Choosing your home is one of the most important decisions you will make. If you do not have all of the facts and the right information, you could make a decision that would ruin you financially.  Visit homequiz.net to see if home ownership is right for you!

Owning and caring for a house is not a part of the “American dream” for everyone. Based on lifestyle needs, renting often makes more sense. When you choose the home that best suits your needs, consider how the following factors fit your lifestyle and your future.

MONTHLY COST COMPARISON

MONTHLY EXPENDITURES	RENT	OWN
Monthly Payment	$696	$782
Property Taxes (variable)	$0	$121
Mortgage Insurance (PMI) (Required if down payment is less than 20%)	$0	$90
Renter’s/Hazard Insurance	$20	$35
Electricity/Gas	$70	$150
Water/Sewer (If not included in rent)	$16	$40
Repairs (Average 1% of Purchase Price)	$0	$120
Lawn/Garden Care	$0	$100
Homeowner’s Assoc. Dues	$0	varies
Total Monthly Expenses (Estimate)	$802	$1438 (w/out HOA dues)
Upfront Expenses	0 - $300	$7250
Rent: Security Deposit (Refundable) Own: Down Payment of 5%
Assumptions: Renting: $696 average for 2 bedroom apt. in 2003 Source: CB Richard Ellis Owning: $145,000 home. (Average price in Central Indiana in fourth quarter 2003);               Fixed rate loan of $137,750 for 30 years @ 5.5% interest; Down payment of $7250               (5% of purchase price) Source: Metropolitan Indianapolis Board of Realtors Are you ready to own a home? Take the homeQUIZ and find out.

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