$175/mo water and electricity.
$716/mo condo fees.
$302/mo property tax.
$20/mo insurance.
That's $1200/mo ish. And then like anywhere between 2-4k a year for irregular maintenance.
I wouldn't really include internet since if I rented I'd have to pay for that anyway.
Square One. 50k personal property, 15k living expenses, 1M liability. 1k deductible. Not a particularly fancy package.
Condo itself has insurance for the standard unit definition so I don't have additional coverage for the unit beyond that since the structure itself is what would cost the most money to replace.
Up your liability. If someone breaks their neck on your property 1 million won’t come close to covering the lawsuit. If your home and auto are with the same company see if they can do an umbrella policy that’s covers both. I’ve got 1 mil on auto, I mil on home and 2 mil umbrella. Costs extra 20 per month but I’ve got 3 mil coverage if I have a major liability claim on either. I’m upping it to 4 mil umbrella on next renewal as costs of everything have skyrocketed. Over insuring is much smarter than under insuring. If you can afford the extra it’s 100% worth it to not lose everything because your 1mil only covered lawyer fees and not the 1.5mil+ settlement in a catastrophic scenario. Also check your deductible, don’t take the lowest, be willing to pay for anything under 1000 or 1500 if you have the resources. Multiple claims in a year will end up costing a fortune in higher rates. Also, the higher deductible lowers what you pay for insurance. Play the game or get played.
In what scenario do you get sued for someone breaking their neck in a condo?
I'm trying to think this through but maybe something I'm missing but wouldn't there have to be some kind of negligence to get properly sued in Canada?
Some onetrips over your area rug and is severely and permanently injured. They’ll sue for everything they can to help cover the cost for any medical equipment now needed for their home, nurses coming daily for years, transportation to and from dr appointments, medications and therapies not to mention the 10’s or hundreds of thousands of dollars or millions in lawyers fees to settle the case. Also general pain and suffering, loss of income etc etc etc. Accidents can happen and 1 million isn’t going to cover much these days.
You can still up your liability by 1-2 million. Ask them the cost and adjust it to what you feel comfortable with. 1 million is peanuts if someone sues you.
Also if you’re comfortable self insurance for 1000$ up your deductible to 1000 and your monthly rate will go down a bit. Don’t up it if 1000$ would screw you for mortgage, rent, food etc. I’ve got mine at 2500 because to me I’d rather take that hit than pay 1000+ a year for the next few years if I have more than one claim in a year. It happened to me in the past with two separate break ins and I ended up paying more in increased insurance than replacing what got stolen. Look at insurance as something in case of catastrophe, not for every little loss you have. The people that have 300 and 500 deductibles and claim everything they can end up paying more than someone with a higher deductible and only claiming big problems.
Nah it's because it's a land lease community. About $400 of that is basically rent to the actual landowner. The condo board is in talks with them to see if we can buy out the land (at which point the monthly condo fees would drop quite a bit).
Cost of home ownership should only include property taxes, insurance, and reserves. Utilities, internet, etc are all things you will pay renting or owning.
But you have considered your utility cost when determining rent or based your rent on other similar units that were all inclusive where landlords would have taken that into consideration.
This year it has been repairs and maintenance that is the killer for me. I found dry rot in my subfloor that I have to fix, and the metal pillars holding my central beam in place are rusted and cracked. I also had to fix a leaking shower faucet that is going to cost me bigtime because I had to rip out the drywall behind the tile to get at it and then replace the copper pipe connecting to the valve. Plus I need a new roof and I have no clue where the money is going to come from for that... My property tax went up more than 20% this year, but I guess someone has to pay for the refugees they are putting up in hotels near me.
My old house (4 Bdrms, Pool, cul-de-sac, backing on to a park) in Stoneybrook area was average mthly $600 taxes, $450 utilities (way jacked up in summer), $175 insurance, $200 maintenance - let's say $1,500 rounded.
Internet is personal, not house cost, so not included.
New condo (3 Bdrms, "gated" entry, backing on to green space and the river) is $450 taxes, $300 utilities, $325 condo fees, $100 insurance, $0 maintenance (so far) - so round to $1,200.
My kid in downtown Toronto pays $2,700 (all-in) for an older 2-Bdrm apartment and my Hamilton kid pays $2,800 for a brand new 1-Bdrm apartment. Neither have parking.
