Question

What expenses do you need to budget for if you choose to buy a home? Check all that apply.

a mortgage payment
a rent payment
homeowners insurance
renters insurance
property taxes
a security deposit
a down payment
utility payments

Answer 1

Choose all that apply for buying a home:

- Mortgage payment — Yes
- Homeowners insurance — Yes
- Property taxes — Yes
- Down payment — Yes
- Utility payments — Yes

Not applicable when buying (from this list):

- Rent payment — No (rent is for renting)
- Renters insurance — No (renters insurance is for tenants)
- A security deposit — No (security deposits are typically for rentals; buyers may instead pay earnest money or closing costs)