The estimated total costs of renting are meant to provide a person with an idea of whether they should rent or purchase a property. These estimated costs serve the important purpose of providing the potential renter with an idea of every different cost they might incur. It helps the potential renter recognize the costs beyond just the monthly rent, which is the easiest to recognize. Some of the costs might include renter’s insurance and any sort of homeowners association fees that come along with the property. Parking charges and any potential fines must also be calculated in this estimation. People will take the estimated total costs of renting and compare them to the total costs of purchasing a home. In some cases, it might make sense for people to continue renting if they are not planning on putting down roots in an area. In other cases, renting is an expensive proposition.