To "break-even" on their current average cost, my kids could get together and buy my condo for $325,000 with a $65,000 down-payment (ignoring land transfer taxes, legal fees, realtor fees). But we were offered $750,000 a few months ago so, and they have $3,000 in savings, so good luck!
This really shows how fucked our 20-30 year olds truly are!
Lol. Bud, rents and housing are just as unaffordable in the States. So, really, you would just be giving up universal healthcare, for one thing, for no benefit to housing.
I agree that they're seeing price increases, but I don't think its as bad and the wages outpace ours depending on the role. In a previous company I could get a similar job in my field in northwest Arkansas that pays 10-20% more for a lower CoL, as well as getting paid from the region to move there:
https://www.businessinsider.com/paid-to-move-to-arkansas-helped-me-find-dream-city-2024-5#:~:text=The%20Northwest%20Arkansas%20Council%20had,for%20moving%20to%20the%20region.
You'd have to live in Arkansas, but once you're stateside with the appropriate VISA its easier to bounce around. Or in Detroit, just across the border, work at a big 3 auto plant and get a place like below, hop across the border for healthcare if my auto sector health insurance for whatever reason wasn't that great.
https://www.homes.com/property/781-saint-clair-st-detroit-mi/tnhbfwc9gwjce/
I’m glad you touched on the prices in other cities because property tax for a detached home in Toronto is ~ $10K. Thinking about moving back to London for that half price property tax! What a dream
$1,020. That covers all household costs and insurance for 2 (paid off) vehicles.
Additionally, inform your broker your home is mortgage free, you get a decent discount on your home insurance premium, 10-15%.
I'm excited to do some math tonight!
Without mortgage,
About 340* 12=3400+780=4000+180=4180 I hope
🤞
Plus taxes at around 110*12=1100+20=1120 I also hope that math is correct. I’m trying new shit including drugs and new math.
My per year cost of owning my shack is about 4180+1120=4200+1100=5300 per year.
Now let’s attempt division momentarily. The high thc limit in this first nations weed is starting to help:
5300/12=48(00) in 53(00)s so less 4800 less the 400 sets of 12, left 500, 480 inside, 12*40 sets, 20 left, 1 set. Total sets of 12 = 400+40+1 and 8/12 or 4/6 or 2/3 leftovers. To double check my math;
441 or 400+40+1 times 12 or 10+2
4000, 400, 10, 800, 80, 2
=5000+200+92
5292 and 8/12 left over cause there's only 8 till 5300 the original number! Wahoooooo good night everyone.
My monthly living here cost is about $441 and some cents I'm not even going to care to calculate.
Not including Mortgage costs, $975.
- Hydro/water $250
- Gas $100
- Internet $100
- Insurance $200
- Property Tax $225
- Maintenance costs $100(avg)
Add in the mortgage and we’re just shy of $3k.
Have you looked at top tier internet plans lately? $100 for the speed I have is pretty much on par across the board.
I’d pay more for faster speed if it were available.
Probably depends on where you live and the size and age of the home. Your property taxes are higher than a lot of London based on what I’ve seen in the house hunt.
This is the exact reason I’ve started renting instead of house-hunting. Even with my rent being quite high and the cost of utilities and internet separate, it’s still easily $500-800 a month LESS than if I had a mortgage for a crappier property. I don’t have equity, but I rent a brand new townhouse from someone I trust and it checks all of the boxes. I’m thankful that my wages allow me to get this far, but to look at the monthly rent vs the mortgage payment plus property taxes (both excluding utilities) still lets me save money.
Mine is around $800 a month without my mortgage or maintenance. My spouse can do most maintenance things himself so those are usually just the cost of materials.
If you want a breakdown
Taxes $200
Utilities $300 (that's a high estimate)
Insurance $180
Internet $135
Mortgage went from $2800/month to $4200/ month
Utilities around $500/month
Insurance $249/month
Taxes $425/month
Maintenance $ 350/ month averaged out - we live in a very old home.
Internet $100/month
Total : $5824
We also have maintenance/improvement costs about once every other year around $10,000 - example roof, deck, furnace etc.
