Property Manager MA: Homeowner Expenses
Those people who own their own homes have a feeling of security. Many people are unable to afford owning their own homes as it is out of reach for them, especially after the great recession. Most American families own their homes but then for those who can’t afford it, rent is always an option. This is why home ownership rates have fallen really low.
There are a number of costs associated with owning your own home. These are costs which renters don’t have to pay.
Americans spent around $2,132 on property taxes on their homes in 2013. Unless there is a freeze on the taxes, you can surely expect the number to go up. The best way to estimate your property taxes are by dividing the amount by 12 calendar months and adding it to your monthly payments. If you are unable to do so, you can use the mortgage calculator for that.
Homeowner’s insurance can be quite pricy but is worth every penny. It costs around an average of $35 for every $100,000 of your home’s value. Condos have a separate insurance policy and cost around an average of $100 to $400 every year.
Property Manager MA: Maintenance repairs
Maintenance costs do add up throughout the years. Water heaters and AC units have a shelf life and won’t last so long unless they get maintained regularly. On average they last around a decade and 15 years respectively. At the same time a shingle roof will wear out after a period of 20 years. Experts claim that maintenance costs are around 1 to 4 percent of a home’s value annually.
Homeowners’ association fees can also be quite hefty. They add around $200 to $400 per month and allow you to pay for your fitness center, neighborhood landscaping, community pool, and other common areas. Renters have it easier as they get all of those facilities with their rent. Home owners tend to pay for them besides their huge mortgage payments.
Homeowners have to pay for everything on their own including the water, electricity, gas, cable and internet. Renters don’t have to worry as the landlord pays for at least some of the costs (water, electricity and gas). The costs of the utilities go up depending on where you live and gas can be quite pricy in the winter in Massachusetts.
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