RentThe price I pay to live in my home is, by far, my highest monthly expense. For what I have, a 4 bedroom, 2.5 bath home with a sunroom and 2 car detached garage, in a really nice neighborhood, it is cheap. In fact, most 2 bedroom – 1 bathroom (run down) apartments in my city, are near the same monthly cost. I pay $1100 in rent for my home. It belongs to my friend. I often have conversations with him about whether he needs to raise the rent or sell the house as he recently bought another house for him and his girlfriend. I tell him he can rent it out for at least $1450-$1550 per month, and he always counters with:
- he doesn’t want strangers in his house
- he doesn’t have time to get the house interior painted for renting (it still has personal paint designs from his ex like one bedroom painted with an underwater theme, sharks and all)
- he saves money by not having a storage unit to store all his tools – we share use of the garage and storage shed
- he saves money by not having to store his enclosed trailer that is parked next to the garage
- he saves money by not having to store his 2 project trucks that are parked in the backyard
My utilities run around $400 per month, so I pay out around $1500 per month for my housing expenses. This may not seem like much to most people, but it’s a significant portion of my spending.