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Money and Finances
Reply to "Deciding between renting and buying"
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[quote=Anonymous][quote=Anonymous]It's hard to tell whether your ownership expenses are reasonable when you clump them together like that. You should separate out the mortgage (PITI) from the maintenance and utility costs. Does the $300 include car insurance on car #2?[/quote] OP here. Thanks everyone. It is so helpful to have outside perspective. Here's my calculation on a 550k house with 10% down: PITI: $3,500k Utilities: $500 (gas, electric, internet, water, trash...) Then assuming maintenance costs of $6k per year or $500/month for things like yard maintenance, random things breaking, having to buy things like a lawnmower for the first time). I think this is an underestimate as I watch friends have roofs leak and pipes break... As for the second car, I didn't think about insurance (so thanks!!) so maybe that would be more like $350/mo for a second car. Living in the condo is not an option. [/quote]
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