Housing Comps for 2012

Each November I look at the old apartment complex that I used to live in and I find out what a one bedroom unit would rent for had I not purchased my home. This gives me my bench mark for what I would be paying each month as a renter and I can then compare that to what I actually pay as a homeowner.

This way I can see if it was smart to buy when I did despite the housing market.  To be honest, if I didn't buy when I did, I'd be living in a one bedroom apartment there right now so I think its the best comps I can use.

My old apartment complex is also pretty much an equal commute to my work (Further for SCB) and while the apartment is smaller in terms of square footage, it makes that up in the fact that it has a single car garage so we could store a few boxes in there.

Last year I assumed I would have renewed a lease on a 600 square foot apartment so I wouldn't have to factor in moving costs or a new security deposit (which you got back if you stayed 2 full years). Last year that one bedroom would have rented for $1,095.00 this year, its $1,195.00.

But truth be told, I'm married now... and our home is actually 753 square feet. So for 2012, i'll be using the slightly larger 672 square foot 1 bedroom apartment in my comps since it rents for a little bit more at $1,225.00 a month and its closer to our actual home size. Given the option of a larger space for only $30 more a month, we would take it. I also won't need to account for the $400 security deposit or moving costs because the old $400 security deposit would have been refunded and my friends would have helped me move. Or I can choose to believe this. =)

The only issue is that by now, with all the added laundry I do from acquiring a husband, I would not be walking down 3 flights of stairs to haul the laundry to a laundry mat at the complex. So for this years apartment costs, I'd have to factor in the purchase of a washer/dryer and a higher water and gas bill. The cheapest Washing Machine at the home depot would set us back $314.10 and the Dryer $296.10 (the units there don't do stack-ables). Monthly, that's an additional cost of $50.85 and I would have either paid cash outright or done a zero percent finance loan for a year. Considering we'd pay at least $30 a month to do it at the complex laundry mat (it was usually $15 a month when i lived there alone and SCB dirties more clothes then I do with his work), so the $20 convenience would have been a no brain-er.

Costs Associated with Apartment for 2012
FYI- I don't include electric bills since i'd have to pay for those at either place, but my HOA fee includes water, gas, and trash so i'll account for them here using the fees I used to pay 2+ years ago) Monthly: $1,393.85, Annually: $16,726.20

• Trash: $15 a month
• Water: $60 a month
• Gas: $35 a month
• Rent: $1,225.00 a month
• Renters Insurance: $11.00 a month
• Washer/Dryer Payments: $50.85 a month

Costs Associated with Condo for 2012
I'll update this list as the year goes on if we spend more money on the condo or if we add additional principle to the loan I count it here as an expense. Monthly: $1,071.11| Annually: $12,853.32

• Mortgage: $650.64
• MIP: $51.97 a month
• HOA: $262.50 a month
• Property Taxes: $106.00 a month

Making my condo $322.74 cheaper a month, or $3,872.88 cheaper a year assuming no real maintenance issues occur.