- Initial costs are the costs you incur when you go to the closing for the home you are purchasing. This includes the down payment and other fees.
- Recurring costs are expenses you will have to pay monthly or yearly in owning your home. These include EMI payments, maintenance and renovation costs, property taxes and homeowner’s insurance. Property taxes, the interest part of the loan payment are tax deductible. The resulting tax savings is accounted for in each item’s totals.
- Opportunity costs are tracked for the initial purchase costs and for the recurring costs. The former will give you an idea of how much you could have made if you had invested the down payment instead of buying your home.
- Initial costs include the rent security deposit and, if applicable, the broker’s fee.
- Recurring costs include the monthly rent and the maintenance cost.
- Opportunity costs are calculated each year for both your initial costs and your recurring costs.
What if you stop paying 25k rent and buy a 35 lac home from CMRS?
Buying is more profitable to you over the next 25 years. You can save approx if you buy with CMRS Group!