Sometimes you think that all you could ever want is a house, however, these guys are right when they say that the expenses are many. A friend of mine had a house for about a year then found termites. The damage was extensive to part of the house. Costs were unreal!

Wanderer wrote: Pinky there is another thing to be aware of, once you own the property you own all the expenses such as roofs, appliances, furnaces and so on.

There's also property taxes and insurance, paying for tree removal before it damages your house or your neighbors,possible HOA fees, and on and on the expenses go. That's why I've never wanted to own a home. When something breaks, I call the landlord who fixes it that day. And if the job market changes, I can more easily move. Nothing beats apartment living for me. It's an unpopular opinion though, and it drives my family crazy that I won't buy a home.

It's hard to save up for a home. I only managed it on an inexpensive condo because I crashed with a family friend for a year. He'd already paid off his house and knew I was struggling so he only had me help him with the utility bill. Part of our bargain though (and only something family can get away with) was that I save what he normally charged in rent. It was a good lesson and a lucky break.

Wanderer wrote: Pinky there is another thing to be aware of, once you own the property you own all the expenses such as roofs, appliances, furnaces and so on. Yes, often times we can own for less a month than renting but what happens when the big ticket items pop up? The big ticket items can break the bank. Speaking with experience I just paid $9,500 for a complete new roof system which at my lower income hurt. Still need modern doors and windows (wind blows through them as if they were open). So, keep this in mind. Living in the country can leave us sitting with a new well and sewage system equaling $12K to $20K in replacement costs. There is more to owning than the mortgage payment. In many circumstances larger cities there is certainly an appreciation factor but in rural America today (speaking with experience - lots), appreciation is a word in the dictionary.

Very situational, but I think overall you don't make a great return on your home. All the cost you just mentioned, I think you are usually lucky to breakeven.

Pinky there is another thing to be aware of, once you own the property you own all the expenses such as roofs, appliances, furnaces and so on. Yes, often times we can own for less a month than renting but what happens when the big ticket items pop up? The big ticket items can break the bank. Speaking with experience I just paid $9,500 for a complete new roof system which at my lower income hurt. Still need modern doors and windows (wind blows through them as if they were open). So, keep this in mind. Living in the country can leave us sitting with a new well and sewage system equaling $12K to $20K in replacement costs. There is more to owning than the mortgage payment. In many circumstances larger cities there is certainly an appreciation factor but in rural America today (speaking with experience - lots), appreciation is a word in the dictionary.

I don't have enough money to put down 5% of a $100,000 home. If I could, I would only be too happy to purchase. But, some of us don't make enough to stockpile money for a down payment. I can barely get enough together to pay first and deposit when moving is necessary. Sometimes it is the only thing we can do.

Some people I think are trying to exclude certain people, i.e., persons that don't make a lot of money, from trying to rent from them. The way I understand it is it's up to the renter and landlord how much is too much to put down. Some people can just afford it.

When I rented out my house in Las Vegas (without a property manager) I just charged the tenant first month's rent plus a security deposit that was equal to a month's rent. When I started using a property manager, they charged the new tenant the same - first month's rent plus security deposit. I've only lived in AZ, NM, TX and NV but I've never heard of having to pay first and last months rent, on top of a security deposit.

I am the same way. I have never had to pay the last months rent. Maybe its different in other states.

Egghead wrote: Someone said that they can't risk losing the 1st and last month of rental payments and just get their deposit back, but I must be missing something. Surely the last month would be in lieu of an actual payment so you are not losing anything at all in practice, right?

Not everyone uses the deposit or "last months rent" for the last months rent. I never understood this anyway. I have only ever paid the first months rent and a security deposit. I know people use the term first, last and deposit.

I would think if they are truly "losing" their last month of rent, they must have done something, like skip out on a lease. But then again, they wouldn't get their deposit back either if they did that. I don't know, Egghead - that's a confusing one.

Someone said that they can't risk losing the 1st and last month of rental payments and just get their deposit back, but I must be missing something. Surely the last month would be in lieu of an actual payment so you are not losing anything at all in practice, right?

Its usually a state by state basis and sometimes there are city requirements as well.

Asking for first, last, and security in some places may have to do with how long it takes to evict a non-paying tenant. I've lived in some places where a tenant who doesn't pay can be legally removed within a couple of weeks, but other places take a lot longer. Maybe some landlords ask for that extra money just in case they have to wait out the eviction court.

In the only two apartments that I have lived in, they asked for a security deposit and first months rent. I've never been asked for last months rent upfront although I have heard other people say that this is the case. I wonder if it has something to do with signing a lease? I've never signed a lease for the apartments that I've rented.