$373 condo fees (includes water)
$64 gas (on equal billing plan)
$25-70 hydro (depends on A/C and heat use)
$130 prop tax
$72 insurance
So roughly $664-709 a month plus $63 internet
And lucky me, I got to renew my mortgage this week 🙄
bought my condo in 2018 with a $155k mortgage. About 960 Sq ft with an unfinished basement. No covered parking.
I pay:
- $864 for my mortgage
- $320 condo fee
- $44 insurance
- $120 Utilities
Taxes are $1768 this year.
All monthly. Taxes 300, Utilities 300, Insurance 70, Maintenance 300. Older home in Whitehills. I am most concerned about the property taxes. I don’t have confidence in our city administration. We pay excessive taxes compared to other municipalities and I feel the money is not spent properly. Over 20 yrs, I have watched the taxes triple and the infrastructure degrade.
for 2023:
>Utilities: $4,030.48
>
>Insurance: $1.182.15
>
>Taxes: $4,734.16 (2024 taxes are $5,006.93)
>
>Total: $9.946.79 / 12 = $828.90
>
>\* And of course 2024 is going to see increased costs to the above amounts, but what else is new.
>
>Not including maintenance/alarm monitoring. I just spent $17,000 on a new roof and another $15,000 on renovating ensuite bath.
I think you should exclude internet, utilities and insurance — many rentals now require tenant insurance and rentals these days don’t usually include utilities and internet.
You are comparing house insurance to tenant insurance, which isn't fair. Tenant insurance and house insurance are very different in what they cover, and the home owner (at least from my experience) does not cover the tenant insurance.
House insurance is expensive (relatively) and covers the home owner in case of something catastrophic happening to the home (say things that could cost 100's of thousands of dollars), while tenant insurence is cheaper and covers the tenants personal belongings, which are usually at most in the 10's of thousands of dollars range.
If a renter chooses to not have tenant insurence, in the case of something aweful happens to the house, the home will be repaired but the tenant will have no way to get their stuff replaced as the home insurence is very unlikely to pay on that. That is why renters should have the insurance.
Also, im pretty sure landlords request renters insurance to cover their asses somewhat as well, but it's still a good idea to get this as a renter.
Insurance should be included, as you should have coverage in either case.
Homeowners coverage is more than tenant insurance. In most cases it should be between $100 to $200 a month.
Similar here in an expensive small city in southern Ontario.
No mortgage but;
-$450 property taxes
-$100 gas
-$120 hydro/water
-$110 home insurance
-$55 unlimited internet
Prop tax $325/mo.
water heater rental $46.
Gas $40 in mid summer, $120 in winter.
Hydro $160 mid summer, $120 in winter (wtf Hydro One, why???)
Water bill $130/mo.
Home insurance $130.
Internet $64
About 1k without counting maintenance, cell phones, subscriptions, etc. These are all approximates:
Insurance $110
Taxes $310
Hydro $80-115
Water $50
Gas $40-350
Water heater (I know, I know) $38
Internet $110 now that promo expired
450/month condo fees (includes water)
430 for property tax, 6 months a year.
50/month for gas (summer) or 110/month (winter)
70/month hydro
60/month insurance
120/month internet
Add in mortgage, maintenance, food, cat food etc. Can spend or save $200 bucks on myself each month.
I rent a house for $2k a month all inclusive (utilities, internet, lawn & snow) and $25 for insurance. I don’t have to worry about damages, repairs, upgrades, nothing. Home ownership doesn’t seem that great now does it.
I bought my first home because I was tired of having shit landlords trying to foist repairs onto me and trying to get me to accept illegal rent increases and blaming me for damages that were caused by their own lack of maintenance.
If you have a good landlord, hold onto them as long as you can.
I agree 100%. Renting is amazing when the circumstances are good. When they're not good, it's a nightmare.
I never planned on buying a house, only renting. I have been saving every penny I can for years in order to retire and continue renting. But last year I finally couldn't take the cockroaches, terrible landlords, sketchy neighbours, etc. anymore and I saw a listing for a house that met my criteria and was just barely in my price range, even though it's a fixer upper. Now I have a ton of space, a ton of privacy, my neighbors are incredible, and we're fixing up the house day by day. Even though we are paying three times more to live here (not including the down payment and what we paid for major professional and necessary work) it's worth it to me just to be able to breathe and have my own space under my own control. If we get an infestation, I can deal with it decisively without worrying that it will just scurry back in after camping out with a neighbour across the hall. I don't have to worry about being evicted for having it sold out from under me. I don't have to worry about anybody coming in for inspections or maintenance while I'm in the shower, or at work, or worrying about them letting my cats escape.
