I am a single guy who is researching buying vs. renting. I plan to
split the cost with a room-mate, who would be charged $300 to $500 a
month.

If I were buying a home, I believe the price I would pay would be
$150,000 less $20,000 down. I would imagine it will be around a 1,500
ft2. The breakup of annual expense I estimate as follows:

Principle: $4,300
Interest: $7,800 ($130,000 @ 6%)
Property taxes $3,500
Repairs $???
Electricity/Gas: $???
Water: $???
Garbage: $???
Landscaping: $??? (mowing lawn, raking leaves for medium sized yard)

The location is the far north chicago suburbs, so you have an idea of the weather.

Please help me fill in the question marks and let me know anything I'm forgetting.

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Request for Question Clarification by denco-ga on 16 Oct 2005 20:55 PDT

Howdy centure7-ga,

It might help researchers to know when the house was built.  Thanks!

Looking Forward, denco-ga - Google Answers Researcher

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Clarification of Question by centure7-ga on 21 Oct 2005 18:56 PDT

I havn't chosen a home yet, so I'm not sure how old the place that
I'll be buying is. If I do buy an old home I will make sure it doesn't
need any repairs at the time, and it will probably be a newly
renovated home.

As for crime, I would be very concerned if there was a gang problem,
but not so conerned about vandalism or other relatively minor crimes.

If you are reasonably sure you will remain in the suburb for several
years and you have the $20,000, buying is usually better than renting.
Your rather small down payment will cause most lenders to make sure
you are not paying too much per month for your income. The person
sharing may stop paying you without notice, so you need to have
sufficient income to make the payments without help. The lender will
also typically make sure the house you are buying is not overpriced.
It is however important that you make these evaluations for your self.
Renting is better, if you are willing to live (or have to live) in a
neighborhood with lots of crime and vandelism.   Neil

You forgot Homeowners Insurance, and Home Warranty if you buy one,
sometimes the seller provides the warranty.

In my opinion, repairs ahould not be on the list because the landlord
pays for any repair that is due to normal wear and tear. In my locale,
the tenant pays for Water, Sewer, Garbage, in addition to Electricity,
Gas, Cable, and Phone.

Leave yard care ON the list.

Cynthia