Hidden Costs of Home Ownership the Mainstream Media Won't Talk About
By Emilio DiSpirito, Realtor & Host of The Round Table Real Estate Simplified www.TheRoundTableRadio.comThe American Dream of home ownership is alive and well!! It seems like everyone you know if off buying a home! Here are an estimated list of 7 hidden costs of home ownership that you may not have thought of!! Buckle down and budget accordingly!!
- Home Inspections, Appraisal, and Closing Costs (Median home $249,900)
- Home Inspections depending on what you are doing can vary in costs:
- Mechanical, Structural & Pest Inspection Estimated Cost $400 to $600
- Septic Inspection $150 to $200
- Well Inspection
- Flow Test $150 to $200
- Water Quality Test $100 to $150
- Radon Water Test $100 to $150
- Radon Inspection $150 to $200
- Total Estimated Home Inspection Costs? $0 to $1500
- Appraisal cost $450 to $600
- Closing costs associated with buying a home
- Title insurance
- Lenders title insurance $600 to $800
- Owners title insurance policy $800 to $1000
- Attorney fee for preparation of documents $900 to $1200
- Recording Fees for Town $175
- Homeowners Insurance $1400
- Escrow for Property Taxes $1125
- Fuel Adjustments (oil and or propane)
- Mortgage Fees
- Processing fee $1000
- Pre paid interest $20
- Flood Certification fee $7
- Credit Report $50
- TOTAL: $6482 to $8832
- Packing, Storing, Moving! (For average 1500 sq ft home)
- Boxes, tape, packing supplies $20 to $350
- Monthly storage unit $0 to $200
- Moving
- Professional moving company $2000
- Uhaul Tuck $200
- Pizza & Beer for everyone $75
- Total: $295 to $2550
- OTHER
- Sewage Costs
- Boxes, tape, packing supplies $20 to $350
- Monthly storage unit $0 to $200
- Moving
- Professional moving company $2000
- Uhaul Tuck $200
- Pizza & Beer for everyone $75
- Total: $295 to $2550
- Septic pump $250 every 2 years
- or Sewer Bill Quarterly $200 ($800 per year)
- Sewer Assessment?
- Water Costs
- Water Treatment for wells?
- Lawn Care & Yard Maintenance
- $500 to $2000 per year
- Basic Home Maintenance $1200 per year
- The Internet $1080 per year
- Utilities (Heat & Electric) $2500 per year
- Pest Control $100 to $1200 per year
- Other Total: $6680 to $8780
Items that can affect your equity position:
- Surrounding area land. Could it be developed into anything? Commercial or Low or High-End Residential High Rise?
- Being the biggest and best home in the neighborhood.
Homeowner bills may vary and there may be less or more than what was mentioned above. It's vital to understand the cost of home ownership and to plan accordingly to maintain your personal savings, a life of fun and a healthy life!
For more information on buying or selling real estate visit www.TheRoundTableRadio.com
- Septic pump $250 every 2 years
- or Sewer Bill Quarterly $200 ($800 per year)
- Sewer Assessment?
- Water Treatment for wells?
- $500 to $2000 per year
- Surrounding area land. Could it be developed into anything? Commercial or Low or High-End Residential High Rise?
- Being the biggest and best home in the neighborhood.
Homeowner bills may vary and there may be less or more than what was mentioned above. It's vital to understand the cost of home ownership and to plan accordingly to maintain your personal savings, a life of fun and a healthy life!