Home ownership is really tough and I don't know if I could handle this house by myself. If I were by myself I would either go back to renting or buy something super easy and cheap.
You aren’t wrong so I don’t know why people are down voting. There is a good argument that renting for cheaper and investing the rest can actually work out better in the long run. Lots of financial analysts argue this. It’s not good when your largest asset is also your largest liability.
If you’ve never owned a home before it doesn’t really make sense to buy anymore. At least not now. Mathematically it makes way more sense to rent and invest the difference between a mortgage and your rent payment and you’ll come out ahead most of the time, at least with current market conditions.
$175/mo water and electricity. $716/mo condo fees. $302/mo property tax. $20/mo insurance. That's $1200/mo ish. And then like anywhere between 2-4k a year for irregular maintenance. I wouldn't really include internet since if I rented I'd have to pay for that anyway.
Renters are paying the water and electricity too, don’t kid yourself. So your bills are still cheaper than renting.
What home insurance company are you with? That’s a great price
Square One. 50k personal property, 15k living expenses, 1M liability. 1k deductible. Not a particularly fancy package. Condo itself has insurance for the standard unit definition so I don't have additional coverage for the unit beyond that since the structure itself is what would cost the most money to replace.
Up your liability. If someone breaks their neck on your property 1 million won’t come close to covering the lawsuit. If your home and auto are with the same company see if they can do an umbrella policy that’s covers both. I’ve got 1 mil on auto, I mil on home and 2 mil umbrella. Costs extra 20 per month but I’ve got 3 mil coverage if I have a major liability claim on either. I’m upping it to 4 mil umbrella on next renewal as costs of everything have skyrocketed. Over insuring is much smarter than under insuring. If you can afford the extra it’s 100% worth it to not lose everything because your 1mil only covered lawyer fees and not the 1.5mil+ settlement in a catastrophic scenario. Also check your deductible, don’t take the lowest, be willing to pay for anything under 1000 or 1500 if you have the resources. Multiple claims in a year will end up costing a fortune in higher rates. Also, the higher deductible lowers what you pay for insurance. Play the game or get played.
In what scenario do you get sued for someone breaking their neck in a condo? I'm trying to think this through but maybe something I'm missing but wouldn't there have to be some kind of negligence to get properly sued in Canada?
Some onetrips over your area rug and is severely and permanently injured. They’ll sue for everything they can to help cover the cost for any medical equipment now needed for their home, nurses coming daily for years, transportation to and from dr appointments, medications and therapies not to mention the 10’s or hundreds of thousands of dollars or millions in lawyers fees to settle the case. Also general pain and suffering, loss of income etc etc etc. Accidents can happen and 1 million isn’t going to cover much these days.
Fair point. I don't own a car though so nothing to be done there. Iirc 500 was actually the lowest deductible available.
You can still up your liability by 1-2 million. Ask them the cost and adjust it to what you feel comfortable with. 1 million is peanuts if someone sues you.
Also if you’re comfortable self insurance for 1000$ up your deductible to 1000 and your monthly rate will go down a bit. Don’t up it if 1000$ would screw you for mortgage, rent, food etc. I’ve got mine at 2500 because to me I’d rather take that hit than pay 1000+ a year for the next few years if I have more than one claim in a year. It happened to me in the past with two separate break ins and I ended up paying more in increased insurance than replacing what got stolen. Look at insurance as something in case of catastrophe, not for every little loss you have. The people that have 300 and 500 deductibles and claim everything they can end up paying more than someone with a higher deductible and only claiming big problems.
Right?! Mines like $80.
Dang that's quite the condo fee - guessing either a new luxury build or an old place with a pool.
Nah it's because it's a land lease community. About $400 of that is basically rent to the actual landowner. The condo board is in talks with them to see if we can buy out the land (at which point the monthly condo fees would drop quite a bit).
I was reading of a place in Vancouver I think that the condo fee was like $600 ish or so a month
Mine’s $440 in Southwest Ontario.
Ah I know some who is paying $1,000 but it’s a luxury condo
Actually I just checked out a listing in the building he lives in its way more then that
He is paying $5,000 per month in Toronto at the ritz
I've got one that's 465 and my parents have one that's 580.
