Anyone own free and clear a $2million home in Arizona? (Phoenix: insurance, appliances)

[SOON2BNSURPRISE]

Was wondering if there is anyone that owns a home in Arizona free and clear that also lives off of there social security. For example, lets say you have a $2million home that you own free and clear. Are you also living on your Social Security benefits. Meaning you have no other retirement income. Is it poessible to pay the taxes on a $2million home when all you have is $1,100 coming in from the government?

[Bummer]

Originally Posted by SOON2BNSURPRISE

Was wondering if there is anyone that owns a home in Arizona free and clear that also lives off of there social security. For example, lets say you have a $2million home that you own free and clear. Are you also living on your Social Security benefits. Meaning you have no other retirement income. Is it poessible to pay the taxes on a $2million home when all you have is $1,100 coming in from the government?

Interesting, as well as weird, question, SOON2B

My home is "free and clear" but, considering this crappy market, is probably only worth about $250k and I doubt very seriously if I could maintain it on 1100 bucks a month.

[sablebaby]

I'd estimate taxes for a $2mil house at $7000/year (this is coming off of a listing I have on my desk for Paradise Valley). That's just under $600 per month. IF you could afford all your other living expenses with the remaining $5oo, then yes you can do it. I know I couldn't live off that. I'd need at least another $2000/month.

[altus2006]

I do not believe it would be possible to live on $1100 a month if that is all you would have for food, gas, insurance, utilities, taxes, etc.

With the tax levy, I think that you might not even have enough money to pay the taxes on the house, let alone have anything left over.

Buying a cheaper house, banking and investing the leftover money, makes a lot more sense.

altus2006

[Greatday]

Let's see: A couple - each with social security @ max of say $1300 a month each - equals $2600 a month times 12 months equals $31,200 @ year minus $7000 for taxes equals $24,200 left over (tax free)

Yeah - it can be done

[ibarrio]

A 2 million dollar home requires a lot.

Heating and Cooling bill will be high (What is the average size of $2 million luxury homes in the Phoenix area?).

Then you have lawn and pool maintenance. (never seen a 2 million dollar home with no pool).

Then insurance and extras...

$24,200 is not enough to run a million dollar home.

So no, it Cannot be done...

[Greatday]

Originally Posted by ibarrio

A 2 million dollar home requires a lot.

Heating and Cooling bill will be high (What is the average size of $2 million luxury homes in the Phoenix area?).

Then you have lawn and pool maintenance. (never seen a 2 million dollar home with no pool).

Then insurance and extras...

$24,200 is not enough to run a million dollar home.

So no, it Cannot be done...

Honestly? I have seen many homes this price w/o a pool - and, depending on the area, less than 2000 sq ft - on smaller lots

[ibarrio]

Really? Where? Please provide an example to is not a historic home or Luxury penthouse.

This one is in Paradise Valley. 2 Million (home is between 4500-5000 square feet)



This one is in Cave Creek. Looks like it has several acres..2 Million (home is between 3000-3500 square feet)



This one is in Phoenix. 2 Million (Home is 5000 plus square feet)



Here is one in Scottsdale. 2 Million (home is 5000 plus square feet)



This one is in Mesa. 2 Million (smallest so far at over 3000-3500 square feet)

[ibarrio]

This one is $860,000 and even it has 3,030 sq. ft on on over 1 1/2 acres
( Carefree)

[ibarrio]

Scottsdale (No picture)

Homesite 35 Residence 7 Plan 8007-A
5,320 sq.ft. 5 bedrooms, 4 full bathrooms, 2 powder rooms and 4-car garage. This home includes Thermador stainless steel appliances and KitchenAid built-in refrigerator w/ wood panels. Includes loggia, covered patio, two covered balconies and courtyard. Upgraded flooring, counter tops, lighting, structured wiring and audio speakers. Master bedroom has fireplace in sitting area and snail shower in bath. Alder cabinetry and enhanced island in kitchen. Includes pool with slide and waterfall, spa, built-in BBQ and landscape. Beautiful mountain and city-light views from the resort backyard. Was $1,568,393 now it's $1,368,393 Move-in ready! Can not be combined with any other offer.