Buying vs. Renting a Home Answers

Which of the following is not an advantage of buying a home?

Tomaso and three of his friends are splitting the cost to rent a house for $975 a month. The security deposit is $1,500 and there is a cleaning deposit of $325. They must pay first and last month's rent upon moving in.Tomaso has a cat, so he will pay an additional $150 pet deposit that his friends won’t. Approximately how much will Tomaso pay to move in? Round your answer to the nearest dollar.

Len and three of his friends decide to rent a house and split the cost evenly. They each paid $725 towards the total move-in cost of first month's rent, last month's rent, and a security deposit. If rent is $800 per month, how much was the security deposit?

Two friends decide to rent an apartment and split the cost evenly. They each paid $575 towards the total move in cost of first and last month's rent and a security deposit. If the apartment cost $325 per month to rent, how much was the security deposit?

Mika wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years. If he buys now, he could put $0 down, but he must pay closing costs of $7,100. His monthly mortgage payment will be $675. Mika decides to rent instead of buy because it is the cheapest option over the first 3 years. His move-in costs are one month's rent and a $750 security deposit, and he would still need to pay his first month's rent on top of these move-in costs. To the nearest dollar, what is the maximum amount of monthly rent payment he could pay?

Viola has to relocate for her job. She finds a townhome with an option to rent or buy. The conditions of each are shown below. Rent: Move-in costs of $2,380 and monthly payment of $845. Buy: Move-in costs of $5,260 and monthly payment of $785. Viola moves frequently due to her job, but she thinks that she will stay in the area for 4 years. Therefore, she decided to buy. Choose the best evaluation of Viola’s decision.

Kim-Su found an apartment that she wants to rent. The rent is $715 per month and there is a security deposit of $465. To move in, Kim-Su must have first month's rent, last month's rent and the security deposit. How much does Kim-Su need to move in?

Which of the following is not an advantage of renting?

Which of the following is a typical cost associated with renting?

Aleisha wants to buy a condominium. She has the choice of buying it now or renting it with the option to buy at the end of 4 years. If she rents now, she must pay a deposit of $1,500 and pay rent of $865 per month. If she buys, she would need closing costs and her mortgage payment would be $844 a month for 4 years. How much would her closing costs need to be in order for the cost to buy to be the same as the cost to rent?