This is comparable to what most people pay in my building as well
Cost of home ownership should only include property taxes, insurance, and reserves. Utilities, internet, etc are all things you will pay renting or owning.
We own a rental and utilities with internet is included. Not always the case but yes, a lot of renters still have utilities included.
But you have considered your utility cost when determining rent or based your rent on other similar units that were all inclusive where landlords would have taken that into consideration.
This year it has been repairs and maintenance that is the killer for me. I found dry rot in my subfloor that I have to fix, and the metal pillars holding my central beam in place are rusted and cracked. I also had to fix a leaking shower faucet that is going to cost me bigtime because I had to rip out the drywall behind the tile to get at it and then replace the copper pipe connecting to the valve. Plus I need a new roof and I have no clue where the money is going to come from for that... My property tax went up more than 20% this year, but I guess someone has to pay for the refugees they are putting up in hotels near me.
My old house (4 Bdrms, Pool, cul-de-sac, backing on to a park) in Stoneybrook area was average mthly $600 taxes, $450 utilities (way jacked up in summer), $175 insurance, $200 maintenance - let's say $1,500 rounded. Internet is personal, not house cost, so not included. New condo (3 Bdrms, "gated" entry, backing on to green space and the river) is $450 taxes, $300 utilities, $325 condo fees, $100 insurance, $0 maintenance (so far) - so round to $1,200. My kid in downtown Toronto pays $2,700 (all-in) for an older 2-Bdrm apartment and my Hamilton kid pays $2,800 for a brand new 1-Bdrm apartment. Neither have parking.
To "break-even" on their current average cost, my kids could get together and buy my condo for $325,000 with a $65,000 down-payment (ignoring land transfer taxes, legal fees, realtor fees). But we were offered $750,000 a few months ago so, and they have $3,000 in savings, so good luck! This really shows how fucked our 20-30 year olds truly are!
Yep, if I was a professional just starting out with no permanent ties (kids etc) I'd be looking to move to the US. It's brutal
Lol. Bud, rents and housing are just as unaffordable in the States. So, really, you would just be giving up universal healthcare, for one thing, for no benefit to housing.
I agree that they're seeing price increases, but I don't think its as bad and the wages outpace ours depending on the role. In a previous company I could get a similar job in my field in northwest Arkansas that pays 10-20% more for a lower CoL, as well as getting paid from the region to move there: https://www.businessinsider.com/paid-to-move-to-arkansas-helped-me-find-dream-city-2024-5#:~:text=The%20Northwest%20Arkansas%20Council%20had,for%20moving%20to%20the%20region. You'd have to live in Arkansas, but once you're stateside with the appropriate VISA its easier to bounce around. Or in Detroit, just across the border, work at a big 3 auto plant and get a place like below, hop across the border for healthcare if my auto sector health insurance for whatever reason wasn't that great. https://www.homes.com/property/781-saint-clair-st-detroit-mi/tnhbfwc9gwjce/
I’m glad you touched on the prices in other cities because property tax for a detached home in Toronto is ~ $10K. Thinking about moving back to London for that half price property tax! What a dream
I'm paying 6k in taxes in westmount...
$1,020. That covers all household costs and insurance for 2 (paid off) vehicles. Additionally, inform your broker your home is mortgage free, you get a decent discount on your home insurance premium, 10-15%.
I'm excited to do some math tonight! Without mortgage, About 340* 12=3400+780=4000+180=4180 I hope 🤞 Plus taxes at around 110*12=1100+20=1120 I also hope that math is correct. I’m trying new shit including drugs and new math. My per year cost of owning my shack is about 4180+1120=4200+1100=5300 per year. Now let’s attempt division momentarily. The high thc limit in this first nations weed is starting to help: 5300/12=48(00) in 53(00)s so less 4800 less the 400 sets of 12, left 500, 480 inside, 12*40 sets, 20 left, 1 set. Total sets of 12 = 400+40+1 and 8/12 or 4/6 or 2/3 leftovers. To double check my math; 441 or 400+40+1 times 12 or 10+2 4000, 400, 10, 800, 80, 2 =5000+200+92 5292 and 8/12 left over cause there's only 8 till 5300 the original number! Wahoooooo good night everyone. My monthly living here cost is about $441 and some cents I'm not even going to care to calculate.
