The final step is comparing your rent to the cost of a new home. If you are getting professional counseling, this will probably be covered. If not, be sure to ask what you should expect to be included in your total payment. Taxes, insurance, and other possible assessments are often required to be paid with your monthly principal and interest payment. Also, talk to as many people you know who own homes. Did they have any expenses beyond normal maintenance that hit them unexpectedly?
Even the location change should be considered. Are you moving farther from your work? Will there be any appreciable expense in commuting? The drive from Riverside, California, to Los Angeles can cost you additional fuel and maintenance for your car. If you want to take advantage of the fast lane, you are going to have to pay the Fastrak toll. If you now have to take the train in from Connecticut to New York City, how much will it cost? Just as small savings can add up, small expenses can add up, too. Be sure to consider them before making your final decision.