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What costs come with buying a house besides your monthly mortgage?

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Ex.: Water, Electricity....

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  1. If it's a single-family home, you have to pay all monthly utilities like gas,electricity,water/sewer, garbage collection, cable/satellite tv, landline phone. Your total monthly mortgage may or may not include an escrow(extra payment you add to your monthly mortgage) to cover for homeowners insurance & property tax. Ex. if your annual property tax is about 4000, then instead of paying the county 2000 every 6 months, you can set aside an escrow account with your mortgage company like say pay an extra 300 every month to your base mortgage & the mortgage company will take care of the property tax for you, same as homeowners insurance. You may also have to pay PMI(private mortgage insurance)every month if your loan to property value is more than 20 %.  


  2. property taxes, home owners insurance, sewer, trash, water, electricity, if you have gas appliances the gas, then whatever home repairs need to be done.

  3. .    Property tax  $2,000 a year

    Insurance  $900 a year

    phone $35 a month

    electric $90 a month

    water $20

    cable tv $25

    Repairs.   Some years zero. Some years $5,000.

  4. Depends on what you're buying.  If it's a house and not a condo, in addition to utilities you're probably going to have to pay property tax.  If it is a condo, you are likely to have homeowner's association fees and possible maintenance fees.  Utilities will typically include water (if you're using city water), electric, gas, cable, internet, and phone bills.  

  5. You are hearing from a 61-year-old homeowner since the age of 18 and I hope you will read and take to heart what I am saying.  Realtors are in the business of SELLING HOMES and they will pump up the advantages of ownership.  When I was young, married and jobs were plentiful in the 1960's, it was practical to buy a home.  The older I get, however, the harder it is to hold onto that property with RISING TAXES (I live in New York State) and rising everything, regardless of the utility you are using.  What realtors emphasize is the fact that your MORTAGE PAYMENT may be "far less" than your monthly rent.  What they DO NOT share is every little thing (and there are many) than can go wrong with the house is ON YOU TO PAY FOR.  This, of course, is over and above the taxes I mention, homeowners insurance, simply general upkeep, the lawn, etc.  Plumbing problems, electrical problems, need for exterminators depending on the region you are in, all add up.

    If you do not have your job...and must relocate...

    it is much easier to leave an apartment than try to sell your home.  Unless you have solid reason to believe you can afford to keep that home inspite of job loss, rising economy, and unexpected repairs, I strongly urge you NOT to consider buying a home.  THE COSTS, WHICH WAS THE QUESTION - are but a small part of the big picture going along with home ownership.

    Realtors hate the stand I take, but I know what I am talking about.  I have seen far too many good folks lose their homes because of unexpected job loss, medical problems,  rising cost of living.  To cut your grass, you need a mower.  Everything involved with home ownership is very, very expensive.  For those of you determined, good luck, and I am serious! But, please, take heed and consider all the costs far and above the basic mortage payment...

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