1. Hidden costs of owning AND
renting a home.

2. But many people aren't aware of the
hidden, costs associated with both owning AND
renting a home, and it's what you don't know
that has the potential to derail your rent vs. buy
decision-making, so here are the Top Hidden
Costs of both renting and owning your home:

3. Top 5 Hidden Costs of Owning

4. 1.Special assessments. Condo fees to maintain the
complex come as no surprise to condo owners, but
hefty special assessments to make unexpected (and
unbudgeted) repairs to the roof, windows, boiler or
even foundation often catch unit owners unawares.
Even if your home doesn’t belong to an Condo
Association, don’t be surprised to see special
assessments tacked on top of your property tax
bill, covering public services including things like
street lighting, tree trimming, pest
control, libraries, and even schools.

5. 2.Utilities and services you didn’t need while
renting. Many renters have never had to pay for
things like gas, garbage, water and landscape
services.

6. 3.Mortgage insurance. Today’s
savvy homebuyers are well
aware they’ll have to pony up
for mortgage insurance, if they’re
putting less than 20 percent down
on their mortgage. the cost of Mortgage
Insurance has gone up over the last year, and
the amount definitely catches buyers off guard.

7. 4. Penalties and fines. Condo rule violations, like
parking in the wrong spot, installing hardwood floors
in an upstairs unit, or painting your home a
forbidden hue can result in surprising fines, on top of
the costs of remediating the issue. Even single-family
homeowners can get ticketed and/or fined by their
city or town for violations like having overgrown
weeds or other building code violations – especially
those which create fire and safety hazards.

8. 5. Items you didn't need while renting, but you
do as a homeowner. This varies based on your
climate and the type of home you own, as well
as on the services you outsource, but can
include landscaping
equipment, washer/dryer, fridge, window
treatments, and light fixtures.

9. Top 4 Hidden Costs of Renting

10. 1.Opportunity Costs. When you rent, you lose
out on the chance of equity – which can mean
an increase in your home’s value but, even in a
down market, can also mean the chance of ever
owning the place you live free and clear.

11. 2.Storage. Many a renter simply has too many
personal belongings to stuff into their small
apartment, so it’s not uncommon for tenants to
also pay for a storage space, without calculating
that expense into their “housing” budget.

12. 3.Costs of improving the property. Long-term
renters may paint, replace the flooring, and do
other improvements to make the place
livable. But since it’s not technically “their”
home, when they do move out, all the cash they
invested is lost. In fact, some landlords may
require them the pay or forfeit deposit money to
bring the place back to its original, décor.

13. 4.Lost deposits. Anyone who has rented more
than a couple of apartments is well aware of the
chances of losing some or all of your security
deposits, no matter how well you care for your
home.

14. Randy Bett
Investment Realtor/Author/Investor
Real Estate Professionals Inc.
Better Group Real Estate
202-5403 Crowchild Trail NW
Calgary, AB T3B 4Z1
Phone:403-774-7464 Ext:1
Fax:403-208-0082
Toll Free fax:888-711-6801

15. Randy Bett
www.BetterGroupRealEstate.ca