I've used the typical online calculators like NY Times rent vs buy and read many posts on here about the various costs of homeownership, and I'd love to hear if anyone has an exhaustive list of all the costs that can come with owning property, but from the perspective of someone who is FI and minimizes these costs as far as possible.
I'm interested in single family owner occupied, but am also curious about how having tenants works in terms of additional requirements and expenses on that income.
For example, as a tenant, I only worry about my rent, and any utilities that aren't included (usually electricity and/or gas). (As a side note, I find this to be quite inexpensive, I'm frugal, and in retirement I would expect my income to be so low that my tax burden would be in the lowest federal & state 1-2 brackets, not much to write off.)
If you have a house, let's assume the mortgage is paid, what do you still have to worry about annually?
Here's what I know so far:
Property Tax, Insurance, Region Specific Insurance (such as floods, earthquakes), HOA if applicable, Appliances (such as refrigerator, water heater), Structural Maintenance (such as roof repair, paint), Lawn/Landscape Maintenance (such as lawnmower, gardening equipment), Taxes on Rental Income, Routine Repairs Between Tenants, Costs of Bad Tenants (Eviction Procedures, Major Repairs, Other?)
Submitted March 07, 2015 at 01:07AM by bemylittlethrowaway http://ift.tt/1x13RLm financialindependence
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