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Comparing renting to buying a home is one of the most common debates in the personal finance world. Although there are supporters on all sides, the reality is that this is a very personal decision that will depend on a variety of circumstances.

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There are some expenses that homeowners have to stress about. There are also fees that renters have to worry about that landlords don’t. This article will examine the bills homeowners don’t have to worry about. Let’s check out five bills you’ll never have to pay if you own your own home.

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renters insurance

“Renter’s insurance can cover many different scenarios and property types,” shares Cheri Lindsay, insurance agent with Country Financial. “However, a basic policy will provide coverage for property, liability and living expenses. Most policies include additional options to cover the deductible amount, offset replacement costs, and insure valuable items.

If covered damage causes your unit to become uninhabitable, your renters insurance will help cover additional expenses. Liability coverage will help protect you if a guest is injured while visiting your venue. It is important that you read your policy and know what is covered and what is not.

“Tenants make the mistake of thinking that homeowner’s insurance will replace their personal property,” Lindsey said. “A homeowner’s policy will only cover structural damage to the building from perils such as fire or wind. Tenant’s personal belongings are not covered under the landlord’s policy.”

The amount you pay for renters insurance will depend on the coverage, your claims history, and the location of the unit. Depending on where you live, you may pay $12 to $31 monthly for renters insurance.

On the other hand, a homeowner will never have to carry renters insurance. They must take out a homeowners insurance policy to cover the structure and personal property, but they do not need to take out a separate policy to protect their personal belongings.

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Pet Fee or Pet Security Deposit

Landlords may charge you if you have any pets to reduce the risk that they may damage the unit. Many landlords are hesitant to lease to tenants with pets due to concerns about potential harm. As a renter, you’ll probably need to pay a pet security deposit before you get the keys to your place.

Although there is a possibility that you will get your pet deposit back if there is no harm to your pet, there is no guarantee that this will happen. When you move out the landlord will inspect the unit to see if your pet has caused any damage. Issues such as torn carpet, pet stains, damaged doors, etc. may allow the landlord to use a portion or all of the pet deposit for repairs.

Every state has different laws regarding how much a landlord can charge for this. The good news for renters is that under the federal Fair Housing Act, you cannot be charged for a service animal. The good news for homeowners is that if you have pets you don’t have to worry about this – they can join your home for free.

regular security deposit

When you rent a place, you’ll usually be asked to pay a security deposit to your landlord. This security deposit is traditionally equal to one or two months’ rent as insurance to ensure that you return the unit in good condition as outlined in the lease agreement. When you move out, the landlord will inspect the unit to determine if there is any damage that requires repair. The landlord can then use a portion of the security deposit to cover the damage. If the damage is severe enough you could lose your entire security deposit.

As a homeowner, you don’t have to worry about paying any security deposits since the unit is yours to own. As a renter, this is one more bill you have to worry about. With the current average national rent of $1,967, that’s no small amount of money you’ll have to hand over before you can get the keys.

Parking Fee

When you own a home or condo you almost always have a parking spot included. However, as a renter, you may have to spend money on a parking spot because the landlord may not include it in the rental agreement.

Parking fees will depend on the location of the unit, and are known to be costly in major cities. As a homeowner, as part of owning the property you will probably be assigned a space or have a driveway or garage that you can use for parking.

move out cleaning fee

When you move out of your rental, you may have to pay out of pocket for a cleaning fee to make sure the unit is returned to its original condition. The amount you pay will depend on the size of the unit and what the lease agreement says about sanitary conditions.

If it is determined that the unit needs cleaning, the amount you pay will depend on state laws and requirements. However, if the entire place needs to be restored you may lose a large portion of your security deposit. When you’re a homeowner, this isn’t something you normally have to think about.

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This article originally appeared on GOBankingRates.com: 5 Bills You’ll Never Pay When You Own Your Home

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