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Old 01-21-2015, 03:28 PM
 
11,690 posts, read 21,334,802 times
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Quote:
Originally Posted by mahmoud_mtk View Post
Thank you all, this is the kind of feedback I'm looking for

Currently I'm in a 2BR apartment (1200 SQF) that is why I don't know much about what a 3500 sqf house could cost.

Pool looks expensive to maintain, water bill also is too much with a pool so this is a good thing to know and avoid.

I think based on the feedback here it is close to 500$ additional to mortgage/tax/hoa fees, so I'm looking into 3000$/month.

BTW how much in average home insurance is?

Thanks All
I think $500/mo for all home bills & random spends/repairs is still low for a home that size. I'd estimate $750+/mo.
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Old 01-21-2015, 03:29 PM
 
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That is true, it is raising like crazy!
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Old 01-21-2015, 04:03 PM
 
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I haven't seen any mention of Pest Control Services. Am I the only one with Termite Stations all around my house and quarterly spraying for all the other critters? We also payed for fire ants in the yard - first time this year and it was AWESOME!

I know it depends on the size of your home, but we're paying north of $1000 a year (which includes the fire ant yard treatment).
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Old 01-21-2015, 04:21 PM
 
Location: Frisco, TX
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Here are a few figures I came up with about 2 years ago for our monthly spending (we were thinking about having a kid and wanted to know how much we could spend on daycare):

These are all monthly for a 4500 sq ft house built in 2005. We have solar screens and a ton of insulation in the attic, though. We keep the house at 68 in the winter and 78 in the summer, which some people are not comfortable with.
- Alarm - $16.82
- TV - $63.86
- Internet - $50.27
- Coserv (gas and electricity) - $150 (this was average for the whole year. The highest we ever saw was around $220 once or twice in the winter and $170ish once or twice in the summer). Some months our bill was only around $50.
- Water - $65 (this was the average again, and rounded up a little). We only had 2 people living in the house at the time.

Also keep in mind we mow our own yard, don't have a pool, and treat our own weeds and pests.

In the 5 years we've lived here we've had to repair the A/C and/or heater 3 times I think. And each time it was between $300-500. So I would budget that each year just in case. Also keep in mind your deductible for your homeowner's insurance. 1% can be quite a bit if something should happen, like a hail storm. That happened to us last year, and that was $3600 out of our pockets.
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Old 01-21-2015, 04:47 PM
 
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Thank you guys this is very helpful. I'd say 500$ average and 700$ worst case (hopefully)
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Old 01-21-2015, 07:20 PM
 
Location: North Texas
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Quote:
Originally Posted by mahmoud_mtk View Post
Thank you guys this is very helpful. I'd say 500$ average and 700$ worst case (hopefully)
Yup. Utilities here aren't cheap.

Another post made a very good point...always always always have enough in savings to cover your homeowner's insurance deductible PLUS put away 1-2% of your home's value every year to cover maintenance. Eventually, your HVAC will poop out at the worst possible time and you'll be looking at thousands of dollars to replace it. I promise. Or your roof will leak. Or the hot water heater will go out. Or your washer or dryer will go out. Fridge breaks down. Dishwasher breaks down. A plumber will have to drill into your slab. Etc.

Hopefully you'll offload whatever house you buy before you have to replace all the windows. Those suburban new builds with tons of huuuuuuuuuuuuge windows can get into the $20-$30k range to replace the windows, mainly because the HOA will have a say in what windows you can buy (and they're never cheap). I replaced my house's windows in 2010. It was less than $8k and I paid it off in 11 months. But my house is itty bitty (1820 sq ft) and has a lot fewer windows than those red brick piles in Allen.

Save up. Save, save, save.
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Old 01-21-2015, 07:56 PM
 
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Thanks BigDGeek.. valuable advice
Every time I think and do the math it scares me out and I delay the buying until prices raised almost 50k, I wish to move forward and take my chances, I might try a smaller house to be a bit safer. First time ownership is scary
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Old 01-21-2015, 08:07 PM
 
Location: North Texas
23,636 posts, read 31,309,626 times
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Quote:
Originally Posted by mahmoud_mtk View Post
Thanks BigDGeek.. valuable advice
Every time I think and do the math it scares me out and I delay the buying until prices raised almost 50k, I wish to move forward and take my chances, I might try a smaller house to be a bit safer. First time ownership is scary
There's nothing wrong with buying a smaller house. I live alone so 1820 sq ft is more than enough for just me. I still have an empty closet in my house.
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