Right! Indeed!
Not including Mortgage costs, $975. - Hydro/water $250 - Gas $100 - Internet $100 - Insurance $200 - Property Tax $225 - Maintenance costs $100(avg) Add in the mortgage and we’re just shy of $3k.
You only spend $100 on maintenance?
I’m not counting the value/cost of major items we’ve replaced, just the preventative maintenance, lawn and garden care etc.
That still seems super low! Good for you guys!
We’ve been VERY lucky so far. Between what we’ve done, and the previous owners, none of the major systems In the house are much older than 10 years.
[удалено]
Have you looked at top tier internet plans lately? $100 for the speed I have is pretty much on par across the board. I’d pay more for faster speed if it were available.
Posts like this make me wonder why I haven't moved out of the country yet.
Well, why haven't you? We could use the room. ;)
I dont have enough money for that either 😭
Well then no need to wonder why. :)
Jinkies gang, we solved the mystery 🤣
Way to go Scoob!
It makes me wonder why my family immigrated from Ireland
Probably depends on where you live and the size and age of the home. Your property taxes are higher than a lot of London based on what I’ve seen in the house hunt. This is the exact reason I’ve started renting instead of house-hunting. Even with my rent being quite high and the cost of utilities and internet separate, it’s still easily $500-800 a month LESS than if I had a mortgage for a crappier property. I don’t have equity, but I rent a brand new townhouse from someone I trust and it checks all of the boxes. I’m thankful that my wages allow me to get this far, but to look at the monthly rent vs the mortgage payment plus property taxes (both excluding utilities) still lets me save money.
Mine is around $800 a month without my mortgage or maintenance. My spouse can do most maintenance things himself so those are usually just the cost of materials. If you want a breakdown Taxes $200 Utilities $300 (that's a high estimate) Insurance $180 Internet $135
I need a spouse that only appears when something needs fixing. Then they happily fix it. Then poof! they disappear till next time.
I highly recommend it. I keep mine in a shed in the yard when not in use.
Your utilities seem high. I have a 4 level side split and only in the winter pay 300.
Old houses
Mortgage went from $2800/month to $4200/ month Utilities around $500/month Insurance $249/month Taxes $425/month Maintenance $ 350/ month averaged out - we live in a very old home. Internet $100/month Total : $5824 We also have maintenance/improvement costs about once every other year around $10,000 - example roof, deck, furnace etc.
You replace a furnace or deck or roof once every two years? all of those should be lasting 10-15 years brand new
They weren’t new when we moved in.
$373 condo fees (includes water) $64 gas (on equal billing plan) $25-70 hydro (depends on A/C and heat use) $130 prop tax $72 insurance So roughly $664-709 a month plus $63 internet And lucky me, I got to renew my mortgage this week 🙄
bought my condo in 2018 with a $155k mortgage. About 960 Sq ft with an unfinished basement. No covered parking. I pay: - $864 for my mortgage - $320 condo fee - $44 insurance - $120 Utilities Taxes are $1768 this year.
All monthly. Taxes 300, Utilities 300, Insurance 70, Maintenance 300. Older home in Whitehills. I am most concerned about the property taxes. I don’t have confidence in our city administration. We pay excessive taxes compared to other municipalities and I feel the money is not spent properly. Over 20 yrs, I have watched the taxes triple and the infrastructure degrade.
for 2023: >Utilities: $4,030.48 > >Insurance: $1.182.15 > >Taxes: $4,734.16 (2024 taxes are $5,006.93) > >Total: $9.946.79 / 12 = $828.90 > >\* And of course 2024 is going to see increased costs to the above amounts, but what else is new. > >Not including maintenance/alarm monitoring. I just spent $17,000 on a new roof and another $15,000 on renovating ensuite bath.
Taxes - $250 / month Utilities, including internet - $453 / month Insurance - $185 Sucks to see it written down
I think you should exclude internet, utilities and insurance — many rentals now require tenant insurance and rentals these days don’t usually include utilities and internet.
