Even if you decide to take care of your pool or large back yard yourself, you’ll still need to hire professionals from time to time for heavy-duty tree trimming or the occasional repair of your pool’s filter system. These arent monthly costs, but youll need to plan for them as part of your home purchase.
Annual property taxes are often based on a percentage of the property value. Youll also want to create a budget for closing and moving expenses. Pool And Yard Careĭepending on how much there is to maintain, you’ll need to earmark extra dollars to cover routine outdoor expenses. How much home can I afford Property Taxes. Budget a couple hundred bucks a month for these “unexpected” costs. You’ll want to keep some emergency money handy for a leaky roof, clogged kitchen sink, or dripping hot water heater. Things break, things wear out, and unplanned expenditures pop up.
You’re probably paying them as a renter anyway, but chances are, you may have a few extra bills – including gas, water, sewer, and trash removal, in addition to electric – and they may be a bit more costly now that you’re running an entire home. If you purchased in a gated community with security guards, a swimming pool, clubhouse, playground, tennis courts, and so on, you’re likely to incur regular expenses for those amenities. Single-family homes may also have dues if they’re located in a particular neighborhood or subdivision with common property. If you own a condo, co-op, or town house, you’ll pay an annual or monthly fee to maintain the building and grounds. Condo, Co-op, or Homeowners Association Fees (HOAs) 1.To calculate how much house you can afford, use the 25 rule: Never spend more than 25 of your monthly take-home pay (after tax) on monthly mortgage payments. This entails coverage for earthquakes, floods, or hurricanes, depending on what area of the country you live in.
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