthier, more complicated process) to sell and move than it is to break a rental lease. You need to prepare your home for showings, remove all your clutter and start packing, fin d a new place to live while putting your home on the market for a hopefully quick sale, and deal with potential issues like paying the mortgage while waiting for your home to sell. Renter advantage: Depending on the situation and contract you have with the landlord, moving — whether for work, travel, or family obligations — simply requires giving s uffi cient notice so you won’t be penalized. If you need to relocate before your lease 13

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