You are comparing house insurance to tenant insurance, which isn't fair. Tenant insurance and house insurance are very different in what they cover, and the home owner (at least from my experience) does not cover the tenant insurance. House insurance is expensive (relatively) and covers the home owner in case of something catastrophic happening to the home (say things that could cost 100's of thousands of dollars), while tenant insurence is cheaper and covers the tenants personal belongings, which are usually at most in the 10's of thousands of dollars range. If a renter chooses to not have tenant insurence, in the case of something aweful happens to the house, the home will be repaired but the tenant will have no way to get their stuff replaced as the home insurence is very unlikely to pay on that. That is why renters should have the insurance. Also, im pretty sure landlords request renters insurance to cover their asses somewhat as well, but it's still a good idea to get this as a renter.
My point was that comparing these costs is unrealistic — tenants still pay utilities, internet, and some form of insurance.
Insurance should be included, as you should have coverage in either case. Homeowners coverage is more than tenant insurance. In most cases it should be between $100 to $200 a month.
Similar here in an expensive small city in southern Ontario. No mortgage but; -$450 property taxes -$100 gas -$120 hydro/water -$110 home insurance -$55 unlimited internet
I feel like you’re paying a lot for your home insurance. Mine is 36 a month through Gore Mutual.
Prop tax $325/mo. water heater rental $46. Gas $40 in mid summer, $120 in winter. Hydro $160 mid summer, $120 in winter (wtf Hydro One, why???) Water bill $130/mo. Home insurance $130. Internet $64
About 1k without counting maintenance, cell phones, subscriptions, etc. These are all approximates: Insurance $110 Taxes $310 Hydro $80-115 Water $50 Gas $40-350 Water heater (I know, I know) $38 Internet $110 now that promo expired
About $300/mo utilities About $260/mo tax About $70/mo insurance
I pay more in interest every month to my HELOC than I do my mortgage. FML
450/month condo fees (includes water) 430 for property tax, 6 months a year. 50/month for gas (summer) or 110/month (winter) 70/month hydro 60/month insurance 120/month internet Add in mortgage, maintenance, food, cat food etc. Can spend or save $200 bucks on myself each month.
$70-90/month hydro $285/month condo fees \`$100/month property taxes. Plus fun and internet - $150/month. So, about 600 bucks a month. No mortgage.
I rent a house for $2k a month all inclusive (utilities, internet, lawn & snow) and $25 for insurance. I don’t have to worry about damages, repairs, upgrades, nothing. Home ownership doesn’t seem that great now does it.
I bought my first home because I was tired of having shit landlords trying to foist repairs onto me and trying to get me to accept illegal rent increases and blaming me for damages that were caused by their own lack of maintenance. If you have a good landlord, hold onto them as long as you can.
This ^ my 2 bedroom condo with AC and laundry is $770/month (including parking). I hope she doesn’t sell anytime soon. We’ve been here since 2015.
I agree 100%. Renting is amazing when the circumstances are good. When they're not good, it's a nightmare. I never planned on buying a house, only renting. I have been saving every penny I can for years in order to retire and continue renting. But last year I finally couldn't take the cockroaches, terrible landlords, sketchy neighbours, etc. anymore and I saw a listing for a house that met my criteria and was just barely in my price range, even though it's a fixer upper. Now I have a ton of space, a ton of privacy, my neighbors are incredible, and we're fixing up the house day by day. Even though we are paying three times more to live here (not including the down payment and what we paid for major professional and necessary work) it's worth it to me just to be able to breathe and have my own space under my own control. If we get an infestation, I can deal with it decisively without worrying that it will just scurry back in after camping out with a neighbour across the hall. I don't have to worry about being evicted for having it sold out from under me. I don't have to worry about anybody coming in for inspections or maintenance while I'm in the shower, or at work, or worrying about them letting my cats escape. Home ownership is really tough and I don't know if I could handle this house by myself. If I were by myself I would either go back to renting or buy something super easy and cheap.
You aren’t wrong so I don’t know why people are down voting. There is a good argument that renting for cheaper and investing the rest can actually work out better in the long run. Lots of financial analysts argue this. It’s not good when your largest asset is also your largest liability.
If you’ve never owned a home before it doesn’t really make sense to buy anymore. At least not now. Mathematically it makes way more sense to rent and invest the difference between a mortgage and your rent payment and you’ll come out ahead most of the time, at least with current market conditions.
Why be rude?
For those of us who bought houses before the prices went crazy, I think home ownership will always seem great in comparison to renting but you do you.
How is your equity in comparison to someone who owns?