[TPC2]

We're currently renting a house in the NW and love it. We're now trying to get our facts together to determine if we can afford to buy next spring/summer.
While browsing this forum I came across the terms SIDS and LIDS - looked them up and understand them (I think), but in the process also came across the term "master community fee" - is this in addition to the HOA(s)?
Is there a way I can definitively find out the monthly cost of owning the home excluding mortgage before making an offer(fees, property taxes etc.)? - Obviously this will influence the price range we look at.
Will a house inspection tell us, reliably, how much life there is left in things like: roof, plumbing, electrical wiring, air conditioning?
We're currently paying for water, gas and electricity so those would not be new costs. We would have to balance current rent against mortage and HOA(s). Also the additional costs of switching the renters insurance to homeowners insurance.
We would have to pay for landscaping maintenance and Republic service if not included in HOA, maintenance/repair/replacement of all major appliances.
Am I missing anything - cost-wise?

Thanks - I appreciate your time and expertise.
Pam

[von949]

Three questions.

How much do you currently pay in rent?

How much do you pay for renters insurance?

What is it that you love about the home you are renting now.

[ScoopLV]

Originally Posted by TPC2

Will a house inspection tell us, reliably, how much life there is left in things like: roof, plumbing, electrical wiring, air conditioning?
We're currently paying for water, gas and electricity so those would not be new costs. We would have to balance current rent against mortage and HOA(s). Also the additional costs of switching the renters insurance to homeowners insurance.
We would have to pay for landscaping maintenance and Republic service if not included in HOA, maintenance/repair/replacement of all major appliances.
Am I missing anything - cost-wise?

1) No. Home inspections are designed to identify major things that are broken (or soon to break) right now. They're not going to go out on a limb and offer timetables.

2) Renters vs. Homeowners depends on the policy and the amount covered.

3) I've never heard of trash being included in anything besides condo fees. House owners pay for trash.

4) Why pay for landscaping? Buy a pair of pruners and spend one afternoon every couple months doing it yourself.

5) There is always something to fix or improve when you own. That's where the money goes -- installing the under cabinet LED lights, better storage in the pantry, repainting the front door, planting fruit trees. For us, that's where the money goes.

[TPC2]

Originally Posted by ScoopLV

1) No. Home inspections are designed to identify major things that are broken (or soon to break) right now. They're not going to go out on a limb and offer timetables.

2) Renters vs. Homeowners depends on the policy and the amount covered.

3) I've never heard of trash being included in anything besides condo fees. House owners pay for trash.

4) Why pay for landscaping? Buy a pair of pruners and spend one afternoon every couple months doing it yourself.

5) There is always something to fix or improve when you own. That's where the money goes -- installing the under cabinet LED lights, better storage in the pantry, repainting the front door, planting fruit trees. For us, that's where the money goes.

Thanks Scoop - we used to own in NY so I'm familiar with your response to (5).
The inspection in NY would give a rough estimate of expected life on major items, but I realized things might be different here.
Thanks for the response re: trash - the community I'm in now includes in HOA so that would have been a surprise
As far as landscaping goes, would we not be required to periodically put out new pebbles etc.? (really don't know what I'm talking about on this one).
Thanks again,
Pam

[TPC2]

Originally Posted by von949

Three questions.

How much do you currently pay in rent?

How much do you pay for renters insurance?

What is it that you love about the home you are renting now.

Hi Von,
Don't want to be specific, rent is in-line with other rentals in the area for comparable houses. Renters ins.is a bit higher than we really need.

The home has space, closets, washer/dryer on same floor, 2-car garage, safe, quiet neighborhood with plenty of places to walk safely and being in the NW a tiny bit cooler.

[Jalhop]

Search for the the "NY Times rent vs. buy calculator". Rent and house price appreciation/depreciation are the biggest factors. The calculator will give a decent idea on the current difference in cost incl. after taxes, if you input correct info.

[Willy702]

To be quite honest right now unless you bought a luxury home, your cost to own is going to be less than cost to rent. Qualification concerns will come down to credit score and having enough money to put down, almost any two income family brings in enough to qualify for a loan at current interest rates. The real factor most people in your situation need to ask is will we stay in the home at least 3-4 years. If so then its usually a no-brainer as long as you have the credit and down payment.

[baily23]

Your monthly mortgage/escrow payment should be a lot less for the same house that you are currently renting. You can see the HOA fees, annual property taxes, and sids/lids on a Realtor's MLS printout.

One thing that you didnt mention is the sewer bill for the city which is billed annually. Mine is around $20/month (not to bad). Plus owning a home has a lot of tax savings.

[HSV2LAS]

Just quick question on electric bill in Nevada in general, during the really hot months like June-August does your electric bill double? Meaning to keep the house cool at 72 degrees for a 2,300 sq ft home run you around $300 for two story home or more higher $?

[von949]

Originally Posted by TPC2

Hi Von,
Don't want to be specific, rent is in-line with other rentals in the area for comparable houses. Renters ins.is a bit higher than we really need.

The home has space, closets, washer/dryer on same floor, 2-car garage, safe, quiet neighborhood with plenty of places to walk safely and being in the NW a tiny bit cooler.

Was not trying to put you on the spot. Just needed something to compare to. Sorry about that.

I will use my own rent versus own as a comparison.

My last apartment was $820 monthly with about $30 a month renters insurance. 1250 square feet space. Apartment was 30 seconds from work. Total $850

For the home I just recently purchased, mortgage is $830, $60 HOA, Insurance and taxes included. Nearly twice the square footage, less than 5 years old, all the upgrades, 15-20 minutes from work, much better neighborhood. Total $890

Owning is a much better deal for my situation.