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This fee and your land taxes can be escrowed into your mortgage payment, which is what I recommend. So many renters do not carry insurance on their personal belongings only to find out in the unfortunate event of a fire that neither did the landlord. He only covered the structure of the home.
9. You have no worry of a landlord suddenly deciding to sell his property or rent it to his nephew and give you a 30 day notice to move elsewhere costing you quite a bit in moving expenses and more deposits.

The Con side of buying:

1. Sometimes an unexpected emergency might cause you to be late making a mortgage payment which will hurt your credit record if you have cut your budget too close in buying a home. A landlord will usually work with you if it's not a habit.
2. There is always the fear of being laid off and not being able to meet the mortgage payments. If unable to do so, all that you have invested in the home is lost and your credit is destroyed plus you have the emotional stress of having to move and where.
3. With renting if something tears up you place a call to the landlord, who is responsible financially for fixing it. Your obligation is over once you've met your monthly payment. This repair, though, may not always get done. Landlords are renting property out to make money and they want to spend as little on rental property as possible. Even if you have a "good" landlord he/she may not arrive as promptly as you think they should or accommodate your schedule the way you'd like. If you bought the property you have to shell out the money and either fix it yourself or hire a professional to do it if you don't know how.
4. If you change jobs, or for whatever reason, and decide to move you must put the property up for sale whereas a renter can move with ease, unless they have signed a long term lease. Be prepared for the property to sit on the market as much as 6 months before a sale in most cases. This leaves you responsible for the mortgage payment on the home you are most likely going to be unable to live in that six months and another payment elsewhere.
5. Most people cannot afford to buy another home until the one they currently own is sold. A Realtor can help you coordinate the sell of and purchase of the new home so that the closings are close together. However, if you have to leave the area before a buyer is found for your property this will result in renting property somewhere in the meantime and double moving expenses.

Home ownership is a wonderful feeling

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